More rent recovery services advice:
Beyond tenant screening and invoicing, the Internet also has opened new options in delinquent rent collection. In addition to traditional contingency-based rent collection services, landlords now have the ability to utilize a Web-based flat fee service that can significantly reduce the cost of pursuing delinquent tenants.
Available through rent recovery services, this new flat fee alternative allows property owners to initiate debt collection proceedings simply by setting up an account and inputting information about delinquent tenants online. The tenant then receives one or more collection letters, depending on the option selected, with instructions to pay the property owner directly. The rent recovery service also automatically notifies the three credit bureaus and the Delinquent Tenant Cooperative of the delinquency.
If the tenant pays the debt, the property owner receives 100% of the amount due, eliminating the need to split the proceeds with the debt collection agency.
If the debt collection letters sent under a flat fee program fail to secure payment, the property owner or manager can switch to a Rent Recovery Service's more aggressive contingency collection program with one mouse click.
The Internet therefore offers new opportunities for efficient tenant management. Property owners and managers can now screen, invoice and initiate debt collection action against delinquent tenants quickly and cost-effectively through these new automoated online collection services. It's just another way that technology is changing the way the world does business.
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