Property Management Brainstorm Five Minute Friday #15 - Managing the Risk of Tenant Default
What happens if a tenant stops paying rent? The headache of dealing with a renter who defaults on their lease agreement keeps some investors out of the real estate rental market altogether. So, what can property owners do to manage the risk of tenant default?
On this edition of Five Minute Friday, Bob explains what happens when a tenant defaults on their lease agreement and how a professional property manager can help property owners navigate the process. He walks us through some common scenarios when life circumstances change for tenants and how North County Property Group works to relist the property and secure a new qualified tenant.
Bob also shares the protections NCPG offers its Premium Level clients, including Rent Assurance and eviction cost coverage. Listen in for insight on working through the unlawful detainer process required to evict a tenant in the State of California and learn how to mitigate the risks associated with tenant default.
Topics Covered
[0:41] The worries that keep some real estate investors out of the rental market
[1:10] What happens when a tenant stops paying rent and how a professional property manager can help you navigate the process
[1:46] How life circumstances can change for tenants and why North County Property Group offers its clients a 12-month lease guarantee
[2:43] The work NCPG does to find new tenants when renters are relocated or lose their jobs
[3:25] The protections NCPG offers its Premium Level clients should a tenant default on their lease agreement
[4:10] The caveats around NCPG’s Rent Assurance protection
[4:33] Why NCPG has never had an eviction in one of its properties + the plan they have in place should an eviction become necessary
[5:14] The unlawful detainer process required to evict a tenant in the State of California
Connect with Bob
Resources Mentioned
State of California Eviction Process Flowchart
This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts,
Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/
This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.