The National Equity Atlas estimates the total rent debt in the country to be around $15 billion. That statistic becomes more troublesome when you consider that of the 44 million rental units in the U.S, 55% are owned by independent landlords.
This blog will outline 4 ways independent landlords can protect themselves against non-paying renters including a variety of industry-leading services from TheGuarantors.
1. Conduct background checks
The best way to avoid dealing with non-paying renters is to never get involved with them in the first place. Completing thorough background checks on your prospective tenants will ensure you weed out any instances of poor payment history or criminal activity, and allow you to enter into new agreements with less risk and greater peace of mind.
2. Get a lease guarantee
Another effective solution for protecting yourself against rent default is with Rent Coverage from TheGuarantors, which can serve as a renter's cosigner and guarantor if they do not meet your property's application requirements.
Rent Coverage provides a lease guarantee by allowing renters to buy an insurance policy that covers you in the event they can’t pay rent. That’s right: they buy it, you get the coverage at no charge to you. Before a renter signs a lease, invite them to apply to TheGuarantors. You are able to select how many months of rent you would like to be reimbursed for if the renter defaults, up to the amount of coverage you specify.
They get the apartment they want, and you get the peace of mind you need.
Enroll your property today and invite any new renters to purchase a lease guarantee.
3. Keep communication regular
This option is as simple as it is vital. When you agree to a renter staying in your property, it is critical that you remain in regular contact to ensure they feel comfortable asking any questions ahead of payment deadlines. It also ensures you’re made aware of any issues or repairs needed in the house or apartment as early as possible.
4. Work with our mitigation team
Working with us has more perks than just insurance products. If a renter stops paying rent our mitigation team can step in and work with the renter. Not only does our team speak 6 different languages, they’re authorized to negotiate with your renter if you choose, decreasing the likelihood of eviction or default.
Don’t wait to take control of your rentals. Enroll your properties today and invite new renters to purchase a Rent Coverage lease guarantee or Deposit Coverage security deposit replacement.