Handling Evictions and Late Payments in property management is a very important part of the job and according to Florida Statues 83.56, it has to be done in a specific way. Our goal at Key Real Estate is to get the tenant out of the unit in the quickest an most efficient way necessary if they are unable to pay the rent. And in the meantime try to limit the loss to the owner as much as possible.
Our leases are set up where the payments are due on the first of every month. We allow the tenant a 4 day grace period. So on the 5th of every month we will issue the 3 day notice required by Statute 83.56. The the tenant is then allowed 3 business day not including weekends or holidays to pay rent or surrender the property. If after those three days we can move for an eviction.
Since we do our payout on the 10th of every month, the three day notice will allow them to have their funds in by the tenth if they abide by the notice. However, sometimes they do not. At that point we hang a second three day notice demanding the surrender of the premises. This notice also notifies the tenant of what to expect in the event of an eviction.
If the tenant has not surrender the premises we will then turn the file over to and eviction company who will then file for you on your behalf. The great thing about the company we use is that it is a pay as you go. We have found that more often than not the tenant will move out and avoid the consequences long before it gets to that point. Some companies will charge you $600 or more and if the tenant moves out before you will not receive your funds back. This company starts at $80 and then you are charged as the process moves forward.
We are not the kind of company that will turn any files over immediately if the tenant does not pay their rent, nor do we have a lot of evictions. We have found that most owners will work with tenants if they just communicate with us. With several hundred units and thousands of tenants, we only had 5 evictions last year and non of them went to the end.
We accomplish that by basing our late fees on communication and having the tenants sign their agreement to vacate up front at the beginning of the lease. This speeds up the process and the tenants are less likely to stay if they are late. We also require anyone over 18 years of age in the unit to be on the lease and have their credit run according to our application policy.
If you have any other questions on how we manage properties, please feel free to give us a call.