5 Tips on Avoiding Retail Tenant Eviction
Managing a property and working with tenants is big undertaking. Any landlord or property owner is looking for good tenants, so there are less problems and headaches along the way. Good tenants can be hard to come by and many landlords are worried about evictions and want to avoid that process all together – we don’t blame them!
In general, a good tenant is a person(s) or company who is responsible, respectful, honest, clean, trustworthy, and pays rent on time. Finding tenants can be a daunting task, but the searching and screening process is essential, so you can find quality tenants who don’t cause drama, financial losses, or lead you to an eviction process.
Our team of brokers at HOWE Real Estate can represent you, as the landlord, after the purchase of the retail property, as well as during the process of finding tenants. Our real estate services also extend to the management of the property after the purchase. This allows you, as the investor, to maintain a more passive approach through the ownership.
We are committed to ensuring the retail properties are kept in great health from the leasing to a management plan to tenant issues. For this article, our team at HOWE Real Estate wanted to share with you some tips and ways to avoid tenant eviction on your retail property. Evictions are not usually easy and can take a lot of time, so it’s important to try and avoid this process.
Getting the Right Tenants for a Retail Property
Screen tenants – You cannot skip a screening process if you want quality tenants in your retail space. Potential tenants should fill out a rental application, which will determine if the applicant is eligible for this property. After the application, it’s key to run a background check and credit check. Ask for previous landlord references to determine what this potential tenant is like.
Maintain the property – Your property should be clean and functional. If your space is run down or has a lot of broken parts, you won’t attract the best tenants. Your tenants may also withhold rent or break the lease if conditions in your building aren’t favorable.
Communicate – Communication is key, between the landlord and tenant, even if there is a middleman (property management company). Tenants want to know and feel that their complaints and concerns are being heard and handled. If your tenant feels ignored, he or she may stop paying rent or caring for your property. It’s always important to be engaged with your tenants, even if you’re trying to evict them – there’s always a chance you can avoid eviction by working through all problems. Both you and the tenant do not want an eviction, so it’s in your best interest to figure out the problem with them.
Lend a hand – If your tenant is struggling financially, you can help them get out of the property without eviction, maybe by giving his/her deposit back. Try to get them out of the property sooner without having to go through an eviction process, which costs at least $1,500.
Be credible – Keep promises to your tenants. Be on top of things happening in your building. Do what you say – this way, tenants will not walk all over you and respect you.
Looking for Commercial Real Estate Services in Louisville?
When you bring good, responsible tenants into your property, you will likely avoid the eviction process, but may attract other quality tenants, as well. Looking for reliable, great tenants is time consuming. As a property owner, you may not have the time for a tenant search or have time to manage the property. Let our team of professionals at HOWE Real Estate help you with tenant and property management services for your commercial real estate in Louisville. We’re experienced in the Louisville real estate market and we will help find tenants and manage your property.
If you’re currently looking for a property, we can help you search the length and width of Louisville to select the very best retail sites that the city has to offer. Louisville’s retail property sector offers plenty of versatility. Our goal is to find you an investment opportunity best suited to your goals.
At HOWE Real Estate, we work with extreme professionalism and transparency, and give great attention to detail. We want your investment and tenants to be an asset for you. To contact us, send us an email or call 502-890-4475.