It's estimated that U.S. landlords evict roughly 3.6 million tenants every year. Many people think that evictions are only tough for tenants. However, the reality is that they can also be devastating for landlords.
On top of missed rent payments, you also need to deal with court filing costs and legal defenses. Worst of all, there's no guarantee that a judge will side with you.
That's why if you rent out a property in Melville, NY, it's important to consider eviction protection plans. But what exactly are these plans? And how do they work?
In this guide, we'll walk you through everything you can expect when you invest in this valuable service.
What Are Eviction Protection Plans?
Ideally, you'll be able to find and keep great tenants who don't require eviction. This is sometimes possible through good tenant relations. Sadly, that isn't always the case.
That's why property management companies like PMI Lighthouse offer eviction protection plans. With this type of plan, we'll screen each potential tenant for your rental properties.
Then, if they require eviction, we'll handle the entire process for you. Furthermore, we'll also cover the costs associated with eviction (up to $2,000). These types of plans provide a bit of insurance in the unfortunate event that a tenant violates a lease.
How Does It Work?
Different property management companies will have different types of eviction protection plans. However, here at PMI Lighthouse, you can sign up for our plans through the Management Agreement.
For new tenants, this plan provides coverage immediately, while existing tenants are covered after seven months. It's important to note that this plan doesn't cover things like property damage, move-out costs, and any rent collection you may have lost due to missed payments.
It will cover the fees and legal fees associated with the eviction process. If you want to learn more about how our eviction protection plans work, you can consult this guide here.
Why Eviction Protection Plans Are Important
Evictions are stressful and expensive events. Not only do they require confrontation with your tenants through an eviction notice, but there's also a huge amount of costs and fees associated with them.
Sadly, it's not likely that they're going anywhere. Research shows eviction levels in 2023 are 50% higher than pre-pandemic levels. And, as rent costs increase, we can only expect that percentage to increase.
Since it seems like evictions are inevitable no matter what you do, these types of plans are essential for protecting both your peace of mind and wallet.
Ready to Be Protected From Evictions? Contact PMI Lighthouse
We hope this guide helped convince you to invest in eviction protection plans. Here at PMI Lighthouse, we do everything in our power to prevent evictions in the first place. This starts with a careful tenant screening process for all of our clients.
However, if an eviction does occur, we'll handle the whole thing and pay for a good portion of the expenses.
If you're ready to get the peace of mind you deserve for your rental property in Melville, NY, contact us today.
