1st Round
Why FR might be appealing?
No lump sum payments, money management, flexible payment schedules.
Where can the resident apply for FR?
Rent payment portal
What happens if the balance isn’t paid by the end of the month?
The account is moved into a paused-past due status
We do not pay rent until the balance is cleared and an upfront payment is made
When do delinquent balances charge off?
The last day of the month after 120 days
Currently, what is the only payment method available to residents?
ACH
Payment partners we currently work with
MRI, Yardi, Rent Manager, Zego and Appfolio
When can a resident apply for flexible rent?
Before the 3rd at 3:30 PM EST for the current month
Anytime between the 4th and the last day of the month for next month
How does flexible rent work if the upfront payment is successful?
We pay the full rent directly to the property
The resident repays the line of credit by EOM
What information is available in the flexible rent resident portal?
Payment information, Make a payment, Payment history, Payment methods, Auto pay settings, Payment schedule, Statements
How would you respond to a caller who wants to add a new payment method over the phone?
At this time, we are unable to add a new payment method to your account, however, you can do this online with your Flexible Rent account. Would you like me to walk you through this?
Fees added to resident 1st upfront payment
One -time enrollment fee
Monthly subscription fee
*If applicable, PM fees
What is the minimum balance due each month?
Full rent balance
How does flexible rent work if the upfront payment is not made by 3:30 PM on the 3rd?
We will not pay rent for that month
The resident must pay rent directly to the property
The resident can choose to re-enroll next month by making the upfront payment
What disclosure must be included with every outbound call?
M&R
Subscription status of UNFUNDED
Resident is enrolled in Flexible Rent, but we are not paying rent for the current rent cycle.
If a resident is approved for three payments, what is included in the upfront payment?
⅓ of rent + fees
When is the full rent balance due?
By last day of the month
When does interest begin accruing on an unpaid balance?
the 3rd of the following month
When does an account with an unpaid balance become delinquent?
the 6th of the following month
Subscription status of APPROVED
The user has completed their application and is enrolled in Flexible Rent but has not yet made their first upfront payment or been funded for the first time
If a resident is approved for four payments, what is included in the upfront payment?
¼ of rent + fees
What is the payment range for the upfront payment?
25-50% of the total rent + fees
what could cause a flex rent account be paused?
If they fail to pay the balance of rent by EOM
If they choose not to make the upfront payment
If the upfront payment is not successful
Contact information cx will not be able to change
Email address
Address
Who will enter in HRAM Service?
Those who miss a scheduled payment (other than the upfront payment)
Those who cancel autopay
Those with a failed/returned payment (other than the upfront payment)