Cash For Keys Vs. Eviction – Which Option Is Better For Landlords?

GoldenWest Management

|

June 2, 2021

With the California Eviction Moratorium coming to an end on June 30th, along with the end of the CDC Eviction Moratorium, many landlords are going to be moving forward with evictions, but other landlords will be thinking about arrangements like cash for keys instead.


The big question is which option is better?


In this article, we will answer this question and provide you with a breakdown on evictions vs. cash for keys, and which option landlords should be considering.


Cash For Keys


With cash for keys, a landlord will save the time, money, and hassle of eviction because the landlord will provide their tenant with a ‘cash reward’ if they agree to move out of their rental property by a specific date.


To get a cash for keys agreement to work, the landlord has to offer their tenant a financial incentive that’s going to be worth their time. This is why a landlord must offer their tenant a minimum of $500, to $5000 because this amount of cash could be what the tenant needs to start over and it also removes a potential ‘problem tenant’ from the rental property.


Tenants must be made aware that the landlord will be enforcing the cash for keys agreement and if they don’t move out, a tenant must be aware that they will waive their right to trial.


This also would give a landlord the ability to get a write of possession promptly, but a landlord should speak with their attorney first before creating a cash for keys agreement.


Eviction


Let’s be clear, evictions are the last thing that landlords want to go through because they can cost up to $5,000 and take more than 30 days to complete.


In California, evictions can take an average of 30-75 days (or longer) because it’s not uncommon for tenants to use every ‘legal tool’ available to extend their time in the property for as long as possible.


Ultimately, a landlord's decision to choose cash for keys vs. eviction depends on their situation.


Regardless of which choice a landlord makes, they should consult with their attorney to make sure that they are following all state and local laws.


Contact GoldenWest Management



For more information on cash for keys vs. eviction, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online. 

Hello, I'm
GoldenWest Management
Connect With Me
GoldenWest Management

Your Neighborhood Property Managers

Rent It Like You Mean It

Contact GoldenWestContact GoldenWest

GoldenWest Management

(951) 833-4162

team@authorized.company

864 Grand Ave. #315

San Diego, CA 92109

Contact Us To Unlock Full Website

GoldenWest Management

(866) 545-5303

accounting@goldenwestmanagement.com

8560 S. Eastern Ave. #110

Las Vegas, NV 89123

Rent It Like You Mean It

Let's Work Together

Complete the form below and we will reach out right away to connect about all of your Real Estate needs!

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Success!

Your information has been received.

We will be in touch with you shortly. We appreciate your patience and look forward to connecting with you!

x out
This Website Is Not Authorized
Login or contact us to unlock your website at
team@authorized.company
Login To Unlock