Property Management companies benefit from quick tenant turnover, as each new tenant means additional fees for them.
Property Management companies, rarely work in the interest of the tenants, nor in the landlords’ best interest.
Often,
they will immediately file for eviction, costing the landlords time, stress, money, not to
mention the hassle of getting tenants out, without considering other
options.
Most tenants are decent human beings, quick eviction of the tenants
should not be considered as the immediate and only option.
The best
approach should be to approach tenants fairly and open up a discussion with
them to understand the reason for not paying rent.
Give the tenants at least
one last chance to pay the rent before showing them the door.
1. First
Communicate
If a
tenant fails to pay rent on time, you can ask them to pay a late fee. Jumping
to immediate conclusions is not always the best idea. The key here is to
communicate with your tenant and understand the nature of their issue. Try to
negotiate different terms with them, or agree to a differently structured
payment system. Also, try including a policy of accepting a partial payment
once per year. Another feasible option is to prorate the late fees, deduct that
sum from the remainder of the tenant’s lease.
2. Take
Legal Action only as a last resort
If a tenant fails to respond to any communication or you receive a communication that’s presented in a malicious manner, take the legal route and give your tenants a 3-day notice to pay . Ask your tenant to either pay the rent in the next 3 days and if they don’t pay the rent, you’ll force them to move out of the property.
3. Screen
tenants very carefully
Screen
only those tenants whose monthly income is at least three times the monthly
rent of your property. Keeps it simple and straightforward, ensure in the first
place that you’re not dealing with a bad tenant. Do your bad tenant checks.
4. Set strict rules and policies.
This is
your business, and you need to treat it professionally, ensure your tenants
adhere to your policies. Be firm but fair.
5. Visit
the property occasionally
Always make time to visit the property to make sure that it
is being looked after and the tenant is abiding to your terms and conditions.
6. Keep
accurate records
A mutually respectful relationship solves many of these issues.. From the outset,
listen to your tenant regarding repair and maintenance issues . Do not sow the
seeds of distrust with lack of communication.
After
all, most tenants want what we all want, to live in peace.
You can use the RealRenta platform to keep a record of all your
Reports for each Tenancy - RealRenta automatically dates and time stamps every transaction and interaction with your tenant
Upload each report with photos onto RealRenta for a
comprehensive history of the tenancy.
Start your Free Trial here: https://app.realrenta.com/Signup.aspx
Marlene Liontis
Friday, 9 August 2019
