Cash for Keys

[Mark N.A]

Around here the banks offer $500 “Cash for Keys” to foreclosees if they will vacate quickly and leave the premises “broom clean”.

How about you landlords out there? Do you give any monetary incentives to avoid formal evictions and rid yourself of non-paying tenants faster? If so, how do you handle it and how much do you pay?

Several months ago I offered a tenant $250 if she would leave by the end of the weekend which she did, and she left the place pretty clean, too. My main savings was on time, since in NC it can take almost a month for the eviction process to unwind. Then again, I also saved $130 in fees.

I’m not doing that with my latest eviction because this tenant knows the game and intends on staying until the sheriff escorts her out. I would not have rented to her in the first place if she had had a previous eviction, so my gift to future landlords is placing one on her record.

Anyway, I’m interested in reading how other landlords handle these situations.

Thanks to all who respond.