With so much things needed to be done, having a constant cash flow is what every landlord wants. It can be a real nightmare if the rent stops coming. Mortgage needs to be paid; bills, repairs and maintenance, it can all get a little crazy.
Owing a property entails a lot of spending and if your tenants fail to pay their rent on time, then it can be difficult for you to get things done. When dealing with tenants you have to expect the best and prepare for the worst. We have some valuable tips on how you can handle tenants that won’t pay their bills.
Be prepared and be patient
Before renting your property out, it is very important to eviction and rental agreements. This written contract will ensure that you have smooth rental collection and if in any case this is broken you have right to sue or evict that individual. But before going through that, it is very good to have some patience. Give tenants a 3 day notice to pay rent and if they fail to follow through, you can start the process of eviction.
Try to work things out
Some issues surrounding non-paying tenants can be solved amicably through dialogue and negotiation. If rent is not paid by some tenants because of certain reasons which include temporary problems, unemployment, or family issues. It is better to talk through than just evicting the tenant and you have to find other people to rent again which will take time and money.
When all fails
As a landlord if you have gone through all possible means to get your tenants paying their rent such as, extending payment period or making them pay in installments, etc, then it’s time to take legal action. Consult a legal professional to seek advice on what is the best decision you should make to prevent you from making a great mistake.
Dealing with tenants that fail to pay rent can be very frustrating and as a landlord you not only want what is best for you but you are also concerned about the welfare of the tenant. What’s more, always having problems with tenants may have an effect on your own reputation as a landlord.
Therefore before going through an eviction process, you should give it a lot of thought and make sure that you have exhausted all possible ways to avoid the situation.