Seven Vital Tips To Help You Collect Your Tenant Debt – Part Six 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 SIX
Background Check Co-Signers. One way to rent to someone with questionable credit or rental history is to require a co-signer. But avoid the common mistake of accepting a co-signer without checking their credit and rental history. It is crucial to collection to have the co-signer complete a rental application and sign an iron-clad agreement. In fact, it is extremely important for every adult moving into the apartment to complete an application and sign the lease. This gives you far more leverage and ability to collect any future debts.
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
Come back soon for Tip #7 – 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.
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.