When you run a business, you can’t let people go without paying. If you did, then you’d likely end up in a situation where you couldn’t pay for your own expenses. You would see your profits decline, which isn’t the goal.
As a commercial landlord, you try to be fair to your tenants. You know that times can get tough, and waiting a few days for a rental payment or lease to be covered isn’t that much of a problem. However, when a tenant continues to miss payments and isn’t ever on time, it’s time to look into seeking debt collections.
Once your tenant leaves a property, you may need to collect the debts they owe. The good news is that you can do that with the help of your attorney’s office. While you could technically work with a debt-collection agency, your attorney will be more familiar with your business and be able to represent you correctly as the debt is pursued.
If a delinquent account is affecting you, then it’s time to make them pay
You want to see a positive return on your investment, and letting major debts slide isn’t part of the deal. If you can reach a past tenant who owes you money, but they refuse to pay up, then you can let your attorney help you seek that money through the courts. With the right collections activities, and by following the state’s collection laws, you’ll have the best chance to get that money back, so you can cover the losses you faced. Our site has more information on what to do if you need to collect past-due debts.