Effective Debt Collection: Best Practices for Gathering Information 

At Barclay MIS, we understand that successful debt collection in the real estate industry relies heavily on gathering accurate and comprehensive information.

As a trusted debt collection agency in Australia, with a primary focus on the commercial and residential real estate sector we are committed to providing ethical, professional, and prompt services to our clients In this article, we will outline the key pieces of information necessary for a successful debt recovery process. Additionally, we will highlight how real estate managers can leverage our online portal to streamline communication with debtors and track the progress of their collections.  

Comprehensive Debtor Information: 

To maximize the chances of a positive debt recovery outcome, real estate managers must gather comprehensive debtor information. This includes the debtor’s full name, contact details (phone numbers, email addresses, and physical addresses), and any other relevant personal details. Additionally, it is beneficial to obtain information such as employment details, previous payment history, and any relevant agreements or contracts. Our online services give you access to our Tenant Track portal allowing you to track any future tenants behavior. Being proactive is key to avoiding conflict for your agency and your landlord into the future.  

Documentation and Invoicing:  

Maintaining proper documentation and invoicing practices is crucial in debt recovery. Real estate managers should ensure that all relevant documents, contracts, agreements, and invoices are accurately prepared, signed, and securely stored. Having clear and well-documented records helps support your claims and provides a solid foundation for debt recovery efforts. 

Communication History:

Keeping track of all communication with debtors is essential. Maintain a detailed log of every interaction, including phone calls, emails, letters, and SMS messages. Document the dates, times, and summaries of each communication. This history serves as evidence of attempts made to resolve the debt and can be valuable in case of disputes or legal proceedings. This is one key aspect to our online services as a self serve debt collection resource for your agency.  

Online Application for Debt Lodgment and Progress Tracking:

To streamline communication and track the progress of debt collections, real estate managers can leverage Barclay MIS’s online application. Our user-friendly platform allows clients to send tailored SMS messages and emails to debtors, ensuring prompt and effective communication. The application also provides real-time progress tracking, allowing clients to monitor the status of their collections and stay informed throughout the process.  

Validation of Debtor Information:  

To ensure the accuracy of debtor information, real estate managers should validate the data obtained. Cross-reference contact details, employment information, and other key data points to ensure their legitimacy. Verifying debtor information helps mitigate potential delays or complications during the debt recovery process. Here at Barclay MIS our Tenant Track software gives us the ability to search one of the largest tenant tracking databases in Australia so you can validate your tenants prior to any tenancy issues arise.  

Compliance with Privacy Laws:

While gathering debtor information, it is crucial to comply with privacy laws and regulations. Respect debtors’ privacy rights and ensure that personal information is handled securely and only used for the intended purpose of debt collection. Adhering to privacy laws builds trust with debtors and upholds ethical standards. We have safeguards in place with our software to ensure that we maintain ethical standards on all communications out.