One of the questions we’re often asked by property owners is what to do when a tenant stops paying rent. At Bull property management , we’re process-driven, so today we will discuss t how we handle this situation.

1)Three Day Notice:

On the final day of the ‘grace period,’ we will make a courtesy call to remind non-payers that rent is about to be considered late. The very next day we deliver a Three Day Notice. This is the first step in the eviction process and it also puts the tenant on notice that we’re serious about collecting the money.

2)Communication and Compromise

If the tenant doesn’t pay after the three days have expired, we talk to the landlord to discuss how we want to move forward. We will share information about anything the tenant has said. Sometimes, even the best tenants who are well-screened will fall into unforeseen circumstances. Life happens and tenants lose jobs or have to relocate or get divorced. Unfortunately, the landlord is one of the victims in these circumstances.

Rather than take the person to court, which can take four to six weeks,

we work with the landlord and the tenant to find a solution that everyone can live with.

Sometimes, this might mean letting the tenant out of the lease early with a penalty. Or, it could mean that we reach an agreement that allows the tenants to leave if they promise to pay the overdue rent in six month’s time.

Remember this isn’t personal – It’s business.

The ultimate goal of these negotiations is to gain possession of the landlord so we can get it re-rented. When the tenant stays in the property, it lengthens the legal process while you’re not getting paid. There is no guarantee you’ll recover costs or lost rent even with the court action. We look for compromises and make a business decision. That could mean letting the tenant go so we can re-rent the property immediately.

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