What is the difference between Gold and Platinum management packages?
There are two differences. One is about the eviction process and another about tenant placement. Below we explain the difference between the packages in terms of the eviction process and fees:
1. 7% Package + $10 monthly for eviction protection = 9% package. The same
2. How 7% Package + $10 monthly for eviction protection/9 % package differs from 7% package without 10$ monthly eviction protection fee?
Regardless of the package, we will do an equally great job on tenant placement. We will do the same advanced marketing and extensive background checks. We will use the same lease agreement, which is approved by the Supreme Court. If at some point, we experience difficulties with the resident and lease administration, we will try all possible measures to bring both the relationships and the lease to good standing. However, as a last resort, we may have to evict the tenant to take possession of the property. In general, eviction costs $800.
So, when eviction is not avoidable:
1. We will hire an attorney, who will file an eviction.
2. We will pay the attorney for his/her fees and filing fees. In general, eviction costs $800.
3. Homeowners will see an eviction fee charge in the statement
4. When the tenant moves out/evicted, the tenant’s security deposit will be applied towards unpaid rent, repairs, eviction fees, and other fees.
5. There is a possibility that security deposit will not be sufficient to cover the balance owned by the tenant. For example, deposit only covers the unpaid rent and repairs.
6. Eviction cost remains unpaid by the tenant and becomes liability of the owner.
7. Since security deposit covered the rent, the owner now has an income. And uncovered by security deposit eviction cost will be deducted from owner’s income as an owner expense. A) This is an example of 7% package without 10$ monthly eviction protection fee. B) Owners with 7% Package + $10 monthly for eviction protection/9 % package will receive a credit from Mila Realty equal to the eviction cost. So, the owner receives rent and repair funds covered by the security deposit in full without any deductions.
8. Indeed, homeowners may seek reimbursement from the tenant for unpaid balance by initiating the legal actions. However, this is a costly and long journey with no promises at the end.
