Landlords Join Forces to Collect Rent on Time with Monthly Credit Reporting and Rent Monitoring
Monthly reporting is the preferred way to induce monthly payments. Why? Constant surveillance. During a typical year your tenant may apply for credit 3 times. Waiting until the end of the lease to report allows too much leeway. All major creditors, banks, retailers and over 1,392,000 businesses nationwide report monthly. Many of these Fortune 500 companies make billions annually, yet they will report a $5 debt as fast as a $500 car payment. When money gets tight, your tenant will pay the creditors that report on a monthly basis first. Your rent is the highest monthly payment your tenant has. So, report monthly and get first in line to get paid.
Make Leasing More of an Investment
than a Headache
There is a risk factor involved in all types of investments, whether it is stocks, bonds, mutual funds or real estate. However, a landlord faces considerable risk when leasing property to a complete stranger. Few landlords are so bold as to continue with the arduous task of managing rental property after experiencing a "bad tenant". Certain precautions must be taken to find a good tenant and prevent property damage. This is where the National Association of Independent Landlords can help. Membership to the Association entitles you to find a good tenant who stays longer and pays the rent on time too!
Avoid Past Due Rent
If you want to know if your next tenant is likely to pay the rent on time, or break your lease, credit reports, and criminal reports are the answer. Credit reports reveal debt load and responsibility towards financial obligations and willingness to follow the rules. Tenants pay you an application fee, so background checks don't cost you a dime. Conduct your landlord business like a professional and check your prospective tenant's credit report, just like a bank would before they extend a loan to a consumer. And remember not to accept a credit report directly from your tenant, as it can easily be altered!
