If you have tenants who aren’t paying rent, it can be extremely frustrating. We’re legitimate Maryland home buyers, and in this article, we’ll talk about how Maryland landlords are dealing with tenants who don’t pay rent.
Unfortunately, your options are limited…
How Are Landlords Dealing With Tenants Who Don’t Pay the Rent?
Since you completed a thorough tenant screening process with a background check you thought you had a qualified tenant. Unfortunately, you have found yourself with a tenant who is paying rent late or only partial rent or is unable to pay rent at all.
Having a lease agreement or contract can help you when your tenant doesn’t pay, so make sure you have that in place!
Here are some other options to consider when your tenant hasn’t paid rent.
#1. Avoid Tenants Who Stop Paying Rent in Maryland
You could avoid the unpaid rent and hope they pay back any late rent. Landlords may take this option when they have tenants who fail to pay, even though it is not the best one, and it’s rare to have tenants who pay back late rent.
This strategy is not recommended when dealing with frustrating tenants who don’t pay rent because it opens the doors to the possibility that your tenant will take advantage of you and never make another rent payment again.
#2. Negotiate with Tenants that Stop Paying Rent in Maryland
When your tenant isn’t paying, you could try to negotiate a partial payment of late rent or a put them on a payment plan or flexible schedule.
Some renters are able to pay the rent in full if they are placed on a different payment schedule. Some renters cannot pay monthly; they can pay better weekly because the amount is smaller. Perhaps you can get them to do work around the property in exchange for a lower rent price.
If you opt to negotiate with your tenant, be sure to get a written agreement that suits both of you; otherwise, you’ll just end up feeling even more frustrated when your tenant is late again!
#3. Make Sure the Tenant is Charged a Late Fee
Sending a late notice when a tenant fails to pay rent is one way to attempt to collect the rent that was unpaid.
Make sure the tenant is charged a late fee if their rent is late. This will help to ensure that tenants pay on time in the future so as to avoid late rent fees for late payments
#4. Landlords Must Issue an Eviction Notice to Evict a Tenant
You can try to evict when a tenant stops paying rent. Just be aware that this can be a complicated, time-consuming process that may involve a property manager or lawyer attending court.
Additionally, many tenants who are facing eviction will inflict damage to the property. So it is important to handle tenants who don’t pay rent legally so you can attempt to recoup as much of your lost revenue as possible.
Evicting a tenant is very difficult, especially because many laws favor the tenant. However, it may be worth doing this if you can get a paying tenant into your rental property.
#5. When Rent Hasn’t Been Paid Offer Your Tenant Cash for Keys
If you haven’t been paid rent, you can offer your tenant cash for keys. This means that they will leave the property and turn over the keys to you.
You may have to pay them a bit of money to do this, but it will be worth it to get them out of the property and avoid the eviction process.
#6. Property Owners Can Sell Their Rental Property in Maryland
If you’re tired of dealing with tenants who don’t pay their rent, you could sell your rental property. Yes, there are cash buyers out there who will buy your house even if your tenants aren’t paying.
If you are frequently frustrated with your tenants, then selling the property may be the best option for you! This way, you can move on with your life and stop worrying about whether or not your tenants will pay rent.
When most landlords sell their property, they are relieved of the burden of having to deal with tenants who don’t pay their rent in full.
Stop Dealing With Tenants Who Don’t Pay Rent on Time!
At Creo Home Buyers, we understand that being a landlord can be difficult. Dealing with tenants who don’t pay rent on time or at all can be frustrating.
If you’re tired of being a landlord and just want to get your life back, we can help. We buy rental properties from landlords just like you.
We are local homebuyers in Maryland that offer cash for houses in Lutherville MD.