Property Management, Tenant Selection, Real Estate News & Tips

Need To Collect Past-Due Rent?

By on July 28, 2014 in Education, External Resources with 2 Comments

Now and again we get asked our advice on how to collect past-due rent or damages when the tenant is already history.  The best resource we’ve found to help out with this is a service called Rent Recovery Service.   Here is a summary of what they provide:

  • They report the debt to 3 major credit bureaus.  This can be one of the most effective tactics in collection because it prevents the tenant from obtaining credit (including credit cards, vehicle loans, home loans, and new rental leases) until they’ve cleared their debt with you.
  • They handle the dirty work by sending professional collection letters, with return envelopes for payment.  The payment comes directly to you.
  • NCOA (National Change of Address) searches to locate the current address of your debtor.
  • They offer both flat fee (starting at only $16.95) or contingency based collection services.

To learn more, visit the Rent Recovery Service Website.

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There Are 2 Brilliant Comments

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  1. SPPM says:

    Auto payments (ACH) can really cut down on this, especially when you ask the tenant, “When do you get paid- what date is easiest to have this taken out?” Have it taken out right after you know there is money there. Cuts down on problems.

    • Dulcey S says:

      I totally agree, when a tenant signs up for ACH payments the rent payment is automatically made a top priority, which may not have been the case otherwise. Thanks for the comment and have a great day.

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