What To Do If Your Tenant Goes Into Rent Arrears
Occasional late payments
Although it can be annoying, if your tenant is simply late a few times with rent then tenant eviction is probably a long way off. Anyone can have a few financial problems now and then, and so you should expect the occasional late payment. Although you shouldn't tolerate constant late payment, make sure you are understanding if this only occurs once or twice. Let the tenant know that you understand their problems, but that continually falling into rent arrears will not be allowed. This will often solve any small issues of late payments that you might have.
Speak to your tenant
If your tenant has fallen into rent arrears by a month or two, then you need to talk to your tenant face to face and try to remedy the situation. There may be a genuine reason for the lack of payment, and it may be that the problem can be sorted relatively quickly. However, you need to explain to your tenant that you will require the rent otherwise things will become more serious. Set a date for the tenant to pay the outstanding rent arrears. If they pay then great, but if they fail to find the money then you know that more action is required. If you are unsure about whether or not you are being too harsh or too lenient with a tenant, then you can get some great advice from an investment property forum. One of the best investment property forums around is www.singingpig.com, where you can get all sorts of advice and help about property situations.
Tenant eviction as a last resort
If your tenant has fallen into serious rent arrears and is unable to pay you the money you need, then it might be time to think about tenant eviction. Although tenant eviction can be a long and painful process, if your tenant is living in your property without paying rent then eviction is necessary. However, you need to make sure that you follow all eviction procedures laid out by the government exactly. Failure to do so will prolong the eviction process, and also damage your changes of receiving the rent arrears that you are owed. However, if you follow the law precisely and the rent arrears problem is serious enough, eviction shouldn't be too much of a problem. Once you have successfully evicted the tenant, then you can start looking for a new tenant who can pay the rent on time and stop you from losing money due to tenant rent arrears.
Related Tags: rent arrears, investment property forum, tenant eviction
Julie-Ann Amos is a freelance writer with http://www.exquisitewriting.com on business and property investment. She recommends http://www.singingpig.co.uk as one of the most effective sources of information for small businesses and property investment. Their property investment forum is a place to find information hard to locate elsewhere.Your Article Search Directory : Find in Articles
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