As a landlord, one of the worst situations you can find yourself in is having a tenant who is not paying rent or falling behind on their payments. This can be a major financial strain, and it's important to take action as soon as possible to minimize your losses.
One of the best options for landlords in this situation is to hire a property manager who specializes in tenant delinquencies and rent collection. This type of property manager can step in and take over the situation for you, working to get your tenant back on track with their payments or, if necessary, pursuing legal action to evict them and find a new tenant.
We call this 'Landlord Rescue', and are often happy to help.
If you're considering hiring a property manager to help you with a tenant who is not paying rent, there are a few things you'll need to provide them with in order to get started. The first is a copy of your lease agreement with the tenant in question. This document will lay out the terms of the rental agreement, including the rent amount, due date, and any late fees or penalties that may apply.
You'll also need to provide your property manager with a copy of the tenant's current ledger or payment history. This will show any missed or late payments, as well as any communication or notices that have taken place between you and the tenant regarding their rent payments.
Once your property manager has this information, they can begin working on your behalf to collect the rent that is owed. This may involve sending the tenant a series of letters or emails reminding them of their obligations under the lease agreement, or even making phone calls to the tenant to try to work out a payment plan.
Often times, once tenants realize there is a professional involved, they know the jig is up and is time to either pay up or move on.
If the tenant continues to refuse to pay, your property manager may need to take legal action to evict them and find a new tenant. This can be a complex and time-consuming process, but it's one that your property manager will handle on your behalf, ensuring that your rights as a landlord are protected and that you're able to minimize your financial losses as much as possible.
So, if you're a landlord who is struggling with a tenant who is not paying rent, hiring a property manager who specializes in tenant delinquencies and rent collection can be a smart move. With their expertise and experience, they can help you navigate this difficult situation and work to get your tenant back on track with their payments or find a new tenant if necessary. Just be sure to provide them with a copy of the lease and tenant ledger to get started.
If you find yourself in this situation, and want to talk, just drop us a message here or call us at (210)695-8252. We'll be happy to talk to you about it.