Evictions are not an ideal situation for anyone involved. Nobody likes to be put in the position, whether you are the property owner, not receiving the money, or the tenant struggling to make the rent payments. Unfortunately, evictions can be unavoidable, but you and your property manager can take precautions to lower your chances of getting a non-paying tenant.
What are evictions?
Evictions are the legal process a landlord goes through to remove a non-paying tenant from the landlord’s property.
How does an eviction work?
Evictions often result from a tenant failing to pay rent. The process of an eviction is generally the same but can vary from state to state. Be sure to have knowledge of your state’s specific eviction process or contact your property manager.
The first step of the eviction process is to communicate to your tenant of the violation. This communication must be in writing if requesting payment (including any applicable fees).
The next step will vary by state. For non-payment evictions, this would be a notice of a certain amount of days to pay or move out, known as an eviction notice or quit notice. Certain states require this notice to be posted to the premises, while others allow a notification via certified mail.
The following step is dependent on what state the property is in and if they require prior written notice. For some states, if the tenant moves out or pays the landlord prior to the notice deadline, the tenant will not be required to move out or continue the eviction process. Most states will consider acceptance of a partial payment agreement to dismiss the eviction action.
If the tenant continues non-payment or the property is not located in one of the states with this exception, the landlord files for eviction with the court.
The time frame of when it’s in court to when the tenant is moved out can also vary by state.
The eviction process can be lengthy and costly. There are a few precautions to take to help avoid evictions.
What are the precautions to take to help avoid evictions?
The most important precaution to take to avoid evictions is having strict qualifications. Qualifications typically include:
- Income verificationa. At FYVE, we require 3 times the amount of rent in gross income
- Credit scorea. FYVE requires a credit score of 650 or higher
- No outstanding utility, mortgage, or rental balances.a. FYVE requires no outstanding balances, and all bankruptcies must be discharged and older than 3 years.
- Good rental history.a. This can be obtained through previous landlord verification
- No evictionsa. FYVE requires no prior evictions
These qualifications ensure that the tenant makes enough, has a good rental history, and has a good history of making payments on time.
With these qualifications in place, evictions become very rare, but unforeseen circumstances can change at a moment’s notice so it’s best to be prepared.
At FYVE, we offer our owners an Eviction Protection Program to give you that extra sense of security you and your property deserve.
What is the Eviction Protection Program?
The Eviction Protection Program is designed to help keep you and your property protected by covering up to $5000 in eviction costs.
These costs can include:
- All filing fees
- Service fees
- Attorney fees
- Court costs delivery testimony
- Writ for security judgment
- Costs of red tags and other requirements
Don’t take the rest and secure your properties with FYVE Eviction Protection Program.