Deciding to rent your property can seem like the best idea at first. However, once you become a landlord, you may realize that it’s not always easy. In fact, one of the most challenging parts of being a landlord is dealing with tenants who don’t pay rent on time.
If you’re in this situation, you might wonder about your options. Here, you’ll find 5 actions you can take to receive your payment and terminate the leasing. Keep reading!
The Downsides Of Having Bad Tenants
When you don’t receive rent on time, it can cause financial stress. Not only do you have to worry about making ends meet, but you also have to deal with the property damage and other problems that come with bad tenants. Bad tenants can represent a threat to your safety and the security of your investment.
5 Actions To Handle This Stressful Situation
1) Review All Signed Documents Like Lease & Payment Records
The first thing you should do when a tenant doesn’t pay rent is to check if they violated the terms of their lease agreement. There may be a clause that states the penalties for late payment. Reviewing all signed documents will help you determine the best course of action.
2) Contact Them & Try To Negotiate A Payment Plan
Once you’ve reviewed the documents, it’s time to contact the tenant. You can do this by phone call, text message, or email. Be polite but firm in your communication. You can try to negotiate a payment plan so that they can catch up on their rent.
If the tenant agrees to a payment plan, ensure you get it in writing. This will protect you if they don’t follow their promise.
3) Send A Late Rent Notice
If the tenant doesn’t agree to a payment plan or ignores your attempts to contact them, you can send a late rent notice. This notice will state the amount of rent owed and the date by which the tenants must pay it. It’ll also give the tenant a specific number of days to catch up on their payments.
4) Send A Pay Or Quit Notice
If the tenant still doesn’t pay rent after you’ve sent a late rent notice, you can send them pay or quit notice. This notice will give them specific days to pay the rent or move out of the property. You can begin the eviction process if they don’t take either action.
Sending a pay or quit notice is a serious step, so be sure to consult an attorney before taking this action.
5) Avoid Emotional Stress By Selling The Property
You can always sell your property if you don’t want to deal with the hassle of evicting a tenant. This is often the best solution for landlords dealing with bad tenants. You can avoid emotional stress and get rid of the problem quickly.
Get In Touch With The Best Cash Home Buyers In Columbus
If you have bad tenants, we got you. Stop searching “sell my house fast in Columbus,” P3 Real Property Group is a trusted home buyer in Columbus, OH. We’re here to help you sell your property fast, without the hassle.
We don’t charge fees or commissions and can close in as little as seven days. We buy houses in Columbus to help homeowners like you move on with their lives. So, if you’re ready to sell your property, contact us today!