Alcove's Outstanding Balance Process

Alcove's Outstanding Balance process occurs for delinquent tenants who have vacated their properties.

1. What is Alcove’s Outstanding Balance Process?

Alcove’s Outstanding Balance Process is a structured, 60-day outreach effort to past tenants with unpaid balances on their ledger. This process includes 20 touchpoints—emails, letters, phone calls, and text messages—designed to facilitate payment.

2. What is the cost to landlords?

There is no additional cost to landlords for this process. Unless otherwise requested, Alcove will follow the outlined procedure at no charge.

3. When does the Outstanding Balance Process begin?

Alcove imposes a 30-day hold before initiating the process. This grace period allows time to finalize the tenant’s ledger and ensure all transactions are accurately recorded.

4. Can tenants set up a payment plan?

Yes, tenants may set up a structured payment plan to settle their outstanding balance at the approval of the landlord. The plan includes:

• Payment frequency: Tenants can choose to make payments weekly, bi-monthly, or monthly.
• Duration: Landlord typically offer payment plans ranging from 3 to 9 months, with longer durations resulting in smaller installment amounts.
• Payment date: Tenants can select the charge date, ideally the day after receiving a paycheck. Payments are not processed on weekends.

5. What happens if rent remains unpaid?

If rent remains unpaid after multiple outreach attempts, Alcove will assist the landlord in escalating the matter. This may include:

• Sending the outstanding balance to a collections agency, such as IC System.
• Assisting with filing a small claims suit against the tenant.

For any further questions, please contact partner@alcoverooms.com for assistance.