Managing Vacancy Rates, when slow-pays become no-pays and; when to Evict
Wednesday, October 20th, 2010Have you ever had more vacancies than you could handle at one time? Were any of those tenants slow-payers before they became no-payers and moved out or were evicted? As landlords, we should ALWAYS be actively managing our vacancy rates. My rule for managing vacancies with slow-pay tenants is to create the vacancy on MY terms. Don’t wait for the slow-payers to become no-payers; you just might end up with 3 or 4 vacant units at one time. Manage your tenancy by slowly and methodically moving out the slow-pay tenants and replacing them with more stable tenants who are able and willing to pay on-time. Examine your rent rolls. Find the tenants that need to be “fazed-out”, and replace them before they become no-pay tenants that leave owing you months of rent. Happy Renting!
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