One nightmare situation for any landlord or letting agent is where a tenant falls heavily behind with rent payments, leaving a huge rental debt outstanding. Worse still, if the tenant then decides to throw caution to the wind and skip town without paying, the landlord is in an even more stressful situation. Many landlords and letting agents lose out on a lot of money each year due to situations such as this, and most are keen to find ways of reducing the risk of this happening.
While there is little that can be done about tenants skipping town when they are in debt with their rent, one thing that can be done is that they can be pursued for the payments by obtaining contact information. In today’s digital world, letting businesses can obtain a huge range of information online using tools such as skip tracing solutions. These are ideal for processes such as debt recovery because they provide access to a wealth of information.
What Landlords and Agents Can Learn from This Technology
By using these digital tools, landlords and letting agents can gain access to a wealth of information about the tenant that has skipped town without repaying their rental debt. Some of the information that can help to recover rental debt includes:
Getting the Right Contact Information
One of the things users can learn by turning to this technology is the right contact information for tenants that have disappeared while owing rent. Often, the contact information on file is out of date, and clearly, they have abandoned the property that they were renting. This makes it hard to trace them, which makes it hard to recover the money they owe. With the right digital solution, users can get the most updated contact information including current address, phone numbers, and email address. This then makes it easier to get in touch and pursue the debt owed.
Obtaining an Updated Status on Tenant
Another thing that users can learn is the updated status of the tenant, which may have changed since they were living at the property on which they owe rent. For instance, they may have stopped working and be on welfare, or they may have been declared bankrupt. In some cases, tenants may have passed away, but you have not been informed. All these things can have a big impact on your ability to get the money owed and which route needs to be taken to pursue the debt.
Streamlining the Rental Debt Recovery Process
An additional reason why many agents and landlords use this method to chase rental debt is that it helps to streamline processes and save time. It can be a very frustrating process to try and track tenants down when they have disappeared, but modern technology makes it far easier. The job can be done with far greater speed and efficiency, and this makes it much easier to track tenants down. Once they have been located, it is far more likely that the money owed can be recovered.
These are some of the ways in which using technology to chase rental debt can be used.