Landlords file around 3.6 million evictions every year. However, evicting a tenant is usually the last resort.
As a rental property owner, you rely on collecting rent money from every tenant, as this is how you pay the bills and make a profit. But, unfortunately, rent collection isn't always that simple.
Some tenants refuse to pay their rent, leaving you wondering what to do. So what can you do if a tenant won't pay their rent?
Here is a guide to help you learn your options.
Enforce a Late Fee System
First, it's helpful to develop and enforce a late fee system. For example, you might state that if tenants fail to pay their rent by the 5th of the month, you charge a $25 late fee.
If you enforce this fee whenever tenants pay their rent late, it might encourage them to pay it on time in the future. However, you might still have a few tenants that refuse to pay their rent.
In this case, you might ask a property management business how they handle this problem. You might even consider hiring a property manager for help. If you want to, you can learn more about what questions to ask.
Discuss the Situation With the Tenant
The next thing to do is to confront the tenant. You might begin by sending a letter offering a few days for them to pay. If you don't hear from them, you could stop by their apartment to discuss the situation.
Confronting tenants is one part of real estate investing you might not enjoy. But it's something that you might need to do periodically.
Aim to Work Out a Solution
When discussing the situation, you can learn why they're not paying their rent. You might then aim to work out a solution with the tenant.
For example, the tenant might refuse to pay because they want you to handle some repairs in their apartment. If so, you could agree to repair the items in exchange for the rent check.
Again, talking to a property management firm is a great way to acquire some rental real estate tips for handling this situation.
Evict the Tenant
If all else fails, you could file an eviction notice with your local courthouse. The eviction process takes time, but it's the legal method you must use to force your Tampa tenants out of their units.
When you evict a person, the court must agree to it. If the court sides with you, they'll give the tenant a date on which they must vacate the apartment.
Having Rent Collection Problems? Hire a Property Manager
If you're experiencing rent collection problems, it might be time to hire a property management firm for help.
Property managers use effective methods for collecting rent and know how to prevent rent collection problems. Are you ready to seek help?
Contact us at Rent It Network for assistance with your Tampa, FL, rental properties. We have solutions and can help you with your rentals.