What Makes a “Bad Tenant”?
Dealing with unreliable or combative renters can make being a landlord very frustrating, expensive, and time-consuming. In our latest post, we discuss some ways to deal with a bad tenant in Philadelphia.
Nobody wants to have to chase down rent payments, make endless repairs, or deal with tenants who don’t treat the property with respect. If you own a unit in a condominium complex or neighborhood, you also want to maintain a good standing with the nearby owners and not have to address complaints from neighbors on top off everything else. Ideally, most landlords are looking for a low-maintenance tenant that is easy to get along with, communicates clearly and quickly, and that will hopefully stay for an extended period of time. Unfortunately, this isn’t always the kind of tenants Philadelphia real estate investors end up renting to. Below, we offer our advice to help landlords handle the difficult tenants and situations many investors will find themselves dealing with at one point or another. Dealing with a bad tenant may be frustrating, but it’s not impossible!
Hire A Property Manager to Help With Bad Tenants
Using a property manager to take care of your rental will greatly limit your contact with tenants. Your property manager will be in charge of collecting rent, imposing fines, scheduling repairs, handling maintenance, and any other services you require. Your property manager should be skilled in conflict resolution as well as the laws surrounding the situation. Their methods of handling a difficult situation should be handled methodically and by the book. When hiring a property manager in the Philadelphia area, you can expect to pay about 10% of what the property is bringing in each month.
Compromise With Tenants
Once you have tried other methods, you might consider trying to strike a deal in order to get them out of the house quickly. Ask them to vacate the property, and in return, you will not take them to court or put them through the eviction process. Nobody wants an eviction on their record, and most landlords don’t want to deal with the expensive and time-consuming process of going to court. Asking tenants to leave with no further action can be best for everyone involved. Sometimes, in order to get them out without a fight, you have to be willing to cut your losses. Importantly, those conversations may end up resolving more than you expect–it’s important to be both optimistic as well as realistic in trying to find middle ground in a contentious tenant/landlord relationship.
Evict Bad Tenants
If your tenants are in direct violation of their lease and a compromise cannot be made, you can begin the eviction process. It is important to keep accurate records of contact, making sure everything is also conveyed to your tenants in writing. You will want to adhere strictly to local eviction laws as they apply to your situation–failing to do so can cause the court to side with the tenant, leaving you stuck with the bad tenants at least through the end of their lease term, and possible fines if you are found to be in violation local tenant/landlord laws and regulations. Given the time and legal expenses, the eviction process can ultimately cost you a few thousand dollars–you don’t want to spend all that money for nothing!
Consider Exit Strategy For Rental Property
If you are dealing with a constant turnover of renters or a string of bad tenants, maybe a Philadelphia investment property isn’t the right one for you. A sign of a good investor is knowing when to cut their losses and walk away. If a property simply isn’t performing for you, is causing you stress, or is taking up too much of your time, it might be wise to consider putting your money into a different investment. There is no rule that states you need to hold to a property forever. Don’t settle, find what is right for you!
At Henry Street Property Group, we are experienced investors that have lived and worked for years within the Philadelphia area. In that time, we’ve bought properties with a broad range of problems to solve, bad tenants included. Whether you simply need some advice for how to deal with problem tenants, or are exploring options for selling to a responsible, local company that can take on your occupied property, we can help!
If you’re dealing with bad tenants in Philadelphia, our team is here to help. Send us a message or give our team a call today! (609) 232-2857
Options For Dealing With Bad Tenants in Philadelphia
Many tenant/landlord relationships are respectful, communicative, and easy to manage. Ultimately, the person responsible for the property is you, the owner. Unlike the renter who can move out and move on, most damage to the property or repairing bad relationships with neighbors ends up being on you to clean up. While there are a number of options outlined above that can help mitigate the stress caused by a bad tenant and get your time back, you may be questioning if the time and effort is worth it after a string of unreliable or combative tenants. If you are facing a lengthy eviction process that you want to avoid, or are simply tired with managing a property you own and want to invest elsewhere, consider reaching out to us here at Henry Street Property Group to talk over your options for selling–there’s no obligation to take any action, and we’re happy to offer additional advice on dealing with a bad tenant if nothing else! Still, if the cost of repairs due to excessive unit turnover is piling up alongside the stress of complaints and angry emails, cashing in on your investment and moving on may be the right move. If this is your situation, give us a call! We make the process fair, simple and painless.