REPORT RENT PAYMENTS TO CREDIT BUREAUS Reporting rent payments to credit bureaus is a relatively new practice that can benefit both landlords and tenants. By reporting rent payments, tenants can build their credit history, making it easier for them to obtain credit in the future. For landlords, reporting rent payments can help ensure that tenants pay on time and discourage late payments since it will influence their credit score.
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HAVE A PLAN FOR EVICTIONS
Even with thorough screening and clear expectations, sometimes eviction is necessary. Have a plan in place for how you will handle evictions, including following your state's laws and procedures. Make sure to document everything, including communication with the tenant, late rent payments, and any damages or lease violations. Contact an attorney especially if you live in a tenant-friendly state, since making an error in the eviction process can easily cause you to lose your case.
CONTACT AN ATTORNEY ESPECIALLY IF YOU LIVE IN A TENANT-FRIENDLY STATE.
ALEXANDRA ALVARADO Director of Marketing and Education American Apartment Owners Association (866) 579-2262 alexandra@aaoa.com
Alexandra has worked for AAOA for 8 years, launching AAOA’s educational division in 2016 and has hosted and moderated over 100 webinars for thousands of landlords nationwide. She also curates breaking news and original content for AAOA Today , a biweekly newsletter with 75,000 readers, and RENT Magazine. Alexandra has been interviewed by national news outlets including The New York Times, CNBC, CNN, Fox News, Business Insider, Wall Street Journal, and Realtor.com. Her extensive sales and marketing background in the rental industry has made her a point person for rental industry professionals who want to learn how to select quality tenants and reduce their rental risk. Alexandra has a BA and MBA in Marketing from Pepperdine University.
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