Every person who rents out property needs to be protected in the event of future lawsuits involving unsavory tenants. Today’s fluctuating economy has promoted an even greater need for protection services for landlords. There are many groups of people who form a landlord protection agency and they include collection experts, lawyers, technological specialists and, of course, the landlord. These agencies work diligently to assure that landlords get only the best tenants. If not, then the agency is there in case of future payment problems with the renter.
Most agencies give their clients (the landlords) several plan options to choose from. Each plan has its own unique features and pays out benefits accordingly. Plans offer protection for the landlord if a tenant defaults and pays a set amount for court costs and unpaid rent. The plans offered by the agencies start taking action immediately if there is a payment problem. They start collection proceedings right away and do not wait for the lease to be broken by a tenant.
These agencies do all the upfront work for the landlord. They perform comprehensive background checks on all potential renters and use their expertise to decide if a renter is, indeed, a good credit risk. Once a renter is approved and the landlord has accepted him, these specialized agencies are there to monitor all future proceedings between the landlord and the tenant.
The process to join a landlord protection agency is quite simple. The first step is to for the landlord to complete an application. All necessary information must be included on the application so that the agency can monitor properly the properties owned by the landlord. Secondly, a property application must be completed for each rental property that is to be included in the agreement. This generally requires a set fee for each property. A third application for the tenant is required, along with an application fee for each tenant. (Once the application for the tenant is submitted, the landlord will generally have a credit report within 24 hours.) The final step is for the landlord to decide which protection plan he or she wants. A separate plan can be chosen for each tenant, depending on the amount of risk involved with that tenant.
A landlord can breathe just a little easier knowing that his rental property is being monitored closely. Even though he or she has to pay a monthly fee for these services, the benefits in the end are tremendous if a renter defaults and has to be evicted for non-payment of rent. A landlord protection agency will be there for the landlord and many legal fees and court costs will be paid (partially or fully) by the agency.