Owning apartment complexes in college towns can be very profitable. After all, college students need a place to stay, and dorms are often very expensive. While students are always plentiful and ready to rent, you still might run into some trouble if you’re not careful. Students have their hands full. They are juggling classes, extracurricular activities, and jobs. Many students are also living on very little income. Although it might not be their intention, they may sometimes fall short on rent or skip a few months. Out-of-state students may break their lease without finding a subletter because they need to return home earlier than planned. As a landlord, your priority is collecting rent on time, and unfortunately it’s your responsibility to take on this burden.. As a way to lessen this burden, at times you might need to enlist the help of a debt recovery agency.
Depending on the college student’s age, they may not have any established credit or make much money. Many of these students rely on on-campus jobs that are more flexible with their schedules. However, these jobs can get away with not paying as much as an off-campus job. This can take a financial toll on students. Some college students might be unemployed and must budget their financial aid packages. Students that think ahead will likely have roommates to help mitigate costs. Still, even if they have enough money, they might be inexperienced in managing their finances. After all, for many of them, this is their first time away from home.
Many factors can contribute to a tenant’s decision to abandon their apartment. Roommate problems, holidays, summer break, out-of-state emergencies, the list goes on. When students aren’t living in their apartments, they might forget or refuse to pay rent. Some of them might not return at all. This is of course a breach of contract and illegal. But you may lack the tools necessary to locate these tenants. That doesn’t mean they’ll get away with it though, because debt recovery agencies like SWR deal with these cases all the time. Successfully, we might add.
With all the term papers, projects, and exams, college students can get quite distracted. As a result, they may forget to pay rent. Keeping track of all of these overdue payments is a lot of work, especially if you have multiple tenants with the same habits. Why waste your time and resources trying to sort it all out, when you can hire professionals to do it for you?
Southwest Recovery Services Can Help
A professional debt collection agency like us has all the necessary skills and tools to collect overdue rent efficiently. We understand the importance of maintaining a good relationship with your tenants, which is why we collect debt in a respectful, ethical manner. We have the latest technology to track tenants that have abandoned their apartments, and we use many strategies to collect unpaid rent. Some of these strategies include oral and written communication, effective negotiation techniques, and even legal action if necessary.
Southwest Recovery Services also offers revenue cycle and accounts receivable management to keep track of rent payments for you and help reduce the number of unpaid expenses. If you would like to learn more about our services, get in touch with us today.