When a tenant loses their job, it can create a challenging situation for any landlord. But the reality is, job loss doesn’t automatically create a problem delinquent rent does. At Silberman Realty, we believe the best approach to handling missed rent payments is to take swift, professional action. Below, we outline our advice for landlords navigating this difficult scenario.
Don’t Wait for the Tenant to Catch Up
The most common trap amateur landlords fall into is the belief that a tenant who is significantly behind on rent will eventually catch up. While it’s natural to feel sympathetic toward a tenant facing financial hardship, the numbers tell a different story. In most cases, the longer you wait, the more money you stand to lose.
A tenant who has lost their job is unlikely to recover financially in a short timeframe. Between job searching, interviews, and potential delays in income, it can be months before their situation stabilizes if it ever does. Hoping for a turnaround without action can cost landlords thousands in lost rent.
Start the Eviction Process Immediately
Professional property management companies and experienced landlords understand the importance of acting fast. The moment a tenant becomes delinquent—regardless of the reason—Silberman Realty initiates the eviction process. This approach isn’t about being harsh; it’s about protecting your investment and maintaining a sustainable rental business.
Initiating the eviction process doesn’t mean you can’t stop it later. If the tenant manages to catch up on payments, the landlord can choose to halt the proceedings. But having the process in motion ensures that you’re not stuck in limbo if the tenant’s situation worsens.
Protecting Your Investment Is the Priority
Being a landlord comes with a mix of financial, legal, and emotional responsibilities. However, it’s critical to treat property ownership as a business. Allowing tenants to remain in your property with substantial unpaid rent often leads to even bigger losses down the line.
Professional property managers like Silberman Realty are equipped to handle these situations objectively and efficiently. We know the legal process, we know the risks, and we act swiftly to minimize financial damage for our clients.