Real estate investing is a lucrative business. As we've learned over the past two years, it also comes with unforeseen risks.
The COVID-19 pandemic disrupted lives in more ways than one. Part of the government's relief package was a lengthy moratorium on evictions. Landlords and property management companies had their hands tied when it came to eviction claims.
In some instances, property owners couldn't afford to continue paying property managers. In other cases, the property management company exhausted all options to fulfill its responsibilities.
Now that the moratorium is over, you might be wondering how to turn your properties back into sound investments. Property investors need a landlord rescue, and we have you covered. Please keep reading to learn what it is and how it works.
What Is A Landlord Rescue?
A landlord rescue is needed when a property management company does not properly manage properties for rent. Or a property owner realizes they don't have the tools or the experience to manage the property. This happens a lot when the owner isn't local.
The landlord rescue also occurs when the owner transfers management to a new company. The new property management company is better equipped to manage the units. They also have the required experience and resources to address various issues.
Catch Up On Past Due Rents
As we mentioned above, the moratorium on rents left the real estate investing business in a quandary. It's not uncommon for renters to end up in the eviction process. However, having millions of people questioning whether they had to pay rent or not compounded the issue.
Government dollars were available to help renters with back rent, but some didn't understand the process. Others chose not to pay because they knew it would be difficult to evict them. Now property owners need property managers qualified to collect back payments or evict tenants.
Address Code Violations
The last thing you want to be known for in real estate investing is being a slumlord. When a property isn't being managed correctly, chances are, records aren't maintained either.
Outstanding code violations can turn into hefty fines. A lien is placed on the property when left unpaid. In some states, the government agency can foreclose on the property.
The new property management company will help owners address outstanding code violations with a landlord rescue.
Conduct Home Inspections
Out-of-town real estate investors with homes for rent rely on property managers to conduct periodic home inspections. This is important to ensure the tenants are abiding by the lease agreement.
It also ensures squatters aren't taking up residence in vacant properties.
A landlord rescue includes evicting illegal tenants and cleaning up the property. They can also review past maintenance requests and schedule outstanding repairs.
Get Your Property Investments Back On Track
Don't take a loss on your real estate investments. Consult with a property management company that offers landlord rescue packages.
Contact us today if you have properties in Utah. We are here to help rescue your rental investments.