Evicting a tenant can be costly, and if you’re a landlord concerned about how to protect your investment, you need to know how to avoid an eviction. There are several things you can do when a tenant you have screened thoroughly suddenly begins to struggle and doesn’t seem to be able to pay the rent.
Stay in Control
The most important thing you can do is to always stay in control of the situation. Once the tenant is in control, you’re going to face much larger and more expensive obstacles. Sometimes, unexpected circumstances arise. Tenants can lose a job, someone can become very ill or one person in the household can move out, leaving the other tenant to try and pay rent when it’s just impossible. It’s hard to watch your tenants struggle. You can be sympathetic towards the problem but mindful that this is your investment property and you are renting it out as a business.
One of the things we hear from property owners who want to evict is that they have a tenant in their property who has been living there for three to four months without paying rent. These property managers are at a loss, and they don’t know how to remove those tenants. You should never let it go that long before you do something. Stay in control and react right away. The sooner you take steps towards eviction, the less money and time you will lose getting your property back.
Eviction Protection Plan
It’s important to look for a property management company that offers an eviction protection program. This is like an insurance policy that can protect you against the cost of having to pay for the eviction. We include that with our property management services. It gives you the comfort in knowing you won’t have the expense of an eviction.
If something has happened at your property, and your tenant can’t pay the rent, please contact us at Select 1 Realty, and we’d be happy to help.