Dealing With Problematic Tenants- 7 Tips for Being a Fair Landlord
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 by the property management companies.
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 3days 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 strict agreement, written by a lawyer, will save you a lot of grief in the future. Tenants will think twice before breaking a legally binding agreement.
A mutually good 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.
Saturday, 5 January 2019