I PROMISE TO PAY THE RENT
How many times do I hear this statement each month from my tenants? It is part of my job. Phoenix Property Management we deal with human beings and not machines. There will be times when tenants fail to pay rent for the following reasons
- Hours get cut
- Loss job
- Car repairs
I can keep going when it comes to reasons for not paying rent. What do I do in these cases? The first instinct is to evict them and find another tenant. However, I find out if we are able to structure a "PROMISE TO PAY" contract to get the tenant back on their feet during these times of hardship. Good people are going to face challenges in life. So, I have been able to keep tenants in their units by doing a "PROMISE TO PAY" contract with the tenant.
What if they do not pay as agreed upon? That is a great question. Then, the owner has the right to immediately file eviction papers because the tenant has waived their right for the owner to issue a "FIVE DAY NOTICE." It is a win-win for the owner and the tenant when they pay in full.
Overall, it is just another strategy to keep tenants in units who need assistance during a rough time period in their life. They do appreciate the assistance. Then, they pay rent on time once they are back on their feet. I just wanted to share one of my many strategies in Phoenix Property Management.
MAKE IT A GREAT DAY!