It's believed that there are nearly 3.6 million eviction cases filed every year. Many people believe that evictions are just tough on the tenants. However, the reality is that it can also be devastating for landlords too.
The costs associated with these court cases can cause landlords to fall behind on mortgage payments and even lose property. That being said, there are some strategies for preventing these types of catastrophes.
One of them lies in eviction protection plans. So exactly how does eviction protection work? And how do you find the right one for you?
In this guide, we'll answer these questions so you can decide if it's right for your rental properties in Orange Park, Florida.
How Can Evictions Cost You Money?
Many people think that evictions only cost landlords money in terms of missed rental income. However, this is typically only the tip of the iceberg.
There are also legal fees, sheriff fees, court fees, and potential damage to the rental properties. And that's not even counting the emotional cost of evictions, such as stress and depression. As such, they should be avoided at all costs.
What Are Eviction Protection Plans?
An eviction protection plan is typically a service that property management companies offer. When you subscribe to these plans you're getting a guarantee on any tenants being placed in your properties.
If the tenants need to be evicted, then the property management company will handle the entire process and some or all of the fees.
In this way, it operates as a bit of an insurance plan for eviction. Not only does it save you money, but it takes some of the stress of the process off the table.
How to Get an Eviction Protection Plan From Your Property Management Company
Every property manager is different with the eviction protection plan they offer. Here at PMI Davis Realty, we allow you to subscribe to our eviction guarantee plan during your management agreement.
Then, if one of the tenants we chose for you needs eviction, we'll handle the entire process. We'll also cover all the fees and costs up to $2,000.
However, that's just how our company works, so you should discuss your specific plan with your management provider.
How to Avoid Eviction
Eviction should always be a last resort. The best way to avoid evictions entirely is to engage in careful tenant screening.
This will ensure that you're only getting people who can afford your rental properties. You should also always try to negotiate with the tenants before you pursue an eviction notice.
Ready for Eviction Protection? Contact PMI Davis Realty
We hope this guide helped you learn more about how an eviction protection plan works. As you can see, if you've had a string of bad tenants this type of protection can be a valuable insurance against financial ruin.
Here at PMI Davis Realty, we believe preventing eviction begins with the tenant screening process. That's why any Orange Park tenants we find for you will be carefully vetted. So if you're ready to find quality tenants, get in touch with us today.
