How Can You Collect Money From Tenants After You Evict Them?

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Eviction is a legal process that landlords use when they need to remove tenants from rental properties, and one of the top reasons landlords use evictions is to remove tenants who are not paying their rent. If you have to evict a tenant, there is a good chance that he or she will owe you money at the time of the eviction. If you want to collect this money, here are some tips that may help you do this.

Make sure you collect security deposits

One way to safeguard yourself when renting out units is by requiring security deposits from all tenants that move in. A security deposit is money a tenant pays to cover damages he or she causes in the unit, and as a landlord, you can keep this money if the tenant moves out and leaves any type of damage in the unit. You also can keep this money to cover rent owed after you evict a tenant. The amount of the security deposit might not cover all the damages and all the rent owed, but at least it would cover part of it.

Start the eviction process sooner rather than later

Secondly, it is important to have rules about evictions and when you will begin the process, and it is also important to follow these. The best strategy to use is to begin the eviction process shortly after a tenant fails to pay his or her rent. If you can get the tenant out of the unit faster, you will likely lose less money from his or her missed rent payments.

File a judgement on the person

Finally, after you evict a person, you should consider filing a judgment against him or her. Filing a judgement is completely separate from the eviction process, but it is a tool you can use to recoup money owed to you. When you file a judgement, the person will have to pay you the money, and you should realize you can even ask for the person's wages to be garnished so you can collect the money owed to you.

Evicting a tenant is not the best part of running a rental property business, but it is something all landlords have to deal with. If this is not something you like to do or know how to do, you could hire a property manager to handle this part of your business for you.

To learn more about property management, consult a resource in your area.

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