Matthew Barbieri, CEOIt’s a little-known fact that late rent is the root cause for America’s housing affordability crisis. A recent study, commissioned by the National Multifamily Housing Council (NMHC), revealed that U.S. citizens would need an additional 4.6 million apartments by the year 2030 or risk running into a number of social evils such as homelessness, hunger, and drug abuse.
And why exactly are property owners reluctant to invest in the development of affordable houses? Simply put, they’ve already spent countless hours and dollars in administrative overheads and legal fees to tackle rent delinquency which is a common trend nationwide among affordable dwellings.
This is where ClickNotices, a software services company is making a difference in the industry. By providing solutions geared toward rent delinquencies, ClickNotices is supporting landlords who invest in affordable housing. “Our goal is to provide a service that mitigates those risks and help properties perform optimally. By having a transparent and efficient process, we are cutting down operational and logistical costs for owners, so that they can focus on investing in affordable housing,” says Matthew Barbieri, CEO of the solution provider located in America’s sailing capital of Annapolis, MD.
ClickNotices, neither a law firm nor collection agency, designs, implements, and manages delinquency solutions with the aid of technologies such as machine learning and AI. “We strive to work with our clients to keep tenants in their units. We take over from the second of the month when rent hasn’t been paid, all the way through the unfortunate event of a lockout occurring. We streamline and automate this entire process,” adds Barbieri.
The results are already there to be seen. Clients of ClickNotices, ranging from multinational corporations to small-and-midsized enterprises, have witnessed a monthly reduction of delinquencies by 10-15 percent. But the real impact, per Barbieri, is the 60 percent decrease in their overall accounts receivable, i.e., the outstanding money that property owners are owed.
The impact of technology in this process can’t be understated. To demonstrate, Barbieri provided a brief rundown of the automated events triggered when a client submits a request for service.
By having a transparent and efficient process, we are cutting down operational and logistical costs for owners, so that they can focus on investing in affordable housing
The system generates and mails letters or court-filing paperwork, all to the exact jurisdictional specifications of the property’s state and county. The ClickNotices property workflow tools track the status of all requests and keep clients apprised of outcomes and next steps.
However, Barbieri does not undervalue the need for the human element, especially at the ground level. The ClickNotices service team works to ensure accurate and appropriate outcomes in court processes: “Our experts are assisting clients in collecting documentation and court preparation. We have also built a network which helps us coordinate with attorneys, sheriffs, and constables,” Barbieri acknowledges.
As the company continues to pioneer its unique approach to delinquency management by blending legal technology into the property management space, the ClickNotices team finds itself at a landmark position in the industry. While the lease management industry has seen convergence in automation and workflow tools, the rent collection segment is new to this level of accountability, consistency, and transparency. Most recently, the organization extended its services to all 50 states in the country, after delivering to just the mid-Atlantic regions in previous years.
Through its tailor-made solutions for landlords, property managers, asset owners, and attorneys, ClickNotices is staying focused on driving automation and efficiency through the integration of new approaches and technology. This attribute, the team believes, will continue to help drive the thought leadership in this niche market.