With co-hosts NARPM, we hosted a fantastic webinar on the topic of “Tips for Successful Rent Recovery.” Our presenter (Robert Locke, Real Estate Professional) shared real world examples from his experience of running a successful rent recovery business – we all learned something new!
An interesting highlight from the webinar was that in an audience poll we found that 41% of attendees said that they currently turn over rent collection to traditional collection companies.
During Robert’s presentation he referenced some great resources that can help you with the basics of starting a Rent Recovery Business, here are a few options he suggests:
- Count Clerk’s Office
- Your Attorney
- The Tenant’s Attorney
A few words of wisdom from the Rent Recovery expert when considering starting your own Rent Recovery Business:
“Learn from your mistakes”
“Don’t be afraid – just dive in and learn the rent recovery business just like you did with your property management business.”
Check out the recorded webinar and slides to learn even more.
Q & A
What legal training is needed to start a Rent Recovery Business?
None. What you know as a property manager is all you need. You’ll learn as you go…much easier then learning property management. I was a property manager and that’s all I needed.
What licenses or legal experience are needed to start a Rent Recovery Business?
Absolutely none. No license. No escrow accounts. No brochures. No offices. No maintenance requests. Just a phone.
How often do clients get an attorney to push back on collection efforts?
One out of 40.
Besides Experian, where would you recommend a landlord to gain credible information regarding eviction, criminal or rent history?
First I’d use Appfolio Property Manager. They can help with tenant screening, reporting and receive information about a renter’s rental payment history. Other options would be The National Tenant Network or NTNOnline.com has lots of experience with good service and good people.