Irrespective of owning a multi-family unit or a condo, when a tenant stops paying the rent, there is a huge loss of revenue. If you are in a real estate business, discontinuation on rent can leave a devastating impact on business cash flow. Many landlords who have little or no experience in real estate business end up sustaining heavy losses. This situation can be avoided by roping in an experienced and expert eviction management Toronto company. They help you evict the delinquent tenant while following the rules and regulations of the land. Usually, tenants are expected to pay their rent by the first day of the month. In some cases, landlords give them a breather and give a week grace period if the tenant is facing some unavoidable issue or has some catching up to do due to holidays.
Ensuring no miscommunication, a clause is added to the terms of lease about the mutually agreed rent payment date. If the payment is delayed, the system of CMS is followed, that is, call, mail, and serve. The tenant is first given a call and enquires about the reason behind delayed payment and by when he can clear his dues. The second action is to put everything in writing and send an email to the tenant. It is important to maintain the paper trail and ensure every communication with the tenant is on the record. This not only serves as a reminder but also shows the seriousness of the matter to the tenants. The third step is taken when the first two actions fail. The tenant is served with a notice for nonpayment of rent and the process of lease termination and eviction is initiated. The landlord can decide and give a notice of 14 to 30 days. They have to work closely with the local eviction attorney or a sheriff eviction Toronto company that can make the process quick and hassle-free. Once an eviction order has been obtained from the Landlord and Tenant Board, the company will pick up the order and initiate proceedings. They will get a list of instruction sheets ready for the sheriff. They will also attend the Sheriffs’ Office in the jurisdiction where eviction has to take place. An eviction date will be obtained from the Sheriff. Next, they will receive a call from the sheriff’s office and there will be a meeting at the place of eviction with the sheriff. After the meeting has been concluded, the locksmith would be paid, and the tenant’s furniture and other belongings will be removed from the property and possession of the property is taken back.
For many landlords, the whole process of evicting a tenant is quite stressful. They either do not have time to go through the processor cannot handle the process. In either case, hiring a professional eviction management company is a great idea as it helps to resolve the situation without getting the landlord involved.
If you find yourself in such a situation, it is better to seek these services and repossess your property.