When you've got a delinquent tenant in one of your rental properties, the instinct is always to try and get them out through eviction.
In most circumstances, this is your only course of action, but it's not without separate consequences for the landlord. There are expenses associated with eviction - up to $3,500 - which include vacancy in your rental unit, legal fees, property repairs, and eviction court costs.
This stuff can add up quickly and put you in a financial bind. For that reason, it's important to protect your rentals with eviction protection plans. Today, we're going to discuss eviction protection plans, so keep reading and you'll be able to withstand an eviction when it's necessary.
No landlord ever wants to deal with an eviction. As mentioned, it's a costly process that causes a lot of stress for everyone involved. The best thing any property owner can do is take measures to prevent eviction before it happens.
This starts with tenant screening. When you have a thorough tenant screening process, complete with background checks, proof of employment, and finances, as well as references, you're more likely to find a good tenant. A more nonchalant approach makes an eviction much more likely.
Security deposits are another important aspect of eviction protection. Even with great tenant screening, you never know for sure how good or bad a tenant will be. Charging a security deposit gives you some insurance against property damage or missed rent payments.
Across the country, the most common reason for eviction is nonpayment of rent. The HUD has a few different programs to help out low-income renters and prevent evictions when possible. Specifically, they have access to the eviction protection grant program, which provides low or no-cost legal assistance to fight evictions.
It's in every landlord's best interest to try and accommodate tenants when they're struggling. Start with proper communication to find out why the tenant is struggling, then give them a chance to rectify the situation.
If eviction is the only option, make sure to go about it the right way. There are specific steps you must take to go through with an eviction in Alabama. Failing to follow the steps could result in a failed eviction.
Property Management Eviction Protection
Hiring a property manager is often the best way to handle evictions. These services have very thorough tenant screening practices. You'll only get the best candidates applying for your rentals.
In the event an eviction is necessary, however, PMI clients have access to our eviction protection plan. Opting in makes any eviction our responsibility, including any associated costs or fees up to $2,000.
How PMI North Alabama Can Help
Eviction protection is an important part of renting out a unit. Failing to protect yourself will result in an avalanche of costs that could hurt you financially. If you want to avoid these costs, hiring a property manager is a great idea.
PMI North Alabama is part of one of the nation's top property management companies. To learn more about our eviction protection plans and other property management services, contact us today.