It’s often said that the three most important factors in real estate are location, location, and location. But for landlords, there’s another important factor to consider: tenants. The right tenants can make a property more valuable and easier to manage, while the wrong tenants can cause all sorts of problems. So what should you do if you find yourself with problem tenants who refuse to move out? Pro tip: when you are in between tenants, consider using a small personal loan to make a few renovations. That way, you can maximize your rent potential with new tenants.
The first step is to try to work out a solution that everyone can live with. If the tenants are behind on rent, see if you can work out a payment plan. If there are other issues, like damage to the property or noisy behavior, see if the tenants are willing to correct the problem. If you’re able to reach an agreement, be sure to put it in writing so that both parties are clear on the terms. If you cannot work out a solution and want them out of your space, you do have options other than eviction.
Here are a few alternative methods you can use to get your tenants to leave without going through the eviction process.
- Give them notice: One of the simplest ways to get your tenants to move out is to give them notice that you need them to vacate the property. This can be done either verbally or in writing, and it gives them a chance to find another place to live. Be sure to check your state laws for how much notice is required.
- Raise the rent: Another way to encourage tenants to move out is to raise the rent. This is most effective if you give them a significant increase, as it will likely be difficult for them to find another place to live that is as affordable. Be sure to check your state laws regarding how much notice is required for a rent increase.
- Offer a buyout: If you need the tenants to move out quickly, you may want to consider offering them a buyout. This means that you would pay them an agreed-upon amount of money to vacate the property. This can be a good option if the tenants are agreeable and you have the extra cash on hand.
- Threaten eviction: In some cases, simply threatening eviction may be enough to get tenants to move out. This is usually only effective if they are already behind on rent or have caused other problems. Be sure to consult with an attorney before taking this step, as you don’t want to get yourself into hot water. However do download the eviction notice form and keep it at hand.
- Change the locks: In some states, it is legal for landlords to change the locks on tenants who are behind on rent or have otherwise violated their lease agreement. This can be a quick and easy way to get them out, but it’s important to check your state laws first.
- Stop accepting rent: If the tenants are behind on rent, you may want to stop accepting payments from them altogether. Once they are several months behind, you can begin eviction proceedings. This method can take some time, but it will eventually get them out.