Do you have tenants who just aren’t paying rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about how Wichita landlords are dealing with tenants who don’t pay rent…
Do you have tenants who aren’t paying rent? You are not alone. Many landlords face at least one tenant who is not paying rent. It’s very frustrating and unfortunately, you do not have many options. Here’s how Wichita landlords are dealing with tenants who don’t pay rent.
The best defense is a good offense – using preemptive measures, including thorough background checks and established contracts, will help you avoid significant issues if your tenant is not paying rent. Unfortunately, these preemptive measures are not enough if situations change, as 2020 has shown us.
#1. Ignore the situation
This is definitely not the best option but it is one landlords frequently take. You can just ignore the fact that tenants are paying you late and hope they’ll pay on time next month and maybe even catch up. Frankly, it may not happen (it rarely does) but some situations require providing tenants with just a little more time to pay rent so we’re including it here as a possibility. When dealing with tenants who don’t pay rent, we don’t recommend this strategy because it opens the doors to the possibility that your tenant will take advantage of you.
#2. Negotiate
As mentioned with #1, sometimes tenants just need a little more time or different terms to make rent. You could negotiate with them because they may just need a different payment schedule. Not everyone can make rent each month; some renters can pay better by the week because it’s a smaller payment. Or maybe you can get them to do some work around the property in exchange for a discounted rent. If you choose to negotiate with your tenant, make sure you get a signed agreement from them that works for both of you, otherwise, you’ll just feel even more frustrated!
#3. Evict
You can try to evict them. However, that this can be a complicated, expensive, and time-consuming process that may involve some legal hassles too. Eviction is very difficult to do, especially since many laws favor the tenant over the landlord. If you can get a paying tenant on your rental property an eviction may be worth doing this in the long-run.
#4. Sell
Another option is to sell your rental property. If you cannot find good paying tenants with your property this could be your best option! Just imagine selling the property, having money in your pocket, and using that money for your next goal in life – even better, you do not have to deal with tenants nor their annoyances any longer. Many landlords love the new-found freedom they obtain when they sell their property.
At Sell Now Homes Wichita we buy frustrating rental properties from landlords like you who are burned out, worn out, frustrated, and who just want to get their lives back.