Landlord often ask this question when they have has a bad experience with tenant and /or they have a delinquent tenant who they feel they might need to evict.
Evictions of bad tenants are one of a landlord’s worst worries and nightmares,due to lost rent, cost of eviction filings and the unpleasant confrontation involved not to mention property damages by the delinquent tenant.
Typically a property manager (PM) WILL NOT cover the associated cost of an eviction.
Eviction cost in central Florida range from 800-1000 for a single eviction case. This will encompass the filling fees attorney, serving fees, court fees and added fees if the tenant choose to dispute the feeling and fight the case.
It is generally accepted that the financial responsibility to pay for an eviction is that if the landlord of property owner, since they legally own the property and the lease is between the landlord and the tenant, not the property manager.
3. Time & Money
Eviction Correctly pursuing an eviction is a time consuming, confrontational and stressful business, Hence, many PM’s will not wish to devote their valuable resources to it by action as agent for the property owner and then also pay for the privilege of doing so. Other than to regain possession for the landlord, the PM will gain no money for their time and effort time spent doing so.
However, increasingly, the more experienced and professional property management companies out there are providing eviction INSURANCE, or eviction PROTECTION plans.
Similar to car insurance, life insurance or any other type of insurance; such plans provide a defined level of financial cover and protection for the landlord and the costs of eviction in return for a payment or “premium”, usually on a monthly or annual basis.
Often, such eviction protection plans are very reasonably priced and landlords should seriously consider that for a nominally small outlay they gain peace of mind knowing these necessary legal costs would be covered by the PM Company, if the worst case was necessary to file an eviction against the tenant.
For landlords, evictions are a very necessary, powerful tool for the out of control and delinquent tenant and landlords must not avoid filing evictions based on the fact they do not relish paying out the fees and costs involved. Many times landlords hold off with evicting a tenant, even though that tenant may owe several months of rent, purely because they do not want to spend the money in evicting them. This is totally false economy as the rent income lost always outweighs the costs to evict them. Landlords with a protection plan as back up should feel much more positive about the eviction process and authorizing a property manager to act on their behalf. Thus landlords should definitely ask if this kind of option is available to them.
Whether a landlord has the security of an eviction protection/insurance plan or not the landlord should still evict the delinquent tenant, and not hesitate to do so.