In real estate, there are many possible things that can go wrong. One of the most common problems is when a tenant does not pay rent. In some cases, you may face more than one tenant who does not pay rent and you’ll need to figure out how to handle them all simultaneously. Whether it’s one or more tenants, there are things you can do to help solve this problem. We’ll cover everything from what steps you should take if your tenant doesn’t pay rent, how to get your bond back, and how to avoid renting to someone who won’t pay rent in the future.
WHAT TO DO IF YOUR TENANT DOESN’T PAY RENT
If you find out that one of your tenants does not pay rent, it’s important to take the proper steps. It can be difficult to deal with non-payment of rent when you have more than one tenant that may stop paying. Here are some steps you can take to help get your property back on track:
- Talk to the Tenant – You should always try talking to the tenant before taking any other steps. If it’s a new tenant, ask for documentation including ID and proof of employment.
- Collect Past-due Rent – Do everything in your power to collect past-due rent from the tenant(s).
- File an Eviction Notice – If they still don’t pay rent, file an eviction notice with the court.
- Hire a Lawyer – You may need a lawyer if there is a disagreement about how much is owed or who owes what.
- Get Your Bond Back – When evicting a tenant, make sure to get your bond back so you can use it for another purpose. This will ensure that you won’t lose money on this property in general and at worst will just break even.
HOW TO GET YOUR BOND BACK
If you want to get your bond back, there are a few things you can do. The first thing is to ask the tenant for rent. Sometimes the tenant just needs a little push and reminder about their obligations. It may be that they’ve been busy at work or something else has been going on in their life that has distracted them from their rent payments. In cases like these, remind them of what they owe and remind them that if it continues, you’ll have no choice but to move forward with eviction proceedings.
WHAT TO DO IF YOU CAN’T FIND A TENANT
If you can’t find a tenant for your property, you’ll need to put it up for sale. The first step in attracting buyers is by using good marketing techniques. Marketing your property well will ensure that potential buyers will want to buy it.
Once you’ve attracted the right buyer, be sure to get professional advice on how to negotiate the best deal possible. Negotiating well ensures that your buyer will make an offer that is reasonable and fair. Once you’ve negotiated with the buyer, be sure that the paperwork is properly drawn up and that everything is legal. You should always consult with a lawyer or a real estate agent before taking this step to avoid any legal problems in the future.
Our job is to make sure you always have a tenant for your property, even if it means renting your property to a tenant who does not have the best credit.