Your software gives you a simple and efficient way to manage your delinquent tenants who have reached auction status in their delinquency. There are several steps to the auction management process in storEDGE. This article will outline how to set up the auction manager. After you're setup, you can learn about how to use the auction manager from our help site.
Activate Auction Manager
Your auction manager is activated once you add Schedule Auction as a resulting action of one of your delinquency stages. When you're ready to begin, go to your Settings Tab and select Delinquency Stages under the Billing heading.
Under Non-Recurring Delinquency Stages, add a new stage.
When the add a new non-recurring stage, a new window will open. Enter the description of the new delinquency stage. We suggest using Schedule Auction or something similar to make it easy to recognize. Add the number of days overdue that corresponds with your facility’s policy of auctioning a unit. Under Resulting Actions, select Schedule auction.
Set up auction notices
You can set your software to generate auction notices automatically when a unit is added to an auction. You can manually print the notice or set your software to automatically email the notice. If you are using mail house, you can set your software to automatically send the notice through postal mail for you.
To set up your software to generate automatic auction notices, access your Delinquency Stages. Set a new non-recurring stage. Enter your description (we suggest “Send auction notice”), and set the date to 0 days past previous action. For the previous action, select Schedule auction. Then, select Send auction notice from the resulting action dropdown and choose which document template to attach. By default, this letter will be generated as a pdf for you to print and manually send, but you may choose to select the Email tenant checkbox for automatic emailing. You can learn more about setting up your auction notice and lien letter documents by viewing our documents and emails help article.
Set up auction fees
To set up auction fees to be applied, access your Billing Settings and scroll down to the Auctions section. Here, you’ll have the option to set your auction commission and select an auction fee. For more information about fees, check out our fees and services help article.
To set up the tax rate for your auction, access the Settings tab. Under the Billing heading, select Tax Rates. Here, you can add a new tax rate for your auction. Refer to your state auction and lien laws to determine your state’s auction tax rate.