While the end of the year is a very busy time of the year for most of us on a personal level, it is usually a slow period for landlords. Many of us spend this time working on our taxes, cleaning out our desk drawers and preparing for the New Year.

One often overlooked piece of housekeeping that impacts your profit is old tenant files which still have balances due.

All too often, landlords simply file them away and forget them. By storing these files without taking any action, you are literally throwing money away. You may think it’s impossible - that you’ll never see a dime of the monies owed, but some percentage of the debt you are owed is collectible. It may not be collectible today, but over the next seven years, some of that money most likely will be paid.