Are you considering cash for keys as an alternative to eviction? If so, you’ve come to the right place.
Although not always popular with some landlords, cash for keys is a viable alternative right now because most cities are opposing evictions, so a landlord has to use the best option that they have to remove a problem tenant.
In this article, we will offer you several tips that you can use for offering your tenant a cash for keys agreement.
Tip #1 – Make Sure That It’s A Good Financial Incentive
Let’s face it, a tenant isn’t going to move out unless you offer them a financial incentive that will cover their moving costs.
Once you have a conversation with them, make sure that they agree to the amount that you offer them then you should write up an agreement for them to sign so that it’s in writing.
The tenant must be aware that they must be ready to comply with the agreement and be ready to move out & hand over the keys to you on a specified day that you both agreed on.
Tip #2 – Be Ready For Your Tenants Moving Day
On the day that your tenant moves out, it’s a smart move to be there personally for their moving day so that you can do a walkthrough of the property, then hand them a check in exchange for the keys to the property.
After they’ve provided you with the keys to the property, it’s also best to provide your tenant with a receipt for their records.
Tip #3 – Proceed With Maintenance Once The Property Is Vacated
Last of all, but most important, once your tenant has moved out of your rental property, it’s best to proceed with your typical maintenance to prepare the property for your next tenant.
During the process of getting the property in rent-ready condition, it’s also important to remember that you still have to handle your tenant's deposit normally and send that to them in a timely manner with an itemized list of any deductions that you made from their deposit.
Contact GoldenWest Management
At GoldenWest Management, we specialize in property management for single-family and multifamily properties.
Our team will find the most qualified tenants for your property, and save you the time and hassle of managing your property yourself.
To learn more about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
