New Jersey is an excellent place for astute investors to buy a rental property. It's located between the major urban centers of New York City and Philadelphia and is a thriving business hub, making it an attractive choice for renters.
Unfortunately, the state also has an unusually high eviction rate, which can seriously hamper the profitability of your investment properties. Fortunately, there are ways to limit the likelihood of evictions in your rental properties and the stress associated with them.
Read on to find out how hiring a property manager and signing up for eviction protection can help if you end up in this situation.
What Is Eviction Protection?
When you sign up for property management services, you may get the option to sign up for an eviction protection program. These vary from company to company, but the service usually means that the company will:
- Take care of the eviction process
- Pay costs associated with evictions up to a specified amount
There are usually terms and conditions associated with these arrangements, too. These include:
- The tenant must have been placed by the property management company
- Eviction services do not cover lost rental income, property damage, or move-out costs
- The owner must pay their own legal costs, fines, and damages awarded by the court
- The landlord must subscribe at the time of signing the property management agreement
Some property management firms may offer eviction protection for existing leases after a specified time frame.
A Property Manager Buffers You Against Eviction Stress
All property managers carry out extensive background screenings for all new tenants. This can help you avoid evicting tenants who can't afford the agreed-upon rent amount.
They also follow up swiftly on past-due rent payments to prevent tenants from falling too far behind. If you still end up needing to evict a tenant, a property manager can assist you as follows:
Pertinent Legal Knowledge
Following the incorrect procedure can result in an unfavorable result and extra costs when you pursue an eviction. Property managers are well-informed about eviction laws and can help you streamline the process.
A Source of Sound Advice
Tenants can become angry and troublesome when you issue them with an eviction notice. Situations can easily escalate as tempers become frayed.
Property managers have experience dealing with these situations and can provide much-needed, impartial advice about defusing uncomfortable situations without jeopardizing your case.
Gives You Peace of Mind
Evicting tenants can be stressful and upsetting. A property manager shields you from this unpleasant experience and always acts in your best interest.
They will deal directly with the tenant impartially and professionally, so you don't need to get involved more than necessary.
Take Steps to Avoid Evictions Today
Evictions are costly, drawn-out procedures that can cause a great deal of stress for landlords. Sign up with a reputable property management company to help you avoid these unpleasant situations.
PMI Sojay Property Management is backed by 20 years of real estate experience to help you navigate the intricacies of evictions. Reach out for the peace of mind you need today.
