Are you still unsure about investing in an eviction protection plan for your Corpus Christi rental property? If so, here's a good enough reason to do so: eviction rates have spiked throughout the U.S., including Nueces County.
Without protection, you'll likely have to cover the entire eviction cost out of pocket, which can sum up to thousands of dollars.
This guide discusses how these plans work and why you should consider them, so read on.
How Eviction Protection Plans Work
Eviction protection plans are subscriptions offered by a reputable property management company. Once you've subscribed, they'll become part of your Management Agreement with the firm. From there on, the latter handles the tenant screening process on your behalf.
Once the plan is in place, it'll immediately cover all new tenants who sign a lease.
If you have existing tenants before subscribing, the plan won't immediately cover them. However, it will once a certain amount of time has passed, usually seven months.
Now, suppose you have to evict a tenant the plan covers. In this case, your property management company will handle the eviction process. They'll also cover up to $2,000 of your eviction-related legal costs or fees.
Why Invest in Eviction Protection
Eviction protection reduces your risks of getting embroiled in eviction cases. As mentioned above, once you subscribe to one, the property management firm will screen prospective tenants. Their screening process helps you find great tenants who are less likely to do something that will force you to evict them.
Even if you must evict tenants, having protection means you won't be alone during the lengthy, costly process.
Protection From the Stress of Filing Eviction Cases
Evicting a tenant in Corpus Christi requires you, the landlord, to serve them a notice to vacate. You must provide them at least three days to leave your property. You can file an eviction petition in the correct Justice Court precinct if they don't.
During the filing process, you must provide copies of the lease and notice to vacate. You must also make the complaint under oath and specify why you want to evict the tenant.
As you can see, it's a very stressful process. Fortunately, you don't have to do all that yourself if you have an eviction protection plan. Your property management company will do it on your behalf.
Financial Protection
When you file an eviction petition, you'll pay court filing and service fees of $219 (per person). So, if the lease has five parties named, you're looking at a starting cost of $1,095 ($219 X 5). You may also have to pay $22 for the jury fee, $10 for an appeal, and $252.50 for a Writ of Possession.
With an eviction protection plan, you can get coverage of up to $2,000 of those costs.
Protect Your Assets From High Eviction Costs
Removing a tenant from your property is never a pleasant experience, but you don't have to do it alone. Eviction protection can lower your risks of facing such stressful, costly events.
If you're ready to protect your investments, PMI Corpus Christi can help. We are a full-service property management company that can handle all your leasing concerns.
So, speak with our team of experts today! We look forward to discussing how our eviction protection plans can benefit you.
