Overseeing a rental property is among the most overwhelming ventures property owners can tackle. In addition to conducting tenant screening, rent collection, addressing property maintenance requests, and responding to tenant concerns, you must also be knowledgeable about several landlord-tenant laws to avoid legal issues.
Failing or even just lacking in your landlord duties can lead to reduced rental income, not to mention a negative impact on your rental property's reputation. If you're not maximizing the potential of your investment property, you might need landlord rescue services to help you.
Telltale Signs You Might Be Struggling as a Landlord
Inefficient Rent Collection
You need your tenants to pay rent on time so your rental property operations can run as smoothly as possible. Inefficient rent collection methods can lead to late rent payments or no payments at all. Hiring a property management company provides you with access to a tenant portal that can be highly beneficial to you.
Not only will you be able to collect rent digitally, but you and your residents can also monitor their payment records. Some tenant portals even have automated functions where tenants are issued late fees for late payments.
Difficulty with Property Maintenance
Whether it's from maintenance requests or findings from property inspections, addressing maintenance issues promptly is crucial to keep your tenants safe and comfortable. With several maintenance requests on the line, you might have trouble coordinating them.
You can hire a property management company to oversee the entire maintenance process, which includes scheduling property inspections, coordinating maintenance requests, conducting property maintenance, and contacting reliable vendors for the job.
Dealing with Bad Tenants
Tenants who cause disruptions or property damage can cause massive stress to DIY landlords. It can be due to lenient tenant screening or poor lease enforcement practices, but failing to prevent them can cost you more money than you'd like.
A good property manager will be able to enforce rental rules, as well as find quality tenants for your rental property through meticulous tenant screening. Property management companies like PMI Georgia use comprehensive criteria to ensure that you only rent to renters who follow your rules.
Time-Consuming Property Ownership
Handling a rental business takes a lot out of your day and can be a full-time job, but if it takes too much of your time to get tasks done, it is a landlord rescue sign, and you might need to hire a property management company to help you out.
Landlord rescue is pretty common in the rental industry, especially since landlord duties tend to stack up. Between tenant complaints and day-to-day property management responsibilities, hiring a property manager can significantly improve your business, and by extension, your cash flow.
High Vacancy Rates
Vacant units in a rental property can easily be money pits. Although you're not generating income from it, you still have to continue property upkeep for the next renter. Hiring a property management company means you'll have an expert team at your side to market your listing.
Professional marketing leads to your listing reaching the right audience on a wider scale, which means your units won't sit vacant for long. Property managers would even ensure prospective renters are right for your rental property.
Facing Legal Issues
Finding yourself in legal risk is one of the most dangerous landlord rescue signs. From landlord-tenant laws to local laws regarding your rental property, you can miss something that costs you money, or even your business.
Not everyone knows every single law that concerns the rental industry, and although you know your fair share of common laws like the Fair Housing Act, hiring a property manager who is already well-versed in rental laws can help you avoid legal headaches.
What Services a Property Management Company Should Offer
- Marketing: Find a property management company that can take professional photos, has a leasing specialist, can conduct online advertising, and analyze the rental market.
- Tenant Screening: Your property manager should screen the tenants based on comprehensive criteria to avoid issues during their tenancy.
- Rent Collection: The property manager should be able to collect rent on time, as well as enforce penalties when tenants fail to pay on time.
- Maintenance: Regular upkeep and inspections are crucial to keep the property in good condition.
- Accounting: Keeping detailed records of your financials can help you track your cash flow, which you can use to determine whether your business is doing well or not.
- Eviction: The eviction process has its own laws that need to be followed, and some evictions can take months before they are finalized. Leaving it to property managers allows you to spend your time on more productive matters.
Landlord Rescue FAQs
When should I consider hiring a property management company?
- You should hire a property manager when you feel overwhelmed by your landlord duties and are starting to see your business struggle because of it. However, some property owners do so right from the start for efficient management.
How long before property managers can get things back on track?
- That depends on what the issues are with your business. Lease enforcement efforts may yield immediate effects, whereas maintenance and repairs can take days to months.
Can landlord rescue keep my rental business from losing money?
- While it's not a guarantee, it can certainly help. Property managers have the needed knowledge to not only keep your business afloat, but to let it thrive to its full potential.
How do I find reliable property management companies in Atlanta?
- You can do your due diligence by researching the local landlord rescue services, as well as checking the reviews from current clients.
Let PMI Georgia Maintain Your Rental Property's Profitability
Our company has been in the property management industry for nearly two decades. With a team of experts and experience under our belt, your rental property could not be in better hands than PMI Georgia's. Let us help you boost your rental income and improve your operations.
You can learn about our extensive services through our page, or better yet, contact us so we can devise a plan to make the most out of your investment.
