While everyone is scrambling to get their festivities organized and shopping done, unfortunately, it’s too common for rent payments to be put on the back burner. Landlords are faced with this problem each year, and if it’s happened to you, you know that it’s a tough decision (you know, whether or not to be a Scrooge).
Keeping a Professional Distance From Your Tenants
If you’re a landlord, you know that maintaining a professional relationship and not becoming involved in your tenant’s financial woes is a necessity. No one enjoys evicting a tenant—especially during the holiday season—but you should remember that this is a business decision where you can weigh the pros and cons.
A Word on Eviction
Evicting someone is not easy, and it’s quite a lengthy process. After evicting your current tenant, you’ll most likely need to turn around the property quickly. However, it’s not easy finding an excellent tenant, especially when you’re facing the potential loss of more than one month’s income. Deciding to evict someone for a one-month lapse may not be worth it to you—especially if you’ve had a solid relationship with your tenant in the past.
If your tenant is always late, the answer should be easy. If not, you may want to consider things such as communication, history and present circumstances to help you decide.
Having to chase down your tenant for the monthly rent is not your job. If they contact you first, it may be to your advantage to just hear them out and work out a payment plan. Good tenants are sometimes hard to come by, and if they’ve always paid on time in the past, there may be some options you could explore for handling their arrears.
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