It always sounds great like a great idea: Get a good deal on a property , spruce it up, rent it out, and watch your bank account grow and your mortgage get paid down by your tenants! The reality is not always this pretty picture. Tenants may trash the place, partake in illegal activities in your prized property – or quit paying rent! Now what do you do? Read on to find out…
- Do your Homework – The biggest way to get rid of a troublesome tenant is to not rent to one in the first place! Make sure you do a credit check and a background check. A lot of people have bad credit scores nowadays due to the economy, unemployment, short sales and foreclosures. The key things to look for are current late payments. If there are a lot of current late payments, it’s quite possible their rent payment will be added to the list. With the background check, use your judgment. Don’t forget to check references and prior landlords. Give them a call and find out what type of potential tenant you are dealing with.
- 3- Day Notice – If your tenant is late on paying, immediately post a 3-day notice on their door. This shows you are serious and will pursue eviction if not paid. This will usually scare them straight!
- Cash for Keys – One of the easiest things to do is to offer to give them back their full security deposit if they pack up and leave within a week. When they stop paying you, it can become very costly to keep them in the home. Your goal is to get them out of there as quickly as possible for the least amount of loss.
- Eviction – Hire an attorney and get them out of there! This can take a couple months due to the court process, but if the above steps don’t work, you MUST remove them from your property. They will continue to drain your bank account if you don’t.
- Hire a Pro – Don’t want all the headaches and hassles? Hire a true property manager. One who screens the tenants and collects rent for you, deals with the maintenance issues, and if the tenant stops paying – removes them immediately!
Follow these tips and you are sure to have a more successful and pleasant experience as a landlord. We have a full service property management division at our company, so if you’d like some free advice – give us a call.
Gabe Mellein is the broker of Gulf Pointe Properties, He has 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need help Selling, Buying, or with Property Management? Please contact Gabe for FREE advice at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com
