What is the Real Cost of an Eviction to a Landlord
Starting the Eviction Process
When a landlord decides to evict a tenant, he sends out a notice to the tenant but doesn’t always get a tenant to leave on his or her own accord. In most cases, evictions have to be obtained through the court. The legal proceedings would always incur a hefty fee, regardless of where the landlord lives and what the specific circumstances are. Depending on the area of jurisdiction, city and the fees of attorneys in that place, a landlord would end up paying a few thousand dollars in the whole process of evicting one tenant.
Cost for Legal Counsel
The attorney’s fees can be anywhere between a few hundred to a few thousand dollars. Some landlords however have long term agreements with attorneys and they may spend less on a case to case basis. Apart from this fee, there are many other legal expenses that a landlord has to account for.
To the flip side, a landlord is eligible to get paid from tenant, not just the dues but also substantial expenses of the entire eviction process. While a landlord does make up the money, there is an interim investment that one has to bear. Besides, there are several other costs that are not often shed light upon.
The True Cost of an Eviction
The real cost of an eviction to a landlord is much more than the legal fees and the pending rent amounts. When a tenant is evicted, a landlord needs a new tenant. It may be several weeks or months before a new tenant signs on the dotted lines of the rental agreement. These months are a period of no income from one particular property for the landlord. Repeating the whole process of looking for tenants, screening them and putting in place all the legal documents is also an expense that the landlord has to bear.
In a nutshell, eviction is not a process that a landlord can cherish because there would be substantial financial losses or at less income at the least. There is also the factor of tedious follow ups and a repetitive process of finding new tenants.
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