Collecting Delinquent Rent

Collecting delinquent rents can be a difficult and discouraging chore. Allowing a tenant to get away without paying is even worse. Once a tenant has skipped out or been evicted for back rent, you must take the extra step and aggressively pursue him. Not only are they essentially steeling from you but if you let it go, they will go on and cheat another landlord. We are all in this together and need to keep each other informed of bad tenants. Reporting to the Tenant Registry and the major credit bureaus puts all of us on notice that a bad tenant is out there and we should not rent to him.

Rent Recovery Service (www.aBadTenant.com) provides an online collection service that will take your past due rent accounts on a flat fee or contingency fee basis. The flat fee basis is very inexpensive and completely automated. The contingency fee based method is more aggressive and open-ended. Either method is effective and ultimately brings the money back to where it belongs…your bottom line!

In today’s uncertain economy landlords and property management companies can ill afford to lose money and let tenants get away with living in your building for free. Take charge and take back what is rightfully yours.

Posted by Jeff on 08.31.2007. CLICK to Leave a Comment »

Filed under: AAOA Forum, Collections

Screening a Prospective Tenant

The type of applicant you attract to your property is contingent upon a number of factors. The neighborhood, cleanliness of the property, rental asking price and your marketing methods are just a few things that dictate the quality of an applicant. Starting with a good applicant is the fist step in landing a quality tenant. A quality tenant is not just someone that pays the rent on time, but, also respects the property and the other tenants in the building. That is where good screening comes in.

Screening a prospective tenant is not pure science. It is a combination of ordering and understanding the appropriate reports available, verifying the information provided by the applicant, and ultimately a judgment call based upon a big picture view of the information provided and the applicant himself.

First, the reports that are available today are a tremendous help. A basic credit report or decision based upon a credit report is not the end all, but certainly should weigh heavily in making the final determination. The credit report will show, at a minimum, the applicant’s ability and willingness to commit to financial obligations. This will immediately tell you a great deal about a person. Eviction and criminal background reports are important for the obvious reasons that allowing someone to rent with a troubled history may not be the best choice for any property manager. Probably the most important report available today is those that check for fraud. Stolen identity is a huge problem today and protecting yourself from renting to someone that is not who they say they are is critical.

Verifying the information on the application can take some time but is well worth it. Confirm the employment and banking information. When it comes to current landlord, it is best to ask to see a current rent receipt. Calling a landlord for a recommendation may not always get an honest response, particularly if the current landlord is anxious to see the tenant move out.

Ultimately the decision to rent to an applicant is made from a variety of factors, not the least of is your “gut feeling”. Generally, if everything checks out but the prospective tenant is in a rush to move in, pays in cash, or can not provide you with sufficient documentation or confirmation for a few days, you probably want to hold off giving him the keys.

Posted by Jeff on 08.31.2007. 1 Comment »

Filed under: AAOA Forum, Credit Screening

Beyond Banners: Creating Brand Awareness with Promotional Products

When you came to work this morning, were you contemplating
how to increase the brand awareness of your product? I
would venture to say that most of you responded NO. But
that is exactly what you do every day when you beautify your
property through maintenance, remodeling units, planting new
landscaping, or even re-surfacing parking lots.

My question is: Why stop there?
Projecting your properties image beyond the boundaries of
your complex and into the hearts and minds of future
customers solidifies your presence in the community.
Promotional products can play a dynamic roll in projecting
a positive image for your business, and that can result in
increased revenue from new tenants.

Most of you probably utilize banners or signs in one form or
another to promote specials. This method has proven
successful for apartment owners and managers for many years.
I encourage all of you to continue utilizing banners and
signs to attract passers by to your community. But should
you stop there? Absolutely not!

Read the rest of this entry »

Posted by David Seymour on 08.03.2007. CLICK to Leave a Comment »

Filed under: AAOA Forum, Promotional