Being a landlord might seem like an easy way to make passive income, but it comes with many stressors. From finding high-quality tenants to collecting rent payments, you may feel like you're constantly managing your property. One of the most stressful aspects of renting your property is evicting tenants.
One way to protect your bank account and your sanity is to partner with a rental property management company. This blog will discuss how these companies provide eviction protection plans that ensure the process is as stress-free as possible.
Understanding Eviction Protection Plans
The last thing you want to do is evict a tenant. Unfortunately, there are many reasons why you might have to pursue this option. Common reasons for evicting a tenant include:
- Not paying rent
- Violating their lease, such as owning a pet when the lease prohibits it
- Continuously disturbing their neighbors
- Conducting illegal activity on the premises
Evicting a tenant can be a stressful, time-consuming, and expensive process. Many property management companies, like PMI of the Triad, offer Winston Salem rental security plans.
With these eviction insurance plans, you're protected if a tenant placed by our office needs to get evicted. PMI of the Triad will be responsible for performing the eviction process. This includes the costs associated with the eviction, up to $2,000.
The cost of evicting a tenant can quickly add up in North Carolina. Some of the fees you may encounter include:
- Summons service
- Initial court filing
- Optional notice of appeal filing
- Writ of possession service
Keep in mind that these fees don't include other outside costs. You may have to pay some post-eviction or legal fees on top of the regular court costs.
How Our Eviction Protection Plan Works
Our staff will go over our tenant eviction services in more detail during our initial meetings. Some of the specifications surrounding our rental investment protection plan include:
- You need to subscribe to our eviction protection plan in your agreement
- Existing tenants with leases signed before our agreement are covered after seven months
- New tenants signed after our agreement is in place are covered immediately
While our plan covers many of the costs associated with evicting a tenant, it doesn't include everything. A few things that aren't covered by our plan are:
- Property damage, move-out costs, or lost rent
- Court-ordered penalties, damages, or fines
- Tenant attorney's fees
Protect Yourself and Your Investment With PMI of the Triad
It may seem unpleasant to be thinking about a time when you may have to evict a tenant. Like with any other insurance plan, our eviction protection package gives you the peace of mind you need. Working with an experienced property management company will take a load off your mind when it comes to managing your properties.
At PMI of the Triad, our experienced property managers are here to take tasks off your to-do list so you can focus on other things. Our eviction protection plans ensure you don't have to do anything when it comes time to evict a tenant.
Contact our office to schedule a consultation.
