The Company should be able to provide:

• A summary of tenant rights in the state and municipality
• The first late date
• The notice of eviction date
• Workout guidelines for managers and guidelines should follow credit scores
• Court filing requirements
• Expected time to gain a court date
• A written process that includes checks and balances that will prevent managers giving favors to tenants and will maintain as brief an eviction process as possible
• A written description of the process to turn over uncollected rents to a collection agency
• A selected collection agency with local references

A thorough and prompt eviction process is a significant component of maintaining cash flow.  Less obviously, the collections process is an important part of maintaining and improving the quality of the tenant base.

The notice process should also include procedures for calling, knocking on doors, and otherwise assuring the tenants respond immediately to late notices.  There is a direct correlation between keeping tenants as nearly current as possible and the collectability of their rents.  The further behind lease payments become the more difficult they are to collect.

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This entry was posted on Thursday, October 15th, 2009 at 9:36 am and is filed under Apartment Investing, Apartment Management, Apartment Management Service, Billing and Collections, Operations. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.