It's estimated that there are nearly 3.6 million eviction cases filed each year. When most people picture an eviction, they tend to think of what happens to the tenants.
However, it's important to remember that evictions can be just as devastating to landlords. Months of missed rental income, damaged properties, and expensive court costs are just some of the things they have to face.
To protect themselves from this threat, landlords should consider investing in eviction protection plans for their Las Vegas properties. In this landlord advice guide, we'll explain more about this type of protection plan and how it can benefit you.
What Is an Eviction Protection Plan?
An eviction protection plan is typically an add-on that's offered by many property management companies. With this type of plan, the rental property company will place a tenant in your property.
Then, if they need an eviction, they'll handle the entire eviction process for you. That includes all the filing and court appearances, as well as navigating complex eviction laws.
What's more, many will pay for the expensive court fees associated with the eviction. For example, here at PMI Vegas Properties, our eviction guarantee will cover up to $2,000 in costs and fees associated with the eviction.
Why Are Eviction Protection Plans Important?
Typically, you'll need to pay extra for an eviction protection plan. So why is it worth considering? First, there's the fact that evictions aren't going anywhere any time soon.
It's estimated that housing is unaffordable for nearly half of all Americans. So even if you have a good tenant now, there's no guarantee they won't be able to afford rent down the line.
Next, there's the hassle that comes with the eviction process. Whether it's preparing the paperwork or attending court, the eviction will likely eat up hours or even days of your time. With an eviction protection plan, a property manager takes care of everything for you.
Lastly, evictions are expensive. Missed rent payments, filing fees, and lawyer costs mean they can often cost thousands of dollars. These plans provide a bit of a buffer financially.
How to Prevent Evictions in the Future
Eviction protection plans can provide a bit of insurance. However, the best way to protect yourself against evictions is for them to never occur at all. The first step to this is performing a complete tenant background check on any prospective renters.
A tenant screening will help you filter out candidates who could present a problem down the line.
Make sure you also craft an iron-tight lease agreement. That way, if they break it, it will be easier to prove that they violated the terms of the document.
Tired of Evictions? Contact PMI Vegas Properties
We hope this guide helped you learn more about eviction protection plans. Here at PMI Vegas Properties, we carefully screen every tenant to minimize the chances of an eviction ever occurring.
However, on the off chance that one does happen, our protection plan ensures that your property, wallet, and time remain untouched.
So if you're ready for the peace of mind you deserve as a landlord, get in touch with us today.
