I get this question a lot; is it a buyers market or a sellers market? The truth of the matter is, there is no badtime to buy good real estate. While yes the pendulum does swing in favor
5 Tips For Dealing With Problem Tenants
If you have a tenant that pays their rent on time every month and never causes any issues, consider yourself lucky, because many landlords experience problem tenants all the time. Wondering what to do when you have an unruly tenant who annoys the neighbors, makes late payments and destroys the property? Here are five tips for dealing with your problem tenant.
Draft a Detailed Policy
The wisest thing you can do is put things in writing. Make sure you have a written lease that includes specifics like the date rent is due, how much will be owed each month, when the contract expires, all of the names of the people living in the space, no-smoking policies and what can and cannot be changed in the unit. The more detailed you are, the better.
Make sure you also specify the consequences for not adhering to the contract. If your tenant is two weeks late on rent, the lease should state how much interest will be charged each day, and so forth.
Your tenants should feel comfortable approaching you about issues or concerns. An open line of communication in business is vital, and you don’t want to prolong issues due to lack of communication. Don’t be a helicopter, but do make sure that you are on the same page as your tenants.
Hire a Property Manager
If you don’t like confrontation or conflict, hire a property manager to deal with that for you. It might cost you a pretty penny, but it will save you from headaches and arguments. Property managers are professionals and will do everything from collecting the rent to dealing with repairs and maintenance, and will even find you new tenants if the present ones need to go.
Go the Legal Route
If you have given a tenant a legal eviction notice and they still haven’t vacated the property, don’t be afraid to take legal action. Hire a qualified lawyer to help you evict the tenant quickly. If your issues are bigger than just eviction, an attorney that specializes in landlord-tenant laws can help you ensure that the process goes smoothly.
Build a Good Relationship
If you and your tenant respect each other, this entire situation can be simple and stress-free. If you show your tenant that you are doing everything in your power to ensure that the space is up to par and that you will respond to needs in a timely manner, you will likely gain the same respect in return.
What problems have you had with tenants and how did you solve them?
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