Seven Vital Tips to Collect Tenant Debt – Part Five of Seven

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Seven Vital Tips To Help You Collect Your Tenant Debt – Part Five of our Seven Part Series

by Bill Gray, Fidelity Information Corporation

Take advice from someone who knows the tenant debt collection business:

Your debt recovery may depend on what you do before the tenant moves in!

Get the right information from your prospect before they move in, and you will always increase your debt recovery on the back end.

TIP NUMBER FIVE

Avoid the “Company Name” Scam. If your prospect says “I would like to put the apartment in my company’s name, your mind should hear “RED ALERT! It is a common scam for people with bad credit or rental history to try to rent under a company name to prevent you from running their credit.

• It is often far more difficult to collect a debt from a company than it is from an individual.
• Even if the ‘company’ exists, you must go through proper channels to bind it to the lease.
• If you do write a corporate lease, ALWAYS acquire the proper documentation to show the company is in good standing, and the person signing the lease is authorized to do so.

Miss the other tips in our series?

Click here for TIP ONE

Click here for TIP TWO

Click here for TIP THREE

Click here for TIP FOUR

Come back soon for Tip #6 – we will be adding a new tip every week.

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In need of debt collection? Call 303-938-8280 or send an email to [email protected]. Write the word COLLECTION in the subject line.

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Premium Plus members receive a copy of Real Estate Investment Secrets, twelve interviews with industry leaders, including “How to Collect Debts When Your Tenant Leaves Owing You Money” by Jeff Cronrod, CEO of Fidelity Information Corporation. To find out how to purchase Real Estate Investment Secrets,visit www.aaoa.com.