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Internal Store Audits

• This form will help me make informed recommendations to the rental stores I call on in Maine N.H., Vermont, MA, and N.Y. Thank you!
  Steve,
  Almo Corp
  RTO Online Response: Glad we could help. Please feel free to ask any other RTO business related question...we love research.
  
• Better than War and Peace
  You pulled together the main ideas of an audit into a sweet simple package.  Good Job!
  
• I'm kind of biased because I work for Dan. But, this system really works!!! As the store manager, I noticed results almost instantly. The key is to make sure all staff knows what the audit is about and how that relates to store success as well as personal bonuses. Nothing can beat a system like this with a well trained staff.
  

RentWay Q1 Results

Renting to customers with an old balance

• Just OK
  I do not agree with not collecting back rent prior to re-renting. Our system is not the cause of customers owing unpaid rent. I feel this sends a very bad message to a customer when we say it's OK that you owe back rent. We forgive you and it's Ok to do it again. Our philosophy is this, "We do what we say we will do and we expect you to do the same". We collect back rent with very few problems. Most customers know they owe it and are more than willing to catch up so they can rent another item.
  RTO Online Response: Thank you for the thoughtful response. Our purpose was to reinforce the point that we, for the most part, control how large the old balance is. When a Rental agreement is past due (terminated) the account manager is responsible for arranging timely re-instatement or pick-up. If this is not done in a timely manner, large balances result. If most of the terminated agreements at any give Rent to own have balances large enough to deny re-rental, it is an indication of a "system problem", not a customer problem.
  

• You are absolutely correct that if most balances are large enough to deny re-rents the system is probably the problem. Account management is a very important area in our business and must be monitored all the time. We have 6 stores and been in business for 16 years. I have all my stores send me a report every 2 weeks on accounts over 15 days late which includes all activity related to the account. We have a work sheet that must be started after we have made 4 phone attempts and 2 trips to the home. We make no trips until 4 phone attempts have been made. (AM-PM-after 6PM-other) It gives directions that must be followed with time lines. It just takes a few minutes to discern whether they are doing the job or not. Also, the account person must have synergy with the store manager at 10 days. I feel if the steps are followed and I have trustworthy people, that monies owed are legitimate and need to be paid before re-renting. Sloppy account management can bankrupt a rental business real fast. The bigger you are the harder it is to monitor. A lot of customers just need a phone call or visit to keep them on task. If this is not done in a timely and consistent manner they get so late they can't catch up and we end up picking them up and we both lose.
   

• You are absolutely right.  Every day I hear employees questioning..."Who re-rented to him!...he was a hard account!"  and everyday I refresh their memory...this is what we do, now can we do it better than the last time? Good refresher course article. Thanks
  RTO Online Response: Good point, we must push ourselves to improve.
  

We're Baaack...
Rent A Center, Lean and Mean

Introduction of Rent to Own "Evolution" Training Series

• Better than War and Peace
  This is great...I can't wait for the new format to commence. Great Job Team RTO Online!
  RTO Online Response: Thanks Mom...;) But seriously, we believe the Evolution series will be "One small step for you...One giant leap for the industry"

2001, The Year of Rent to Own

• Love the articles...keep up the good work
  
• Thanks for letting us know who you are
  RTO Online Response: We are an organization that focuses on the success of others. Sometimes we forget to re-introduce ourselves...thanks for the opportunity.