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Welcome to the AAOA Forum, where we discuss the the topics our members want to hear and want to talk about. We like to take an active roll in the online community to help our members learn and help educate landlords new and old. We encourage you to participate and join in our discussions. Thanks.
Seven Vital Tips to Help Collect Tenant Debt – Part Seven of Seven
Seven Vital Tips To Help You Collect Your Tenant Debt – Part Seven 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 chances for debt recovery on the back end.
TIP NUMBER SEVEN
Signed Move-In Statement. Congratulations, you found a new tenant! No need to walk through the unit – we’re all friends here, right? Wrong! For both your and your new tenant’s protection, walk through the unit with them before they move in. Make accurate and legible notes about the condition of the unit. ”I wish I had a nickel for every debtor who says the apartment was cleaner when he moved out that when he moved in.” A signed Move-In Statement can prove him wrong.
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
Click here for TIP FIVE
Click here for TIP SIX
In need of tenant debt collection? Call 303–938-8280 or send an email to collection@joinaaoa.org. Write the word “COLLECTION” in the subject line.
Premium and Premium Plus members receive discounts on debt collection. Sign up now, or upgrade your membership to enjoy the savings.
Premium Plus members also 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.joinaaoa.org.
Filed under: AAOA Forum, Collections
[...] “A lot of landlords just give up when the tenant skips and they can’t find a new address — they think that if they didn’t collect the unpaid rent right away, it’s a lost cause.” “But that’s not the case. Old tenant debt can be an untapped source of cash.” Even if the tenant didn’t have the ability to pay when he skipped on the rent, it might be worth pursuing him now that some time has gone by. He may have reestablished himself – he might have a new job, a bank account, and assets he doesn’t want to lose. “Often, delinquent tenants think they’ve beat the wrap after a year or so goes by,” Bill explains. “They’re surprised to learn the problem hasn’t just gone away. You can use that to your advantage to collect the old debt.” The exact amount of time you have to collect a debt depends on the law of the state where the rental property is. “You might be surprised to learn the statute of limitations for debt in your state — it may be longer than you realize,” Bill explains. ”Many states have landlord-friendly rules for collecting unpaid rent – some give you as long as ten years to collect.” It’s easy to find out if your old debt is still collectible. “It doesn’t take much time, just ten minutes or so to copy your file and send it out.” Find out how far back you can collect in your state by emailing AAOA at collections@joinaaoa.org Please type “collections” in the subject line. Read Bill Gray’s feature blogs, Seven Vital Tips to Help Collect Tenant Debt. Check back next week to find out how you may collect your own debt and save a bundle on collection fees. American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing. Find out more at http://www.joinaaoa.org. To subscribe to our blog, click here. [...]
[...] For more on debt collection, read our series feature blogs, Seven Vital Tips to Help Collect Tenant Debt. [...]
[...] Debt collection begins when you interview the prospective tenant. See our series Seven Vital Tips to Maximize Your Tenant Debt Recovery. [...]
[...] Tenant debt collection begins before your prospect moves in. Learn more from our series Seven Vital Tips to Help You Collect Tenant Debt. [...]
[...] Read Bill Gray’s feature blogs, Seven Vital Tips to Help Collect Tenant Debt. [...]
[...] collection begins when your prospect walks through the door. Click here to read our series Seven Vital Tips To Help Maximize Your Debt [...]
[...] before your tenant moves in. That’s Bill’s mantra. He explains in his series Seven Vital Tips to Drastically Improve Your Tenant Debt Recovery, that the information you get up front will help you the most if the tenant defaults. Much of [...]
[...] our seven part series, Vital Tips to Increase Your Debt Collection. American Apartment Owners Association offers discounts on products and services for landlords [...]
[...] our seven part series, Vital Tips to Increase Your Debt Collection. American Apartment Owners Association offers discounts on products and services for [...]
[...] Visit Bill Gray’s blog at TheLandlordDoctor.com. See our seven part series, Vital Tips to Increase Your Debt Collection.American Apartment Owners Association offers discounts on products and services for landlords [...]