Charlotte Property Management By Carolina Living Property Management
It’s the beginning of a new year, and as resolutions are being made, those of us that manage properties continually research ways to better manage our clients investment, decrease expenses and increase revenue. One of the highest expenses to Landlords comes in the form of a non-paying tenant. Smart property managers know that holding tenants accountable for timely rent payments is best way to ensure their revenue remains strong and consistent. Now that the holiday season has passed, you may have a tenant or two (or three, or four, or five…) that have fallen short on their rent payments for various reasons. While we all understand financial hardship, it is time to think logically about who can help you with your investment and what these tenants mean to the bottom line.
Consider the following:
• Will they ever catch up? Once a tenant falls behind in paying their rent for one month, the likelihood that they will bring their balance to $0.00 and become current on their rent payments is low. Letting a tenant slide on making payments on time only encourages additional delays.
• What are you really sacrificing? Every month that you allow a late paying tenant to continue occupying their unit, you are incurring the opportunity cost of having a paying tenant in the unit. For example, if you charge tenant A $500 a month for rent, which goes unpaid, you are essentially loosing $1000 that month; $500 from tenant A and $500 from a tenant that could occupy the space and pay their rent.
• What kind of message are you sending to other tenants? Allowing late paying tenants to stay sends a negative message to your tenants that are diligent and responsible in paying their rent on time. Word travels fast, and tenants do talk to each other. Why should I pay my rent on time if others do not and there are no consequences?
• Can I evict the tenant without the headaches? Evicting a tenant can be a quick and painless procedure when done the correct way. Investing the time and money into a proper eviction is a worth-while investment to any Landlord.
We now partner with Nationwide Eviction to streamline the process of evicting troublesome tenants. Not only do they provide library of state eviction laws for quick reference, they have a stable of attorneys to help get the process going correctly!
Professional Services at reasonable rates
