Roughly 50% of landlords in the U.S. manage their units. Being a do-it-yourself landlord has several benefits, including the potential to earn more rental income and maintain complete control of your property.
However, while many DIY landlords have achieved great success, some have run into various challenges that jeopardized their investments. Unfortunately, some of these landlords wait until it's too late to take proper corrective actions. Knowing when to get landlord rescue can be the only thing that saves your investment.
But how will you know that you need rescue and that what you're going through is not just a rough patch? These are the signs to watch out for:
High Tenant Turnover
If your rental property has become like a revolving door for tenants, something's not right. A high tenant turnover rate means you won't maximize your rental income and you'll spend more money on new tenant acquisition.
Causes of high tenant turnover vary, ranging from poor property management to an unsafe building environment. If you don't know exactly why your tenants won't stay or renew their leases, hire a property manager as soon as possible. They'll investigate the root cause and implement suitable measures to reduce the tenant turnover rate.
Rent Is Not Getting Paid on Time
The joy of being a landlord is collecting the rent that's due from your tenants. You have bills to pay, so prompt rent payment is necessary. It's for this reason rent is typically due on the first day of a new month, and often no later than the fifth day.
If rent is coming in later than this and your efforts to get tenants to pay on schedule aren't yielding any fruit, you need landlord rescue.
Efficient rent collection is key to being a successful landlord. A property manager will enforce your rent payment policy effectively, ensuring every tenant pays up on time.
You Barely Have Time for Landlord Responsibilities
There's a reason plenty of people become landlords after retirement. They now have enough time to focus on managing their properties.
Being a landlord requires your attention round-the-clock. If you are not available full-time or live far away from the property, you could be struggling to get things done.
Rental property maintenance needs to be done promptly. And if you cannot attend to tenant complaints right away, some can opt to move out or fail to renew their leases, citing poor property management.
A full-service property management company can step in and give your property and tenants the attention they deserve, thus rescuing your investment.
Get Landlord Rescue in Good Time
Investing in rental real estate is a low-risk, high-reward move, but it's not fail-proof. Without prudent property management, your investment might not be as profitable as you envisioned.
The good news is there are many landlord rescue services, often in the form of property management companies. Whenever you feel or see that you're struggling to manage your property, call for help.
If your property is in Kansas City, MO, SCUDO are the professionals to call. As a locally owned and run property management firm, we have the expertise to rescue your investment.
Get in touch with us to speak to a professional.
