What Can Rental Property Owners Do If Unable to Evict Delinquent Tenants During Covid?
The national COVID-19 conversation has shifted from mitigation to vaccines and reopening our economies. Entire industries have been devastated, and many of the effects of the changes over the past year will linger. Rental property owners have not been spared and now face an unprecedented rate of delinquent rental payments. Many landlords have been negatively impacted by federal, state, and local restrictions on what they can do when owed rents as seen in this Fox News article regarding a New York landlord forced to live in her car due to her tenant’s nonpayment.
Although eviction prohibitions did not forgive past due rents, they eliminated the one timely remedy available to the landlord. The government’s broad-brush approach to eviction protects those in need, the waitress who lost her job or the pilot who has been furloughed. It also enables those who claim hardship, to spend their government stimulus checks on new cars, while deferring their rent payment.
In this environment, landlords need a new mindset and better tools to reduce delinquencies, improve cash flow, and disincentivize late payments.
The banking industry uses credit reporting very effectively to reinforce the payment of consumer credit responsibilities. No doubt, as a landlord, you’ve seen the merit in pulling a potential tenant’s credit score when determining to rent them a property. As an industry extracting information from the credit industry is second nature; however, contributing data back is relatively new – yet immensely effective.
Now there is a new resource available to help you navigate this reporting process: Sperlonga™ Data and Analytics – Rental Payment Credit Reporting
Reporting rental property payments to Credit Bureaus is a win/win, benefitting the tenant and the landlord.
- Owners have more leverage to prevent tenant delinquencies with access to our industry-standard payment management tools.
- Tenants build credit, improve their credit scores, and reduce finance costs for future loans, autos, or credit cards.
Single and multifamily landlords can benefit from the Sperlonga™ Solution to rental credit reporting – the solution that works!
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