Dealing With Tenant Job Loss In Park City Property Management
In my previous post "What To Do When Your Tenant Bails In Park City Property Management" I covered a couple of scenarios that involve a tenant moving out before the end of a lease. One of the highest contributing factors to a tenant breaking a lease is the loss of a job. Now not every tenant that losses their job will end up breaking the lease, it really depends on the individual circumstances of the tenant. So let's take a look at a few possible scenarios and some recommendations for those who invest in long term rentals in Park City Utah.
I would say the first determining factor in how you should approach the situation is whether or not your tenant proactively informs you of their job loss and whether or not they offer any potential solutions in this matter. With that in mind here are a few tips you can use.
- Be Empathetic. Most people do not want to lose their job. If you have ever experience job loss it can be a very mentally and emotionally draining experience. Try your best to convey empathy to your tenant about the situation. Let them know you understand it is difficult and that you will, within reason, help them through this.
- Set A Deadline. If your tenant comes to you with a plan to remedy the problem then one of the first things you should do is set a date as to when the problem should be fixed. If the tenant doesn't have a plan then let them know you expect a solution within a certain amount of time. Do not be too generous in establishing a deadline, you may need to move quickly in Park City property management.
- Be Reasonable But Firm. If you are willing to work out some method of repayment with your tenant then you need to be firm in the deadlines you set and the expectations you have for working with your tenant. If it doesn't seem like working with your tenant is a feasible option you should be understanding with your tenant but firm in letting your tenant know that you also have bills to pay and if the tenant is unable to meet their obligations they should relinquish their possession of the property.
- Move Out. If there doesn't seem to be any option or solution for keeping the tenant then a move out is the best option for both parties. You should present this option to the tenant as something that benefits them as well. If you are able to quickly lease the property again the tenant is no longer obligated to pay. Getting a property quickly turned over will also benefit landlords in Park City property management.
- Eviction. Hopefully it will not come to an eviction but if your tenant is unresponsive or disinterested in solving the problem you should act quickly to have them evicted. Even and eviction notice may be sufficient to get a tenant out of a property. You can then start the task to returning the property to a rentable condition and start recouping some of your lost income.
If you would like more information or tips on handling tenant job loss, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.