"Cash for Keys" - Right Option to Get Bad Tenants Out of Your Property
Evicting a bad tenant is one of the most emotionally draining experiences. Telling them to leave the property can be understandably anxiety-inducing and nerve-wracking too. If the tenant is occupying your rental property without permission or has over-stayed, the most commonly used and legal way to move them out is through the formal eviction process. Now, there are many other options that make the process to go more smoothly & get the job done without evicting your tenants. Offering incentive or in other words "cash for keys" is one such option that can help you save from a lengthy and hectic eviction process.
If explained in simple terms, it is the strategy of giving money to the tenants to leave the property voluntarily. Though this may not be the most instantaneously appealing methods for handling tenant turnover, it is certainly one of the most effective means of doing so. This method has shown successful results and helps property owner save a good amount of money in the long run.
Here is the full procedure that needs to be followed while opting for this method rather than the legal one -
- Tell them about the facts and the specific date to vacate the property to rent - Giving your tenants a prior pay or vacate notice is typically the first step in this whole process. Have a discussion with your tenant and tell them the exact fact why you want them to move out of your rental property in UK. If they are not paying rent on time give them a specific time period to pay it fully.
- Properly inspect the property - This step holds great importance as it provides you the idea of your property. Verify your unit whether it is properly cleaned, in good shape and in move-in ready condition when your tenants leave it. Make sure that you offer the full amount to tenants only after they are out of the property and handed over the keys.
- Hand over the full cash - When the tenant has held up with his or her part of the process, give them the amount. Don't forget to do a thorough move-out inspection before returning the deposit to your tenants. At last, immediately change the locks.
While planning for this process, make sure to prepare "cash for keys agreement" that clearly specify that the tenants understand that failure to fulfil it means they waive their right to a trial and are giving up possession of the property. This way, you can get a writ of possession quickly in case they fail to move out after all. Try this effective method of moving unwanted tenants out of the property and save a lot of money and time.