Do you need a property manager to help with rent collection?

Communication is key

In today’s market, many owners are faced with more delinquent accounts than ever before.  There are several factors that each owner must take into consideration regarding rent collection, and the importance between factors can change from site to site even within the same portfolio of properties.

First and foremost it is important to establish contact and good communication with the tenant in the early stages of delinquency.  It is important for communication to take place so that a plan for becoming current again can be established or a better understanding of why the delinquency occurred and how long the delinquency is expected as well as how much it may grow.

Professional Rent Collection

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Managing a Property in Receivership

What you should do

If you’ve been in the real estate industry for any length of time, you have probably, at one time or another, ended up owning a property you did not intend to own.

A unique part of the commercial real estate business is receivership, i.e., the management of a business or property that is involved in a legal process such as bankruptcy.

When a building enters foreclosure, the courts often appoint lawyers as trustees of the building. Or in some instances, they’ll recommend a particular company, instead of a law firm, for Managing a Property in Receivership.

Hiring a specialist to manage a foreclosed building is a great benefit to all parties. A specialist in this sector will go into a building, quickly identify all of the problems, whether they are structural or operational, and work quickly to turn them around and ready the building for a sale to a new owner.

Managing a Property in Receivership: 5 Things Your Property Manager Should Do

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