Getting a good tenant can guarantee you a steady stream of passive income. However, despite the landlord’s responsibility to treat tenants with all the respect they deserve, there will always be some who would give more trouble and headaches than their rental’s worth.
So, does it mean that a landlord should always be tolerant? As a landlord, you need to realize you have your own rights too. When things go too far, you should know that it’s time to let your tenant go to avoid further losses or damage.
Check out some of the clear signs below that you should really let your tenant go.
#1 Your tenant is paying late consistently
So, your tenant pays late too often. You’ve checked your lease agreement, talked to them, found out what’s going on, and even sent them a late rent notice – but nothing worked. So you tell yourself that the economy is not doing that well, and your tenant might need a little more time to keep up with the rent.
This is a major mistake! Where stern actions are due, you should stand up for yourself and do the right thing to cut further losses before you are continued being taken advantage of.
#2 What?! Damage to my property?
They never bothered to take good care of your property and had you shell out a large sum of money for repairs that were obviously caused by their own neglect or laziness. In this case, it is really time to say goodbye. You don’t need to entertain these tenants – send them a final reminder for their irresponsibility and begin the contract termination should they choose to not heed it.
#3 You have a long term tenant and he’s paying sub-market rent
A good example is when you have leased your property to friends or relatives – people who you do not want to upset by putting the rent up. In another scenario, you might be worried that your tenant might leave and you would be unable to find another one if you increase the rent. As a result, you ended up maintaining on the old rental rate and never increased it.
Just like the old saying, “don’t mix business with family and friendship,” you should realize that your investment on property should provide you with a cash flow without the unnecessary headaches.
So, here you go: the three clear signs that you should stand up for yourself and let your tenant go. We know it takes a lot of effort to manage your property and tenants well – that’s why we started Roomz Asia to enable the landlord to FIND THE MOST SUITABLE TENANTS (AND VICE VERSA), AND MAXIMIZE YOUR MONTHLY RENTAL.
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