Los Angeles Landlords: Now you can submit late rent payments to credit bureaus using BRE Investment, LLC’s Tenant Rent Reporting™ service.
In light of the recent COVID-19 pandemic and the lopsided government orders negatively affecting landlords’ property rights in collecting rights and filing evictions in Los Angeles, our real estate team at BRE Investment, LLC has created a new product to help protect landlords, called Tenant Rent Reporting™.
Our Tenant Rent Reporting™ service is specifically designed to report both the positive and negative payment history of landlords’ tenants, and immediately because of the COVID-19 pandemic we’re all facing right now. Our service really is the one last tool to keep tenants honest during this uncertain time.
Landlords rights have been stripped away.
Our property management clients, who are both mom-and-pop owners and investment groups alike, understand that the COVID-19 pandemic is affecting everyone from every socio-economic group. But landlords are frustrated that with a stroke of the government pen, government officials have unilaterally given tenants the right to stop paying rents while at the same time placed moratoriums on rent collection requirements and unlawful detainer options in the courthouses.
What tenants and landlords need to have is an honest conversation about the situation. So if landlords’ tenants can’t honestly pay their rent payments on time, partially or in full, because of this COVID-19 pandemic, then there are avenues that should be explored before the full stop of rent payment.
The only way to keep the conversation honest is by using our service Tenant Rent Reporting™ to make it clear that landlords understand the situation, want to work with their tenants honestly, but they will not be taken advantage of because of this situation which is affecting tenants and landlords alike.
Payment plans and agreements should be signed in order to have a mutually beneficial agreement in place, that acknowledges the financial pressures both the landlord and tenants are facing. Explaining to tenants that the landlord will be reporting to the credit bureaus is an excellent way to keep the conversation honest. Otherwise, without payments and/or payment plans in place, landlords should report negative rent payments to the credit bureaus using our Tenant Rent Reporting™.
No one wants bad credit… including tenants.
The political environment right now is such that landlords will be facing non-payments in waves coming May 2020. In fact, some of our clients are already struggling with this issue. This terrible situation is only get worse because many local Los Angeles political groups are stirring up tenants to stop paying rent as a political action (like the Los Angeles Tenants Union), even if they can afford it.
Landlords are going to miss lots of payments because of the loss of rent payments, including mortgage payments on their real estate. And obviously, landlords’ credit files will be negatively affected if they can’t pay their mortgages on time which is coming this May.
The point is we’re really all in this together.
Why should landlords shoulder this heavy burden alone? They shouldn’t and so that’s why we’ve created Tenant Rent Reporting™. With this service, landlords can have an honest business conversation with their tenants. If an agreement on rent payments can’t be made, and is not mutually signed, then landlords would report the late payments (and all past positive and negative payments) to the credit bureau via our company BRE Investment.
Interested in learning more about our Tenant Rent Reporting™ service and how it can protect you as a landlord during the COVID-19 pandemic?