The difficulty of life expenses has been hitting us all pretty hard since 2008. We have been able to recover somewhat, but it seems that we are all struggling financially, a bit more than anticipated world wide. According to the latest TPN figures, we have been seeing a massive (one third) increase in tenants that aren’t able to pay or make full rental payments. This unfortunate trend seems to be continuing and it seems that it will be continuing and getting worst for the foreseeable future. It is for this reason that we need to know how to act, behave and take control when we can’t make rent the month.
Talk to your landlord
It is essential that you talk to your managing agent or landlord. It is best to be honest, to the point and understanding to your landlord’s response. Saying nothing will result to counterproductive actions. Your landlord will become angry, frustrated and eventually put you in a sticky situation.
As a tenant you need to understand that many landlords absolutely need the rent money. They still have property tax, refuse, water, electricity and a mortgage to pay. Your rent will contribute to these partially, if not in full.
Are you an A-Start tenant?
A-Star tenants are those perfect tenants that pay on time, pay in full and take well care of the property. These are typically the tenants that landlords want to keep as long as they can. It should be noted that most landlords will not simply through you out, especially if you have been an A-start tenant before.
Landlords will be more understanding in giving you the needed time or payment plan if you have shown to be responsible and respectful. Landlords do understand the value of a good tenant, it takes a while to find them. An open and honest discussion can lead to a compromise that both parties are satisfied with. Be sure to leave the discussion with both parties on the same page.
It is understandable if you are going through some financial hiccups, times are tough and the jobs are few. Your landlord will also understand, be honest and give them an opportunity to help you.
Related Articles
Landlord Related
- Landlords should understand Wear and Tear
- 10 Landlord questions for a Reference Check
- 10 Mistakes New Landlords Make - Part 1
- 10 Mistakes New Landlords Make - Part 2
- Landlords need to manage their Property Maintenance
- Your A team property vendors list
- 6 Tips to renting out your home
- 5 Traits of a Profitable Landlord
- Should tenants paint, why yes Sir
Legal Matters for Landlords
- How to effectively vet a Property Management Company
- Lease Agreement for landlords
- Ending a Lease Agreement
- Move In Checklist for landlords and tenants
- Evictions, as sad possibility
- Security Deposit - Don't Gamble with it
Marketing Interests for Landlords
Tenants Related
- I can’t make rent, what now?
- 10 Things new tenants need to know
- Property Management rentals VS individual Landlords
- Taking your security deposit back
Property Management
- Hiring a Property Management company
- 32 Questions for your new property manager. Part 1
- 32 Questions for your new property manager – Part 2
- Tenant Screening, that leads to quality tenants
- How to make your commercial property more attractive
- 10 Reasons to Hire a Property Manager
- Top 10 Features of a Profitable Rental Property
- Your different investment property options
- Property Management Companies and their Rental Services
- Is it time to hire a Property Manager?
- 5 Reasons why you need a Property Management Company
- Selecting a Quality Property Management Firm
- What are Property Management Services?
- Property Managers
- Selecting a Property Management Company
Real Estate
- Adapting to a green Property Portfolio
- What Millennials want in their rental properties
- Is a professional real estate photographer worth it?
- Choosing the correct property for you
- Furnished or Unfurnished, the pros and cons
- Which Home Remodeling adds value?
- 10 Home Improvements that will pay off.
