When you learn that over 13,000 apartments have remained vacant for two years, the thought of evicting a tenant becomes quite daunting. Nevertheless, retaining a troublesome tenant can greatly damage your rental business in Lafayette, IN.
Eviction protection serves to support your finances during these situations. It also instills the confidence necessary to proceed with an eviction.
As a property owner, having a reliable eviction protection plan can make a world of difference for your rental properties. Keep reading to learn how it can enhance your ownership experience in Lafayette's rental market.
What Is Eviction Protection?
An eviction protection plan shields landlords against the financial risks associated with tenant evictions. This service typically includes coverage for legal fees and court costs.
Key Features of an Eviction Protection Plan
An essential feature of eviction protection plans is the financial compensation provided. Make sure your plan states the exact amount of money you can earn.
Your eviction plan should also state how long it takes to receive payment. A swift claims process is essential in minimizing the financial impact of evictions on landlords.
Additionally, the plan should outline the requirements for a payout. For example, some providers only cover tenants found by the property management company itself.
What Eviction Plans Don't Cover
Many eviction protection plans do not cover unpaid rent. Besides this, eviction plans may not provide coverage for physical damage to the property brought about by the tenant throughout the eviction process.
The Role of a Property Manager
This individual specializes in real estate management, with an in-depth understanding of landlord and tenant rights. They offer key services, including background checks and taking care of routine maintenance. Yet their most significant contribution comes when you're evicting a tenant.
Property managers make the process smoother by providing an eviction protection plan. Beyond this, they'll find new tenants for your property so you can maintain your rental income.
Tailoring an Eviction Plan
A tailored plan takes into account the individual requirements of your rental operation. This might include the types of properties you own, the housing market in Lafayette, IN, and your long-term goals as a property owner. Accommodating these factors ensures that the eviction protection plan is comprehensive and fits your specific needs.
Landlord Rescue Through Eviction Protection
Landlord rescue refers to services that assist property owners in extracting themselves from tricky rental situations. For example, you'll see someone seeking landlord rescue when their property management team is inadequate or their tenants are too problematic.
Eviction protection can act as your landlord rescue plan. Alternatively, it can supplement a plan you already have. It's a solid strategy to get you through the grueling process of tenant evictions without losing too much financially or emotionally.
Managing Your Money During Tenant Evictions
Eviction protection plans offer financial support to landlords amidst the strenuous eviction process. These plans cover legal expenses and, when tailored effectively, cater to your unique property needs.
Don't forget that property managers play a crucial role. We offer these plans while helping you find new tenants for your building. Contact PMI Lafayette today to ask about our eviction protection plans of up to $2,000.