Colleen, an AI-powered platform solution optimizing payment collections for multifamily property owners and management companies, announced the launch of its post-resident recovery service. As the latest addition to Colleen’s suite of AI platform solutions, which includes rent collection and lease renewals, this new service transforms the manual, time-consuming process of recovering unpaid balances from former residents into a simple, streamlined post-resident recovery experience.
Through seamless integration with all property management software systems, Colleen instantly and automatically takes over residents’ move-out statements while also analyzing financial behavior to understand their circumstances and personalize outreach. By leveraging proprietary generative AI, Colleen immediately and proactively engages, follows up and negotiates terms with former residents at portfolio-wide scale, which has already been shown to increase collections by 20%.
“Payment collections is more than a simple algorithm; it necessitates ‘human-like’ interactions that proactively prompt former residents to pay outstanding balances and avoid a collections process that is costly and frustrating for all parties,” said Itamar Roth, CEO of Colleen. “Speed is especially key in recovery as the chances of collecting drop 16% every 30 days an account remains delinquent with larger balances dropping even more from 40% to a mere 5% recovery rate.”
Having already proven to reduce unpaid rent by up to 40% with its AI Rent Collection solution, Colleen extends this business-critical capability to post-resident recovery. Now, by offloading the time spent on contacting each former resident and arranging payment, Colleen delivers a seamless, flexible collections process that benefits property owners, managers, onsite teams and residents alike.
Colleen’s algorithm, trained on millions of resident interactions, customizes outreach frequency, timing and content of each message, while an advanced interface gives property managers visibility into all recovery efforts. The new service also removes roadblocks by helping to negotiate payment plans that fit each resident’s budget while offering flexible ways to pay directly to the property management or owner account, including ACH, Google Pay, Apple Pay, cash app, credit, debit and more.
“Colleen’s post-resident recovery service has saved GNR Group invaluable time and resources otherwise spent chasing down former residents with unpaid balances,” said Colleen customer, Gil Brenner, Partner and CEO at GNR Property Management. “It has allowed our property management to shift more focus towards enhancing the current resident experience. Our former residents avoid negative credit reports, making a positive impact on their financial well-being.”
Post-resident recovery launches on the heels of Lease AI, which debuted last month to automate and optimize the lease renewal process at scale while ensuring residents have a simple, quick path to renewing. In addition to boosting revenue, Colleen’s first-to-market, flagship AI Rent Collection product has saved a 2.5 million unit customer pipeline hundreds of hours per month on payment collections.
