Cost of Bad Tenants

Bad Tenants vs. Good Tenants

Will your tenant pay rent on time? Is your new tenant a risk to your other tenants? Is this applicant the right tenant for you?  Stop wondering and allow us to help you find the best qualified tenants.  The most important step that you can take to protect your rental property is to use Three Pentacles property management company. The average costs of an eviction is approx. $3,600. Before you rent to strangers, make the smart move by letting Three Pentacles be your property management company.

What's your cost of a bad tenant?

  • Months of lost rent revenue.
  • Attorney fees and court costs in eviction.
  • Possible property damage.
  • Lost sleep and stress.
  • Bad influence on other tenants.
  • Tenants breaking rules and regulations. 
  • Tenants illegal use of your property.
  • Disruption to the Neighbors

Other Tenant Issues

  • Eviction moratoriums and Cancel Rent Movements diminish landlord’s rights.
  • Governmental tenant protection policies offer safeguards to tenants, but no landlord protection is available.
  • Tens of thousands, or maybe hundreds of thousands of tenants are not paying rent right now to their current landlord.
  • Those non-paying tenants can become your new tenant soon.

Why Use Three Pentacles

Cost of Bad Tenants

Ever pondered on the true cost of a bad tenant? Picture this: A property owner in Chicago had a tenant who consistently paid rent late, caused property damage, and even engaged in illegal activities on the premises. The landlord spent countless hours managing the issues, lost several months of unpaid rent, and had to cover the cost of repairs. All told, the financial toll was in the thousands, and the emotional cost? Well, that’s harder to quantify.

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Common problems with bad tenants

1. Nonpayment of rent

Late or missed payments can severely damage a property owner’s financial health. Some of the most common reasons tenants withhold rent are cash flow problems, short-term unemployment, or disagreements over renovation and maintenance issues.

2. Disruption to neighbors

Using Three Pentacles tenant screening services can help you avoid renting to bad tenants. If bed tenant’s actions and behavior negatively affect their neighbors, it may prevent others from enjoying their homes. As a result of that you may loose good tenants, who simply decide to move out.

3. Illegal use of your property

Another big problem is tenants engaging in illegal activities, such as using or selling drugs on your property, or other criminal activities that can bring unwanted and undesirable visitors to the property.

4. Breaking rules

Often, tenants break the rules by hosting loud parties, inviting long-term guests, parking extra vehicles on the property, or even using things like sheets as curtains. As a result, your property becomes physically less attractive and can even develop a shabby reputation, affecting your ability to attract well-qualified, reputable tenants in the future.

5. Destruction of your property

Bad tenants often cause significant costs to the landlord by causing damage before leaving. There have been cases of serious damage such as floods or fires caused by bad tenants, effectively destroying the unit or the entire building.

What clients say
"The owner of Three Pentacles is an outstanding property manager across the board. He has the technical understanding and experience with repairs to hire out for routine and major work in a methodical and cost-effective way, and he will go above and beyond to address emergency situations like the flooding of a basement apartment. By doing so, he not only serves the best interests of property owners but their tenants as well. Most impressive of all, he is extremely knowledgeable about everything related to leasing apartments, from obtaining a through background check of prospective tenants, to making sure leases comply with any local regulations, and taking the proper steps to evict a tenant when necessary. I would highly recommend Three Pentacles."
Jeff F.
" Art with Three Pentacles is easily one of the most knowledgeable property managers in Chicagoland. When I was looking for a new management company, I called a good 10 places. during the time I had a tenant I was in the middle of evicting. Without pitching me, Art asked thoughtful questions to learn more about the situation. He clearly has immense knowledge of the eviction process and housing court system. After our call, I engaged his services and he's been prompt and supportive ever since. He has been navigating my difficult tenant situation with grace, using strategies that never crossed my mind. I feel secure knowing Art has my best interests forward, and is clearly able to manage my property within state and county compliance. He's worth every penny, and if you're looking for a property manager, he's your guy."
Aaron S.

Bring your rental property to a new level! Get in touch now!