Believe it or not, thousands of landowners never bother to collect rent money from their tenants. In spite of the economic crisis and their current financial problems, they prefer to wait for tenants to pay or completely let them off the hook.
You Must Do Something
What they don’t know is that this not only hurts their finances but also causes them to lose respect for themselves. They fail to demand what is due them, which greatly affects their self image and esteem. Some landowners subconsciously blame and beat themselves up for this, putting themselves and their business at risk.
Most of them wish they just offered triple net lease properties to save themselves trouble. But the truth is that it’s not always possible. You can’t always get what you want, as the Rolling Stones puts it. So if you’re in this situation, you have to deal with it in one way or another.
If you don’t want these things to happen to you, there are actually people who can help you collect unpaid debts. You can claim the money that is rightfully yours. You can use it and the entire experience to restore yourself worth and improve the quality of your life.
You Can Request a Judgment in your Favor
Bringing your case to court is the sure-fire way for you to collect from your debtor. The court will decide how your debt will be handled. It can also give you an idea on what to expect from the collection process. If your tenant was evicted, your case will go through a Second Cause Hearing. If no eviction took place, you can go to the small claims court. In any case, this is how you request judgment in your favor.
You can always collect past due rent from your debtor no matter how difficult the situation may be. But keep in mind that you can only collect for the months that the tenants actually lived in their unit. You can charge the occupants for the months you are not re-leasing the unit. You can also seek damages to the premises. You must, however, prove that that the damage is beyond wear and tear. You can do this by showing pictures, presenting invoices, and even seeking testimony for the property manager.
You Have Debt Collection Options
There are two ways for you to collect from your debtor. First is through an attorney. This option is recommended when the debtor is employed, earning a sizeable income, and has obtainable information. Keep in mind, though, that you have to pay filing costs upfront in addition to the attorney’s professional fees.
The second way of collecting is through an agency. You can use this option when your debtor has little or no information, or has low income. You have to pay for processing fees upfront in addition to filing fees. They also get a 25% cut from the collected amount. Collection agencies, however, are more aggressive than attorneys. They also have better resources to track down your debtor and they will do everything to collect your money.
You Can Get the Job Done
Debt collection is easy if you have the right people to help you. Instead of sitting around and waiting for your money to come back to you, take action by getting in touch with debt collection agency. Equity Team is one of the most dependable companies to help you get the job done. They have the resources, and the experience, and the expertise. You can get your money back and take ownership of what rightfully belongs to you.