The State of Nevada Governor’s Directives that put a stop to evictions shortly after the pandemic began will soon be expiring. As a matter of fact, all directives that postponed various real estate processes will end beginning September 1 (unless the Governor extends them). So, what can you do to prevent an eviction and further costs if your tenant is behind on rent?
The answer is negotiation. Many tenants have ended up in a difficult financial situation due to shut downs and a faltering economy. Even now, reports of casino’s laying off portions of their workforce is becoming a reality. The truth is, the economy will take time to recover to the strength it was previously. So, negotiation is a very good option. Finding out if and when a tenant can catch up on a balance owed is key. If a mutual agreement can be reached, it would be best put in writing.
Why is negotiation perhaps the ideal option? Because you have to take into consideration how much an eviction and vacancy will ultimately cost you. Beyond the court and eviction costs, how much work will be needed to the house? Even if it is minimal, there will no doubt be some wear and tear. Further, not generating any rent means that the mortgage payment is yours to bear in its entirety. Negotiation may offset your expenses, even if it doesn’t cover them all. Of course, the time frame for how long a balance should be paid off in is up to your discretion. And if the negotiated amount is not paid, then the next step of filing an eviction can always take place.
It is best to remember that many have ended up in hard times. So, if your experiencing a situation where rent has not been paid or underpaid, your not alone. Finding a balance is key during these trying times and negotiation may be in your best interest and also your tenants.