Do you have tenants who don’t pay their rent? This is one of the most frustrating aspects of owning a rental property. In this article, we’ll tell you what Montreal landlords usually do when their tenants don’t pay the rent.
If you have tenants who don’t pay their rent, you’re facing a common problem that all landlords have to deal with at least once in their lives. It’s deplorable and unfortunate, but unfortunately your power over the situation is limited. Here’s what Montreal landlords do when their tenants don’t pay the rent.
Obviously, the most effective method is to take preventive measures. This means it’s to your advantage to analyze your tenants’ references carefully and sign a valid contract. However, if you’ve forgotten to take precautions, don’t be discouraged! You have other options.
#1. Avoid
You can avoid a difficult situation and hope that your tenants will pay you. It’s certainly not the ideal solution, but it’s the one chosen by most owners. You can therefore let the default pass and hope that the next rent will be paid on the due date (and perhaps your tenants will even be able to make up the missed payment). The chances of this happening are low, but it remains a possibility. However, if your tenants don’t pay their rent, we don’t recommend using this strategy. Indeed, it could give them the chance to take advantage of the situation (and your gentleness).
#2. Negotiate
You can negotiate with your tenants. Maybe they just need to make a new arrangement with you. It’s not always easy to make a monthly payment. For some tenants, it’s easier to make a small payment every week or every 14 days. You could also ask them to do some work in exchange for a discount on the rent. If you decide to negotiate with your tenants, make sure you come to an arrangement that suits both of you; it will save you a lot of frustration!
#3. Expel
Although it can be complex, time-consuming and involve certain legal procedures, you can try to evict your tenants. Since the laws tend to protect tenants (and not landlords), evicting someone is no simple matter. It may still be worth the effort if you can then rent out your property to good payers.
#4. Sell
You can also sell. If non-payment by
your tenants is just one of the causes of your frustration, then this is probably the best option! Imagine having sold your property and being able to move on (and never having to deal with the inconvenience of your rental property again). Many owners, after selling their property, greatly appreciate their new-found freedom.
At Vendre Maison Vite, we buy rental properties from owners who, like you, are exhausted or frustrated by their experience and want to put it all behind them.
