When a commercial tenant fails to make their monthly rental payments, it’s likely they are struggling financially. When this happens, you can be sure it’s almost certain that your tenant is headed for default on their lease. Additionally, they are likely to be using money usually intended for rent and paying other obligations. Defaulted commercial leases are usually ignored or a last concern of the tenant or former tenant unless someone intervenes quickly. At Southwest Recovery Services, we move swiftly to help recover some of your lost investment and help prevent additional losses.
Minimize Operating Expenses for Commercial Properties
Constellation estimates that operating costs for a commercial property is about $17.68 per sq. ft. of commercial space per month. That corresponds to a monthly expense of $212,160 and an annual expense of $2.5 million for a small office building with an area of 12,000 square feet. A fraction of those expenses is shouldered by tenants based on the percentage of space that is rented. Southwest Recovery Services has the commercial property collections experience to collect payment from delinquent tenants in order to minimize operating expenses and reduce losses.
Increase Rate of Collection while Eliminating Eviction-Related Expenses
Summary eviction is an excruciating process that can take months on end just to achieve a favorable ruling in court – not to mention the costs that come with the process. Expenses will pile up even after commercial tenants are successfully evicted from the premises with maintenance and lost rent. If faced with the result of a tenant lease default and eviction, it is critical that action take place immediately in order to recover some of your lost investment. Southwest Recovery Services can assess the situation and provide an appropriate action plan.
Southwest Recovery Can Help
When tenants and former tenants refuse to pay, commercial property owners often do not have the capacity to collect from overdue delinquent accounts. We can help you secure more of your bottom line. Here are a few things that we can do for you:
- Act quickly to contact your tenant and provide complete documentation
- Negotiate payment terms and evaluate opportunities to settle an account quickly
- Provide assistance in seeking alternative modes of financing
- Skip tracing to locate whereabouts of the responsible parties/personal guarantors
Let Southwest Recovery Services protect your investment and increase your cash flow with our professional approach to debt collection. Call us today to get started!