Stuck with difficult renters in your Fort Lauderdale, Hollywood, or Lighthouse Point property? When is it better to stick it out, and when is selling quick for cash the only sane option?
There are annoying and poorly performing tenants, and then there are the complete nightmares. Unfortunately, South Florida seems to have quite a few of both. Often small nuisances and misunderstandings can be overcome. Yet, there are other situations which need to be run from as swiftly as possible.
Common Renter Issues Facing Landlords Today Include:
- Late payers
- Constant complainers
- Disputes over deposits
- Property damage
- Nuisance tenants
- Legal beagles constantly sniffing out options for suing landlords
- Professional tenants (as in experts at never paying any rent)
- Renters or other occupants staying without a lease
Investing in real estate is great. In South Florida real estate has produced some of the greatest wealth, and also some of the most catastrophic losses. In many of the cases listed above there are solutions. A little negotiation, begging, pleading, strict letters and legal notices, or even calling the cops can bring resolution.
Often even what may appear to be the worst tenants can be subdued by giving them some cash to pack their stuff and move on, or can be convinced to comply by legal proceedings. Of course, in the wake of the recent crisis, many renters have figured out there is a chance they can get away with staying put for extremely lengthy periods of time, even years, without getting the boot.
In the meantime landlords have little real power to provide any other type of motivation for them to do the right thing. They can’t cut off utilities, become a nuisance to the occupant on the property and harass them, and often the police are little help in enforcing entry to units, or ejecting individuals. In fact, any of these actions by landlords can all too often result in them being hurled into court, or even in jail themselves.
Making the Call
Rental property owners in Hollywood, Lighthouse Point, and the Fort Lauderdale, FL area need to be able to tell the difference between these types of scenarios, and recognize when it is just smarter just to cut their losses with a tenant.
Key questions to ask include:
- Do I have the time to cure this situation?
- Do I have the money to fix this situation, or keep fighting it?
- Is the situation going to continue to get worse?
- Is there a risk of physical confrontation?
- If the tenant wins a lawsuit, are all of my personal assets hidden well enough not to be seized, and cause bankruptcy?
- How many Realtors and buyers are going to want to take of this situation, or will even be able to given the scenario?
If the answers lead you to selling your property being the best move, the best way forward is almost invariably to do it quickly, and finding a buyer who is qualified, experienced in these situations and willing to take them on.