Do you have tenants who are always late with rent payment, or have just stopped paying entirely? Delinquent payments can be one of the most frustrating aspects of being a landlord. In this article, we’ll discuss how Vancouver B.C. landlords are dealing with tenants who don’t pay rent, and give a few suggestions on how to manage such situations.
If you have tenants who aren’t paying rent, then you’re facing the same dilemma that most landlords go through at least once. It can be very frustrating and stressful, and unfortunately your options are limited. Here’s a few ways Vancouver B.C. landlords are dealing with tenants who don’t pay rent.
In many situations, the best defense can be a good offense. To start, you should have a good working knowledge of your local landlord/tenant laws. You can find info pertaining to B.C. landlords here: http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies.
You’ll also want to make sure you have a detailed and thorough process for screening applicants to help ensure you’re placing good quality people in your rental property. If you’re already stuck with bad tenants though you might want to consider the following options….
#1. Discover The Problem And Try To Negotiate
The first and most pro-active step should be to try and talk in person with your tenant to find out why they haven’t been paying their rent. Maybe they’ve fallen on hard financial times, are embarrassed to admit it, and are unable to pay right now. If they have been great tenants up until this point you might want to see if you can work something out with them to keep them in your unit. You could negotiate with them because maybe they just need a little more time to get back on their feet financially, or would benefit from a different payment schedule. Not everyone has the same steady cash-flow and can pay easily each month; some renters might be more successful paying by the by the week as it would be a smaller payment, or maybe some would prefer a larger payment every 6 weeks.
Another area for negotiation might be to see if they are willing to do some work around the property (such as yard maintenance or minor renovations if they’re qualified) in exchange for a discount on the rent. If you do choose to negotiate with your tenant, make sure you come to an arrangement that works for both of you, and put it in writing!
If your tenant is someone you feel you just can’t negotiate with, or even want to help, you can start the process of eviction. As mentioned earlier, make sure you know your local landlord/tenancy laws and take the proper steps to go through the motions. You should be prepared for a lengthy ad somewhat stressful process though as the tenancy laws in B.C. are very much in favour of the tenant which can make evictions difficult at times. To help ensure you have a strong case for eviction you’ll want to have all your documentation in order and proof of your tenants financial delinquency or any other breaking of the rules applicable to them. If your situation happens to be particularly messy you may event want to seek legal counsel.
A final option might be to simply sell. If a non-paying tenant is just one of many frustrations you’re facing with your rental property, and dealing with the situation is just causing too much stress in your life, then getting rid of the property entirely might be your best option. Just imagine being able to walk away from the situation and move on with your life. Many landlords love the relief of stress and new-found freedom they get when they sell a burdensome rental property.
At Lifemark Properties we buy burdensome rental properties from frustrated landlords like you who no longer want to deal with the stress or their unfortunate situation and just want to get their lives back.
If you’re a landlord in a difficult situation please give as a call and we’ll gladly answer any questions you might have and do our best to help you find a solution to your problem.
Click here now and fill out the form or give us a call at (604) 961-6765 to get a fair offer from us today.