The Covid-19 pandemic has hit every part of the world, and most industries, including real estate, are suffering from massive losses. As landlord’s concerns arise when their tenants submit late payments or none, the decision to evict them should be handled by professionals.
In the meantime, some alternatives to solve your tenant’s late payments
Use The Security Deposit
If you have the security deposit available, you can come to a mutual agreement with your tenant and use their security deposit as the payment for rent. You can hire an eviction lawyer to decide the terms of the agreement.
Get Help From Lenders
If you are getting partial or no money from tenants, lenders, and other financial institutions, you can use some of these relief programs for lenders (if any) to stay afloat and ride this pandemic until your tenants can start paying again.
Try Having a Payment Plan in Place
Getting some part of the rent is still better than getting nothing. If tenants are unable to make a full payment, provide them with the leniency of making small payments, allowing the amount to be spread over the remaining term. Also, if the term is about to end, you can opt for a promissory note guaranteeing the payment of all remaining amount after the term ends.
Offer Term Renew Without Increases
If some of your tenants are near the end of their term, you can wave off the renewal fee to help them keep their expenses minimum. When long term disasters strike, people find it challenging to make money because most industries are facing a massive decrease in jobs and sales. So during this time, keeping properties rented can help you ride this storm.
Lastly, make sure to encourage your tenants to pursue insurance claims if their policy covers pandemics. Also, to get enrolled in the government’s relief funds (if any). This will help them get some cash on hand so they can pay the rent.
Consulting with an eviction lawyer can provide you with more solutions and handle your case. Call 877-573-8428