From January to March 2024 alone, Denver landlords filed nearly 4,000 eviction cases. That's 20% higher than the same period last year.
As a Denver landlord yourself, you don't want to be part of the statistics, as evictions are costly, time-consuming, and stressful.
Fortunately, eviction protection plans can minimize your risks of dealing with such headaches and losses.
But how exactly can these plans benefit you? Do they cover all tenants, and when do they kick in?
Read on, as we've answered all those questions in this guide.
What Are the Benefits of Eviction Protection Plans?
Eviction protection plans are subscription services offered by full-service property management companies. They help cover some of the legal expenses of evicting tenants in Denver, CO. The coverage amount depends from one company to another, but at PMI Aspire, you can rely on us to cover up to $2,000 of these costs.
Another benefit of subscribing to a tenant eviction protection plan is that you won't have to deal with evictions yourself. Instead, your property management company will handle the entire process on your behalf. They understand all applicable eviction laws and know exactly how to proceed.
That can then help save a lot of your time, especially since evictions in Denver can take several weeks to months.
Do Eviction Protection Plans Cover All Tenants?
Not at the same time. Typically, eviction protection plans automatically cover tenants screened and placed by a property management company.
What if you have renters who signed their leases before you started working with a property manager? In this case, you may have to wait a few months before they can get covered. If you choose PMI Aspire, we'll automatically cover such tenants seven months after you sign your Management Agreement.
When Do Eviction Protection Plans Kick In?
Eviction protection plans kick in when you must evict a covered tenant from your rental property due to a valid, legal cause. Under Colorado law, these causes can be:
- Failure to pay rent
- Substantial violation of the lease or rental agreement
- Committing a crime in or using the rental property as a site for illegal activities
- Violence toward their neighbors or your other tenants
Since you have an eviction protection plan, your property manager will begin the eviction process on your behalf by sending the tenant a notice to quit. If the tenant fails to respond or take action, your manager can file the eviction case in court. They'll shoulder the fees covered by your plan.
Once your property becomes available again, your manager will look for qualified renters. In doing so, they can protect your rental income from further losses.
Choose PMI Aspire to Protect Your Investments
PMI Aspire's eviction protection plans can shield you from the stress and hefty costs of evicting tenants. We'll represent your best interests and cover up to $2,000 of the legal fees to help minimize your losses.
Moreover, you can rely on our property management company's other residential guarantees. These include 21-day, on-time rent, and happiness guarantees, to name a few.
So, if you want more peace of mind for your rental income and investments, contact us at PMI Aspire today. We'll be happy to discuss how we can make managing your properties manageable!
