$10,000 against tenant pursue or forget about money owed?

[Joe S.]

So we did an eviction probably six months ago. Tenant owed over $10,000 which judge agreed that they owe us. We finally got the property back and spent thousands of dollars getting it back in decent shape.

Should turn this over to a collection agency? I do not know what collection agency or even if it’s worth pursuing.

[Nathan Gesner]

Quote from @Joe S.:

Collection agencies are only successful about 1/3 of the time. However, sending the tenant to collections ensures it sits on their credit report, which can prevent them from cheating another landlord or qualifying for a loan.

I have about 60 active collection cases right now. One tenant recently paid me $5,000 because he needed to clear the collection off his record so he could qualify for a mortgage.