When you first decided to become a landlord in Florida, you knew there was a chance that you could run into issues with tenants. Do you have any idea of how to resolve matters legally and fairly?
Money Crashers has some tips that you may find useful. Understand common landlord-tenant problems and their solutions.
Failing to pay rent
Tenants may find themselves unable to pay rent, for whatever reason. Should that happen, you can look into moving the tenant into a less-expensive unit if the late payment is due to a job loss. If the cash flow issue is temporary, consider setting up a payment plan so the tenant can pay in regular installments. As for any late fees incurred, you can spread them out over future rent payments.
Being a bad tenant
Some applicants look great on paper but show a different side after moving in. If there is tension between two tenants, allow them to work things out for themselves before you step in. Be prepared to take the reins and make an executive decision, making sure that tenants understand that they may not like your final decision, which gives them an incentive to reach a compromise. Include this policy in your leases, to cover your legal tracks.
Giving the building an unsavory reputation
Residents may partake in…questionable activities, throw loud parties or flat-out disrespect the building. Either way, such actions can harm your building’s overall reputation. You may have no choice but to involve law enforcement to sort things out. Additionally, you can offer tenants a cash incentive for good behavior.
Bad tenants are unfortunate, but they are also unavoidable sometimes. Use these tips to properly untangle yourself and your well-behaved tenants from a bad situation.