Albuquerque is one of the top 100 cities for renters in the USA. The city has low rental vacancies, reasonable rents, and a low unemployment rate.
These factors make it a promising prospect for property investors wanting to earn an income from renting houses.
Looking at statistics and rankings is one way to determine the success of your real estate investment efforts. Yet, the one thing you can't guarantee is that you'll always have good tenants living in these homes.
Evicting bad tenants is a costly and time-consuming affair. Read on to find out how eviction protection can help alleviate the sting of this unpleasant process.
Evictions in Albuquerque
The city of Albuquerque offers certain protections to spare tenants from unfair evictions. As a landlord, you cannot evict your tenants or do anything to bar their access to your property without following due process.
You may only evict tenants for the following issues:
- Non-payment of rent
- Repeated violation of the lease agreement
- Criminal activity
- Behavior that could harm other tenants
In these cases, the landlord must issue the tenant with an appropriate notice to remedy the situation or an unconditional notice to quit. When the notice period expires, the landlord can file an eviction lawsuit against the tenant.
This process usually takes between two and seven weeks to complete.
What Is an Eviction Protection Plan?
Many property management companies offer eviction protection plans to shield landlords from some of the financial consequences associated with evicting a tenant.
These plans typically include an eviction guarantee. This means the property management handles the eviction process and associated costs up to a specified amount.
Landlords must choose eviction protection as part of their portfolio of services at the outset.
Tenants placed by the property management company are automatically covered. Tenants placed before the landlord signs up are only covered after a certain number of months.
Eviction protection plans do not cover the following:
- Lost rent
- Move-out costs
- Property damages
- Tenant's attorney fees
- Tenants's fines, penalties, or damages
Eviction protection plans don't cover all the losses associated with eviction, but it's helpful to have an experienced professional perform eviction services on your behalf.
Additional Eviction Protection Strategies
Along with eviction protection plans, property management services offer a few other eviction prevention methods.
Screening tenants and creating clear leasing agreements reduces the chances that you'll need to evict them. These background checks usually include the following:
- Employment history
- Criminal record
- Credit record
- Affordability criteria
This information helps property management firms place good tenants in your rental home.
Additionally, a property manager conducts regular rental inspections. These help safeguard your home from damage and allow them to keep tabs on lease infringements.
Protect Your Albuquerque Investment
The team at PMI 4U is committed to protecting your investment by helping you avoid the harmful consequences of having bad tenants on your property.
We have decades of combined experience in the property management industry and expertise in screening tenants, managing property inspections, and enforcing leases.
Get in touch to find out more about our comprehensive eviction protection plan and other convenient landlord services.