The average landlord owns three properties. Juggling maintenance, rent collection, and other tasks can lead to burnout if you're stretched thin. If you're struggling, you may need landlord rescue services.
After all, only 45% of landlords manage their own properties. Most rely on property management companies to operate efficiently.
Not sure if you need help? Read on for the five signs it's time to call a management company!
1. High Vacancy Rates
The rental vacancy rate in America is nearly 6.5%. The longer your rental property sits empty, the less revenue you'll generate. If you're struggling to attract tenants, consult a property manager.
They can develop a thorough property marketing strategy. A mix of traditional and digital strategies will expand your reach. You can broaden your tenant pool and generate more applications.
These strategies include:
- Billboards
- Flyers
- Signs
- Digital ads
- Search engine optimization
- Social media marketing
- Tenant reviews
- Influencer marketing
- Email marketing
Trying to optimize multiple campaigns alone can lead you to make mistakes. Instead, choose a company with experience. Their proven strategies will improve your ROI and ensure you generate applications.
2. A Crumbling Rental Property
Neglecting your investment property will cause it to deteriorate. It may fail to attract tenants. Instead, it will sit vacant and require more extensive repairs.
Scheduling routine maintenance can help you catch small problems before they become huge expenses. If the property is crumbling, hire a property manager. They have connections with reliable vendors in Albuquerque.
They'll schedule maintenance on your behalf. They can even give tenants access to an online portal.
Tenants can submit maintenance requests. You can keep track of these projects to ensure there aren't delays.
3. Low Rental Income
Low rental income could indicate you're setting rental rates too low. Setting them too high could scare away applicants. Talk to a property manager with local experience.
Their understanding of the local market will help you set competitive rates. You can complete a rental analysis and apply pricing strategies. With their help, you can maximize your earning potential.
4. Frustrating Tenants
If tenants are causing you excessive stress, you likely failed to screen them ahead of time. A thorough tenant screening process involves:
- Criminal background checks
- Credit reports
- Eviction histories
- References
- Employment verification
This information can help you choose reliable, trustworthy renters. These renters pay on time and don't cause problems.
Outsource your tenant screening process. A property manager can gather detailed reports while saving you time.
5. No Landlord Life Balance
Are you struggling to find a work-life balance? If your landlord responsibilities are becoming time-consuming, ask for help.
The best property management company can complete routine, daily tasks for you. They can automate simple tasks to save you time. Their landlord advice can help you operate more efficiently.
Ask for a Landlord Rescue Today
You don't have to manage your Albuquerque rental property alone. Instead, ask for a landlord rescue. Their services will save you valuable time and help you generate more revenue.
Our team at PMI 4U uses state-of-the-art technology and proven strategies to support owners. We can maximize your profitability.
Trust our 20 years of industry experience and skilled team. Contact us today for a rescue.
