Cash for Keys Help Please

Well in turning around my park the eviction costs are really adding up, looking for ways to mitigate that, considering cash for keys.

The question is how is this best approached?

I’m afraid if word gets around every loser that is considering moving anyway will become a bad tenant so he can get paid to move out.

How much do you offer? It’s easily costing us $1,000 between the lost rent and general fees to evict.

How do you go about making the offer, in writing? Post a notice?

Is something available in the reference library?

Any help is appreciated.

We don’t have a standard policy – this is definitely custom on-off stuff. Try about $300 cash if they leave the home in good order and are out by a specific day. Have your manager approach them and work it out. It has to be a low key pitch like “hey, I know that the owner has filed eviction on you. I think I can convince him to give you a break. If you can be out of here by (whatever day) then I think I can convince him to let me trade you $300 for the keys, as long as the home is left in decent shape. I can also probably get him to not put the eviction on your record. But I’d have to act fast. I don’t normally do this, but you seem like nice people and I want to try and help you. What do you say?”

The manager’s people skills are 90% of the pitch.

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Nicely done Frank - that is what I’m trying to teach our managers. How you communicate is at least as important as what you communicate.