Chicago's best property management company, providing tenant screening, rent collection, property marketing, and more at a reasonable cost.
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
- We’re better equipped to market your property.
- We’re able to select the best qualified tenants.
- We know more about current market conditions.
- We limit your risk and losses.
- We’re able to maximize your rent collection.
- We’re able to limit your liability.
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.