Evictions aren't a pleasant process for anyone involved, but unfortunately, they're a common occurrence. According to PNAS, around 2.7 million households in the country are the recipients of an eviction filing. As a property owner, it's essential you know the proper and legal eviction process to protect yourself and your assets.
Eviction protection is designed to protect yourself from the unexpected costs that can arise when you're evicting someone. This blog will cover the basics of rental property protection and why you should explore it as a real estate property owner.
What Is Eviction Protection?
Eviction protection is designed to shield landlords from the stress caused by the eviction process. Many property management companies work these safeguards into their contracts, ensuring their clients are protected in the event of an eviction.
At PMI Northwest Houston, our eviction protection program targets the screened tenants we place. If one of our pre-approved tenants needs to get evicted, we'll be responsible for the tenant eviction process. This includes any fees or costs associated with their eviction up to $2,000.
How Our Eviction Process Works
There are a few criteria your eviction needs to meet for you to qualify for our program. Some of these elements include:
- You need to subscribe to our protection plan in your management agreement
- New tenants whose leases are signed after the agreement is in place are covered
- Existing leases before our agreement are covered after seven months
The goal of our eviction protection plan is to mitigate some of the costs associated with an eviction. Keep in mind that our plan doesn't include some of the below costs:
- Tenant's attorney fees, penalties, damages, or court-ordered fines
- Move-out costs
- Property damage
- Lost rent
Why You Need an Eviction Protection Plan
The process can be very confusing, especially if you've never evicted a tenant before. The costs connected with evicting a tenant can quickly add up. Common expenses associated with evicting a tenant may include:
- Attorney fees
- Court fees
- Moving and storage costs
- Sheriff's fees
Property owners would be responsible for paying all of these costs if they didn't have an eviction protection plan in place. While the plan may not cover all of the above costs, it would majorly decrease the amount a property owner would have to pay.
One factor in preventing evictions is taking the time to adequately pre-screen tenants before placing them. Conducting thorough background checks and connecting with references is a great way to mitigate your risk. An experienced property management company will have tactics in place to protect your landlord's rights and keep your property filled with high-quality tenants.
Protect Your Rights With an Eviction Protection Plan
It may seem like you're preparing for the worst when you sign an agreement with an eviction protection plan. However, it's a great business move to ensure you're protected from all angles, especially when it comes to renting out your property. Work with a professional property management company to reduce your out-of-pocket costs if eviction becomes necessary.
At PMI Northwest Houston, we've designed an eviction protection plan with our clients in mind. Our staff will work with you throughout the entire eviction process, ensuring your stress levels and costs are low.
Reach out to our office to learn more.
