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Property management companies ensure steady flows of income. However, not every service is a right fit. If you ever find yourself in this position, it's time to consider landlord rescue.
Landlord rescue is necessary when a property owner needs a new management company right away. Issues may include problems with rent collection, property damage, tenant screening, and more.
It always helps to have a backup plan as a landlord.
Here are a few things to notice.
High Tenant Turnover
What's the problem with tenants moving out when you can just fill vacancies with new ones?
Simply put, turnover is expensive.
The following necessities cost money:
- Property repairs
- Rental property marketing
- Tenant screening and placement
Ideally, you want tenants to renew leases as much as possible.
A good property management company may include incentives to entice the best tenants to stay. This may include new appliances or countertops.
Property managers who aren't attentive to maintenance requests also increase turnover. Tenants also need an easy way to submit repair requests. For example, PMI Lighthouse offers tenants an online maintenance request portal to make service calls.
Issues With Tenant Screening Require Landlord Rescue
Tenant screening should go beyond basic background checks. Your property manager should check criminal, financial, and rental histories.
An overlooked point is previous landlord relations. A dedicated property management company will call previous landlords for references. Good tenant-landlord relations are vital for keeping turnover low.
Good tenant screening should mitigate issues with rent collection, as well. All property management companies should screen for income, employment, and credit scores.
You can also cut out the rent collection hassle with an online payment portal. These portals accept multiple forms of payment. Renters can pay with their debit cards instead of writing and mailing paper checks.
Lack Of Communication
Excellent communication should be a cornerstone of every property manager's philosophy.
Communication entails:
- Checking up regularly on properties
- Inspecting for damages
- Communicating with rental applicants
- Communicating financial matters with landlords
- Lease renewal negotiations
- Engaging with tenants
- Responding promptly to maintenance requests
New property owners and tenants may sign up for a PMI Lighthouse account to make requests, leave messages, and catch up on the latest news.
Mismanaging the Marketing of Rental Properties
If your property manager isn't handling rental marketing, you need a landlord rescue plan.
Every property management company should list properties on major retail sites. PMI Lighthouse uses rental software to automatically list properties on Trulia, for example. Managers also write real estate copy and hire professional photographers to create high-quality listings.
Cross-promotion strategies are also a must. Consider landlord rescue if your current manager isn't leveraging social media, email, and other digital marketing avenues.
Reputable management companies stay in touch with the best tenant leads to prevent turnover, damages, and landlord conflicts. Being clear about expectations in property listings can mitigate a lot of issues.
Put Your Investment Property First
Don't hesitate to use landlord rescue. Your rental properties deserve an attentive and professional property management company.
Take action as soon as you notice problems with the following:
- Turnover
- Rent
- Tenant screening
- Communication
- Marketing
PMI Lighthouse prides itself on leveraging the latest real estate software, bringing years of expertise to the table.
Contact us to learn more.
