Have you all ever done a "cash for keys" to expedite an eviction?

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11 years 2 months ago - 11 years 2 months ago #12376 by Brent Williams
I ran across this post about " How to evict hardcore drug user that hasn't paid rent? " This was the top comment:

Cash for keys might be an option. It may sound silly to pay the deadbeat to leave, but it might end up being cheaper and faster than an eviction.


Have any of you all tried that technique? Or if not, any other non-standard strategies you would use in this situation?

UPDATE:

We received two forms that can be used in a "cash for keys" situation. Obviously, have your lawyer review the documents to ensure that they are legal in your area.

Acknowledgement of Surrender

Relocation Agreement
11 years 2 months ago - 11 years 2 months ago #12376 by Brent Williams
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11 years 2 months ago #12377 by Chuck Mallory
In the City of Chicago, it is worth it almost 100% of the time. We have such strong anti-landlord/pro-tenant laws here that evictions take an average of 3 months. I actually think I've never known a PM here who DIDN'T try this method!

When I hear of people in other places who can suddenly "change the locks" and "charge $5 a day" etc. I'm quite jealous!

As a PM at one job where we couldn't offer "cash for keys," I actually counseled the will-never-pay people on how to save money by skipping: I'd outline the legal fees that would be applied to their account and when, and even told them that if they went to an individual apartment owner rather than a corporate-owned apartment community, that they had more of a chance of getting past their bad credit record. I also told them of a couple of roommate websites. That way, people got out quicker and we could re-rent the apartment.

It was kind of weird: getting rid of one resident and in the next hour, showing an apartment to try to GET a resident!
11 years 2 months ago #12377 by Chuck Mallory
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11 years 2 months ago #12378 by Nader Cheboub
I have recently used this method successfully. We presented the tenant with two checks: one check showed amount tenant would receive upon vacating premises with all of their belongings and no damages, etc and one check that would go to the lawyer filing the eviction. Tenant chose option 1.

Still will lose about a months rent on top of the month(s) they have already not paid but still cheaper and more efficient than an eviction.

Downside: if tenant defaults on promise to vacate. Eviction process time will of course be delayed.
11 years 2 months ago #12378 by Nader Cheboub
don
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11 years 2 months ago #12381 by don
Our PM always talks them into leaving if they cannot pay rent.
11 years 2 months ago #12381 by don