Becoming a landlord can be a great investment. Various tax breaks and receiving extra income every month are just some of the great benefits of being a landlord. There are, however, a number of federal, state and local rental licensing laws landlords must adhere to or risk paying fines or having a lawsuit filed against [...]
Landlord - Tenant law is always changing and evolving. As a property manager or owner, it is important to make sure you know what changes affect you and ensure that you continue operating in compliance with these laws. Effective December 30th 2016, important changes were made to the way landlords can assess and collect late [...]
In today’s fast moving world, the traditional method of collecting delinquent rent is not effective. The numerous demands placed on property managers do not allow for dedication of the time and effort required to effectively pursue delinquent rent. Often, the missed rent is overlooked in lieu of other priorities, and evictions are not pursued. Managing [...]
In a perfect world, a resident is timely with their rent payment, gives proper notice to quit and leaves the rental property on time and in good repair. However, the reality of operating a rental community includes residents who, for economic or other reasons, are sometimes delinquent with their rental payments. Last year, approximately 20 [...]
“Tenants Sue Property Management Company Over Outstanding Fees” – Now that is not a headline you expect to see in the multifamily industry. But that was the case for Dunn Wright Services, who was a defendant in a class action suit by more than 1,400 tenants. The claim? Residents accused the property management company of [...]
Collecting rent is one of most fundamental responsibilities of a property manager. Unfortunately, not all residents pay their rent on time, and some won’t pay at all. As we’ve shared in previous articles, delinquency management in multifamily properties is an important, and often overlooked contributor to operational performance. In addition to the obvious and direct [...]
In 2014 there were over 3.4 million eviction cases in the apartment industry. What’s more, if you manage class B/C properties delinquency rates of 10 – 30% are quite common. While the direct implications of this situation are obvious, what’s often overlooked are the indirect and opportunity costs associated with how you manage the process. [...]
If tenant has failed to pay their rent, you might find yourself in court to pursue an eviction. That’s bad enough. Then your tenant tells the court they have filed for bankruptcy. Upon confirmation of the filing, the court will immediately stay eviction proceedings for an indeterminate period of time. Now you’re left with a [...]
Why do we file against delinquent tenants? The answer seems obvious: We file to ensure we receive our rent. Once we’ve filed, we wait for the process to run its course. We’ve done all we can do. Right? All too often, multifamily property managers file on tenants who are late, only to have their efforts [...]
According to our research, accommodating late rent payments from tenants only reinforces negative behavior and leads to steady unwanted delinquency rates. Surprisingly, an automated filing process actually yields lower delinquency and eviction rates. So why, then, are so many property managers reluctant to file? Here are the top five reasons we see property managers hesitant [...]
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