Florida has experienced record evictions in the past few years, with over 10,000 rental evictions and counting. Real estate investors probably gave little attention to the term landlord rescue pre-pandemic because the markets were doing great.
The pandemic impacted people's lives in many ways, including financially. Now the US Supreme Court is set to make an unprecedented decision regarding student loan forgiveness. Simply put, when people can't pay their rent, it has a trickle-down effect on overall property management.
Some property owners can't afford to keep paying property managers or for property maintenance if they aren't earning revenue. You need options and a quick fix if you're a property investor.
You may be asking what it means to rescue a landlord. Keep reading to find out what it is and how it works.
What Is a Landlord Rescue Service?
A landlord rescue is usually needed when an absentee property owner shows up and realizes their property management company is not following the rules of their contract. They're not collecting rent on time, and properties are in disarray.
A landlord rescue program can also be needed when a property owner manages the property without the right resources. They may need to do a rental property cleanup and hire a property management team.
Last, a rescue happens when property owners change their property management company. The new company is better at managing properties but needs time to get everything back on track.
What to Expect?
There are crucial elements that can be addressed in a rescue plan. The primary objective is to appoint a property manager to manage the property and get paying tenants in the rental units.
Let's look at some objectives.
Problem Tenant
A problem tenant is typically someone who doesn't pay their rent on time. It is also someone who doesn't follow the terms of the lease. They are constantly breaking appliances, doors, walls, etc. You may even learn of noise complaints from neighbors and have been cited by codes for poor upkeep of the property.
Illegal Tenants
Legally, the only people allowed to live in a rental property are those on the lease. When you learn a tenant has subleased the unit without landlord approval, you can evict them.
Part of a landlord rescue service is hiring professionals using the law to remove squatters and other illegal tenants.
Property Maintenance
The worst thing a property investor can deal with is being labeled a slumlord. You can face multiple fines or lose your rental home due to poor or non-existent property maintenance.
Some states allow government agencies to foreclose on your property for numerous or unpaid code violations.
Landlord Rescue Services in Florida
Verandah Properties is a property management company with twenty years of experience.
We are a full-service company that is skilled in landlord rescue services. No matter what property concerns have brought you to us, we want to help you turn your properties into profitable investments.
Do you need expert help to manage your properties? Message us to learn how we can help you.