The pandemic has been a tough time for renters and landlords alike. A study by JP Morgan Chase found that landlords lost about 20% of their revenue on average, especially during those turbulent early months. Many were also affected by the impact of the eviction moratorium, which tied their hands.
If you've been let down by your property management company, landlord rescue services can help. They can pick up the pieces and hopefully help you make your property investment profitable again.
Let's explore four key ways landlord rescue services in Sarasota, FL can help.
1. Support for Out of Town Investors
Hiring a real estate management service is crucial to making a success of out-of-town property investing.
If you've been let down by your previous property managers, it's easy for things to get out of hand fast. It probably means no regular inspections, no proper rent collection, and little to no documentation of lease violations. This can make it very hard for you to maintain your property in good condition and to evict problem tenants.
Sarasota-based property management is the answer. Look for a reputable company that has years of experience in the local market. Their landlord rescue services will undo the damage done by the last company.
2. Chase Missing Rent
The pandemic created a seriously confusing situation for renters. Some were unsure whether they should pay even if they could. The government support available was often confusing. Managing a rental wasn't exactly a walk in the park during this time either.
You need to hire a property management company with the skills to unpick the situation for your tenants. They can try to recoup as much of that back rent as possible.
3. Handle Code Violations
If your prevent property management company did not follow up on tenant complaints, you may have been hit with code violations. This means that the property no longer meets safety or sanitation codes and is deemed dangerous. This can be a serious problem for landlords that can impact the viability of their business.
Landlord rescue services can work with the local health department to find out what went wrong. They'll work with you to agree on a plan to get these overturned. After the work is done, they'll invite a health department official in to reinspect the property and issue a letter of compliance.
4. Get Your Rental Into Great Shape
Your last property management company didn't follow up on tenant complaints about health and safety. They probably didn't spend much time on past maintenance requests either.
Landlord rescue services begin with a thorough property inspection. A maintenance action plan will be created and agreed upon with the landlord and the tenant. Doing this will give you happier tenants and keep the rent rolling in.
Ready to Hire Landlord Rescue Services?
If your rental is not working out as you'd hoped and you've been let down before, landlord rescue services can help.
At Gulf Coast Property Management, we help Sarasota, FL landlords get their rentals back on track. If you're feeling overwhelmed, give us a call at 941-269-1561. Alternatively, reach out online, and we'll be in touch soon.