Are you tired of dealing with bad tenants in New York? Whether it is the property or the location attracting the wrong people, owning a bad investment property can be expensive and frustrating. Below, we offer 6 tips for dealing with bad tenants in New York!
Owning an investment property occupied by bad tenants can destroy your property’s profit potential. If they aren’t paying rent on-time, disturbing their neighbors or other tenants, causing damage to the property, or having more people living in the house than they should, you could end up losing a lot of money. Don’t let your investment property become a burden. Check out our 6 tips for dealing with bad tenants before they end up costing you time and money!
Keep Your Cool
If a tenant is in violation of the lease or is otherwise being a nuisance, your reaction can determine the outcome of the situation. Acting in anger, defensively, or failing to listen to there side of things will always escalate the problems. Instead, take an objective approach to what is going on, making every effort to resolve the situation peacefully.
Remind Them Of Their Lease
If you have a tenant who isn’t holding up to their end of the deal, take a minute to remind them of what their lease entails. Highlight specific sections and let them know exactly where they are in violation. Sometimes a simple miscommunication can lead to someone violating there lease when the hadn’t meant to. For example, consistently parking in the wrong spot, restrictions on pets, or limitations on guest staying in the house.
Call In For Backup
If you don’t have a property manager helping you out, it might be the time to hire one. A property manager will be responsible for collecting rent, dealing with complaints, and imposing fines if needed. When you work with a qualified property manager, they will handle the dirty work for you so you can sit back and collect your rent check each month.
Work Out A Compromise
If you are dealing with bad tenants in New York, you can try to reach some sort of common ground. While tenants can be frustrating, they are human. Try to get to the root of what is going on. Maybe they are parking in the wrong spot because their car won’t fit anywhere else. Or maybe they have taken in a pet for a family member who is recovering from an illness. There are lots of reasons why people violate their lease. Before getting to upset about the situation, try to take a softer approach to find out exactly what is going on and the reasoning behind it. You may be able to get them to see your side of things without any further conflict.
Ask Them To Leave
If you are dealing with bad tenants in New York, you can simply ask them to leave. If a tenant knows that eviction is on the horizon, they will likely want to leave the property before any official documentation has been filed. Let them know why you wish to terminate the lease and let them know there will be no repercussions if they simply walk away. Going through the eviction process can be expensive and time-consuming for a property owner, so sometimes having the tenant walk away is in the best interest for all parties involved.
If it comes down to it, you can always resort to the eviction process. While this process isn’t fun for anyone, sometimes it is necessary. When evicting a tenant in New York, you will need to make sure everything is filed properly, with the correct documentation. Missing one step of the process could put you right back at square one.