It's estimated that there are nearly 3.6 million evictions per year in the U.S. Evictions are devastating, and often the spotlight is on tenants who must find new living accommodations with damaged financial credit profiles.
However, it's also important to note that evictions can be devastating for landlords too. That's why eviction protection plans are so important for landlords in Davie, Florida.
But what exactly are eviction protection plans? And why should you consider them for your rental properties?
In this guide, we'll answer these questions so you can decide if this form of protection is right for you.
Why Are Eviction Protection Plans Important?
Evictions have the potential to devastate landlords who rely on their rental income to pay for their mortgage or living expenses. That's because it often takes months of missed rental payments before a landlord will even file for eviction.
On top of this lost money, you also need to go through extensive court procedures. Plus, there's the additional cost of court and attorney fees. And, unfortunately, evictions are only getting more common.
It's believed that in many cities, filings are up 60%. That means that it's not necessarily a question of if you'll have to deal with an eviction, but rather when. An eviction protection plan provides a bit of a safety net against this problem.
How Do Eviction Protection Plans Work?
One of the benefits of choosing a rental management company over a tenant placement service is that the management stays with you over the lifespan of the tenant.
What's more, many of these companies offer eviction protection plans. Now, the specifics of the plan will depend on the management company. For example, here at PMI Best Assets, if one of our placed tenants requires eviction, we'll handle the entire eviction process.
What's more, we'll also contribute up to $2,000 to cover the costs and fees associated with the eviction. However, you must make sure that you subscribe to this agreement in your management plan.
How Else Can You Protect Your Rental Properties?
An eviction protection plan should be your last line of defense against an eviction. However, it's important to note that there are many proactive things you can do that will prevent evictions down the line when you get new tenants.
One of the most important things is properly screening your tenants. By outsourcing your tenant screening process, you can make sure that any prospective tenants can afford your rental property.
What's more, you can also weed out people with criminal histories or past problems with lease violations or rent non-payment.
Try to look for a property management service that does this screening for you while also handling every aspect of tenant relations.
Want Protection Against Evictions? Contact PMI Best Assets
We hope this guide helps you learn more about eviction protection plans in Davie, Florida. Here at PMI Best Assets, we've seen firsthand the damage that evictions can do to landlords.
Often, it's not only time-consuming and stressful, but it also has the potential to bankrupt individuals. That's why, in addition to full property management services, we offer comprehensive eviction guarantees.
If you're ready to stop stressing over your tenants, get in touch with us today.
