When to Cut Ties with Renters
Owning, managing, and operating a rental property can be a rewarding experience. However, it can also be a difficult one, particularly when it comes time to cutting ties with current tenants. As a landlord, you are responsible for providing a safe place for your tenant to live, while your tenant has a list of responsibilities that they must abide by, often stated in a rental contract. When there is a breakdown in the communication between a tenant and a property owner, it can become a contentious relationship that may require breaking ties with your tenant. Here’s how to know when to cut ties with renters.
Outline Requirements in Your Lease
When entering into a lease agreement, both parties, you the owner of the property, as well as the tenant or tenants that will be occupying the property, agree on a variety of terms and conditions that each party will be held to accountability during the term of the lease. Keeping the property clean, safe, and in good working condition in exchange for payment is a typical type of agreement that landlords or property owners enter into with their tenants. The folks over at Landlordology suggest outlining what is expected from each party and to keep the line of communication open during the term of the lease to reduce any issues from arising due to a lack of clarity in the lease terms and agreement. If the tenant or tenants are found to be in breach of any of the rules and regulations outlined in the lease, it may be time to cut ties to save yourself time, money, and headaches.
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Nuisance Neighbors
Although it may seem like common sense, some tenants may not be aware of the impact their choices can have on those who live nearby. For instance, an occasional party can be tolerable for neighbors, but when it becomes a regular occurrence, it can be detrimental to the comfort of those who live near your tenant. If you are made aware of such behavior, it may be wise to bring up the topic with your tenant, including outlining what could potentially happen if the behavior continues to prove to be a nuisance. If your tenant neglects to care for the premises or continues to cause a disturbance despite continued discussions on the issue, it may be wise to terminate the lease of the tenant due to breach in the legal agreement on the part of your tenant. The failure for your tenant to pay rent on time and in full can also set the process for eviction into motion, which may be wise particularly if this is a regular occurrence.
Bad Tenant or No Tenant: Which One Is Worse?
Having an occupied rental property can be a great source of supplemental income, but when your tenant does not care for the premises or often comes up with excuses for why the rent is late or aspects of the lease have not been fulfilled, it can become a headache. If you find that you are holding up your end of the lease, but your tenant is not, it may be time to start the eviction process so that you can find a tenant who will pay rent on time and cultivate a symbiotic relationship with you, their new landlord.
Conclusion
Cutting ties with tenants can be a necessary aspect of being a landlord. There are times when instances, such as repeated non-payment of rent or nuisance behaviors can leave no other option other than beginning the process to find new tenants. You may be tempted to keep a bad tenant over having a vacant property, but the cost in terms of time, money, and headaches can be relieved a bit if you elect to work with a property management company who can help to address these types of issues. Whether you decide to work with a property management company or elect to represent yourself as a landlord, ensuring a clear path of communication with your tenants is one of the most important parts of entering into this type of professional relationship.
