Over 70% of single-unit rental properties are owned by individuals. Most landlords are individuals who own a few units, but that doesn't mean they manage properties on their own.
If you are a property owner who tried and failed to be a landlord too, your rental income is likely suffering. To avoid challenges that come with terrible property management, consider landlord rescue services.
What Is Landlord Rescue?
Landlord rescue services are necessary if your current property management company isn't properly managing your units. Landlord rescue is also helpful if an owner realizes they don't have the experience to manage a property.
The landlord rescue process starts when the owner transfers responsibility to a new rental property management company. They can then go in and address various issues and help the owner get back on track.
How Can Landlord Rescue Save Your Rental?
Being a DIY landlord isn't all that it's cracked up to be. If your tenants are behind on rent or you have code violations that need addressing, landlord rescue services will start with these problems.
They can also help conduct home inspections to see if tenants are following the lease agreement or see if squatters are residing in vacant units.
Catch Up on Past Due Rents
If you aren't a local property owner, renters might be taking advantage of you and not paying their rent on time or at all. It's also possible that your code violations have made the property unlivable so tenants are refusing to pay rent.
New property managers will come in and collect back payments from tenants or start the legal eviction process.
Address Code Violations
If a property isn't managed correctly, you might get the reputation of being a slumlord.
When you don't manage your records, you could have outstanding code violations that can lead to hefty fines. If you don't pay these fees, a lien is placed on the property.
A landlord rescue program will help rental property owners address outstanding code violations and pay any necessary fees.
Conduct Home Inspections
Landlords who are out-of-towners or don't spend a lot of time on the property at all are missing out on essential landlord duties.
Instead of avoiding these responsibilities, hire a property manager who can conduct periodic home inspections and help increase rental income. They will note what maintenance and repairs need to be completed from the inspection.
These inspections are essential to finding out if tenants are abiding by their lease agreements. It's also important for identifying and evicting squatters in vacant properties.
Work With a Reliable Property Management Company
Whether you hired a property management company that isn't cutting it or tried to run your property yourself, something isn't working. It's time for a major change and a reliable property management company can help.
PMI Biloxi is a full-service rental property management firm that offers landlord rescue services. With our 20-plus years of experience, we are equipped to aid landlords when they need it most.
Let us help you get your property back on the right track. Contact us today to get started.