According to the Denver Post, the number of evictions in Denver, Colorado's most populous city, could reach 15,500 in 2024. If that happens, it would be 20% more than last year, which was already a record-breaker.
So, as a Denver landlord, you must prepare for the possibility of dealing with evictions and, as much as possible, prevent them from happening in the first place.
To that end, our team here at PMI Denver West created this guide discussing eviction protection plans. Read on to discover what they are and how they can help protect your property and income.
Eviction Protection Plans 101
Eviction protection plans are landlord protection services that reputable property management companies offer, usually as subscriptions. They can help shield you against the stress and headaches of the lengthy eviction process in Denver, CO. They also act as a guarantee for the property management companies' tenant screening and placement services.
How PMI Denver West's Eviction Protection Plans Work
At PMI Denver West, our primary goals are to find reliable and responsible tenants with good moral character and move them into your property. To do this, we perform thorough tenant screening and background checks on each applicant. We look into your prospective tenants':
- Credit score and history
- Employment status and income sources
- Rental background and eviction history
- Criminal background
By performing all those checks, we aim to minimize risks of non-payment of rent and breach of lease agreements. According to Denverite.com, many tenants in Denver, CO, face evictions due to their inability to pay rent and rising rental prices.
However, we also know that screening isn't a 100% fool-proof tenant eviction prevention strategy. Unpredictable circumstances can still arise, leading to evictions (e.g., tenants suddenly losing their jobs). For this reason, we offer landlords who partner with us eviction protection plans that they can subscribe to.
If we must evict a tenant we've screened and placed on your property, we'll handle the eviction process on your behalf. We'll also pay for up to $2,000 of applicable eviction-related costs. Rental property insurance policies usually exclude coverage for these expenses.
So, through our eviction protection plans, you can worry less about the stress, headaches, and financial losses that evictions can cause.
Availability of Coverage for Existing Tenants
All tenants that PMI Denver West screens and places for you automatically get covered by the eviction protection plan you subscribe to. If you have existing tenants before partnering with us, we'll cover them after seven months from the date you hire us. So, you should enjoy even more peace of mind.
Worry Less With Eviction Protection Plans
Considering the skyrocketing cases of evictions in Denver, CO, having eviction protection plans for your rental properties is now more of a necessity than a luxury. With these plans, you can worry less about dealing with costly, time-consuming evictions.
So, consider partnering with us at PMI Denver West.
With our full-service rental property management solutions, state-of-the-art technology, and comprehensive eviction protection programs, we can safeguard your rental business and income. Our owner, Bob Weigel, brings over 20 years of retail management experience to the company. Our property manager/CFO, Elmo Morales, has been a real estate investor and landlord since the late 1990s.
Contact us today to learn more about our services and request your free property consultation!
