The San Antonio rental market is booming. The city recently made a list of the top 10 markets to watch in 2024.
That is promising news for property owners and real estate investors. However, it also means being aggressive in protecting your assets and income potential. Unfortunately, that sometimes requires evictions for tenants who fail to pay rent or who cause disruptions or damage to the property.
Below are three eviction protection strategies that can give you the security you need. Keep reading to find out which ones may be best for your San Antonio investment.
1. Understand Landlord and Tenant Rights
Like other states, Texas has particular laws that protect both landlords and tenants. There are standards that determine when eviction is permissible and those that lay out the eviction process. One of the best things you can do is to be fully versed in these.
Keep in mind that laws can change over time. For instance, during the COVID pandemic, there was a national moratorium on evictions due to failure to pay rent. These have expired, but illustrate how important it is to stay on top of existing policies that govern evictions.
This will ensure that you are operating in full compliance with the law and respecting tenant rights. It also will let you make decisions with speed and confidence regarding the eviction process, should it become necessary.
2. Purchase Rent Guarantee Insurance
A financial protection against loss of income due to evictions is rent guarantee insurance. These are plans that cover rent when tenants fail to pay.
Like other rental property insurance policies, there are different types of rent guarantee plans. They each will have distinct parameters.
Most good ones will cover lost rent for a specified period, such as six months to a year, with few questions asked. There may be waiting periods and other exclusions, but landlord insurance plans are a solid way to guarantee you get paid, even when a tenant does not.
3. Hire Professional Management Consultants
A final solid eviction protection plan is turning things over to the pros. If you find yourself facing the need to evict, a reputable property management company can take the reigns. There are several advantages to this.
First, it eliminates the time and hassle you would otherwise devote to the meticulous legal processes needed for eviction. These can be long and drawn out, sucking up tons of time that you could otherwise use to grow your real estate business.
Also, it ensures that eviction procedures are carried out precisely. Professional management companies will know the appropriate steps to take, so that the process is completed as expeditiously as possible. That can translate to you getting the property back on the market and re-rented as soon as possible.
Find Eviction Protection Assistance Near You
Now that you have some strategies for dealing with evictions, you can be certain that these unfortunate situations are handled quickly while in full compliance with the law and tenant rights. An experienced property management company can further advise you on the proper steps to take.
PMI Profit Realty is a full-service property management company serving San Antonio and the surrounding areas. We offer a range of services, including eviction protection plans. Reach out to us today for additional property management tips or to schedule a free consultation.
