Rent collection and procedures should include the following:
Common collection failures include the following:
- Fear of vacancy.
- Failure to take threatened action.
- Inadequate information on a rental application
Always take any action that has been threatened, then ....
- Make a deal, perhaps even paying the tenant to move.
- Forgiving debt as a strategy - IRS reporting (income to the tenant)
- When all else fails: EVICT.
Garnishment may be the only way to collect your money
- If you have a money judgment on a former tenant you can garnish wages, bank-accounts and more. There is a great deal of information on the subject throughout the RHOL site.
Put Rent Collection on Automatic with a service that automatically withdraws rent from tenant bank accounts and directly deposits it into your checking account. Costs less than accepting credit cards. Read all about it .
Collecting Judgments .
You win your case in court, and have your judgment, how do you get your money? RHOL provides a comprehensive and detailed e-course on collecting judgments.
The above topics are discussed in much more depth
on our members' Collecting Rent page