Tired of chasing tenants for rent payments? Wish there was an easy way to motivate renters to pay on time every month?
Here is the one solution that just works: Automate rental credit reporting.
How? With Sperlonga Data & Analytics.
By automatically credit reporting your tenants each month to the credit bureaus, the tenant credit score now provides the motivation for rent payments to come in on time. Financial obligations that are credit reported get top priority in the monthly budget. Now rent payments are on the same level as credit card, auto loan and other reported accounts. The result for you, as the property management company or landlord, is better cash flow and less time and money spent on collections.
Tenants benefit too with a higher credit score with each on-time payment. More and more, tenants are asking for credit reporting so that they can build a stronger credit profile. By offering credit reporting, your properties are now more competitive for the best renters. You can advertise your properties as inclusive of this desirable service for all renters.
Credit reporting can also help build your client base. Investors want the tenants in their properties credit reported. A rental property owner is more likely to pick a management company that offers credit reporting over one that does not. By partnering with Sperlonga, whether you manage one unit or one thousand units, you can report your tenants to the credit bureaus and compete with the larger management companies.
One of the principal benefits of credit reporting through Sperlonga is the ability to go after bad debt without giving up 40-50% of the account value to a collection agency. As long as you own the debt, you can report on previous tenants for 6 years and 9 months from their move out date. Sperlonga has an excellent track record of recovering past due balances that are 180+ days old. So, do you have old debt that has been sitting on your ledger for years? With credit reporting, you now have a mechanism to go after those aged balances by placing those past due amounts on previous tenant credit reports.
Connecting with Sperlonga and credit reporting is now easier than ever. Previously, due to credit bureaus requiring a minimum number of accounts, only very large management companies had access to credit reporting technology. With Sperlonga, we can aggregate your data with other sole proprietors and small management companies so that your tenant data can be included in credit reporting. Sperlonga is integrated with several management software platforms and we also offer a proprietary data submission process if you are not on an integrated platform. Sperlonga’s credit reporting service includes data processing, submission, client support and tenant relations all for one small monthly fee per account.
Credit reporting rental accounts is the obvious solution for landlords and property management companies. Reporting payment histories rewards on-time tenants with better credit scores and encourages chronically late paying tenants to start paying on-time. So stop chasing tenants for payments and let their credit score do the work.
Learn more here: https://www.sperlongadata.com/solutions/rental-property-management/
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