Did you know the median home price in Florida was $410,000 earlier in 2023?
If you're going to invest hundreds of thousands or millions of dollars on an investment property in Fort Walton Beach, Florida, you'll want to be careful. It's okay to be the landlord of your rental property, but it's not a role for everyone.
It's important to know when to seek out landlord rescue services. Otherwise, you could jeopardize your investment and suffer unnecessary stress.
Here are five signs you need landlord rescue sooner rather than later.
1. You're Having Trouble Finding Good Tenants
Finding good tenants is not as easy as it might appear. You might attract people to your rental property, but that doesn't mean they're good tenants. All it'll take is one lousy occupant to cost you in terms of unpaid rent, property damage, and potentially the expense of evicting them.
One of the landlord services a property manager offers is tenant screening. They'll conduct background checks, ask for proof of income, request landlord reference letters, and take other steps to find you quality tenants.
2. You're Finding It Hard to Keep Up With Maintenance
You also need landlord help if you struggle to stay on top of maintenance. Tenants expect their rental property units to be in good shape inside and outside -- and they'll let you know if you're not meeting their needs.
Maintaining your investment property is also about ensuring that your real estate appreciates in value. If you don't stay on top of maintenance, the property will soon look the worse for wear and require extensive repairs.
3. You're Tired of Being on Call 24/7
If you're the landlord of your rental property, you'll have to get used to tenants phoning when you're trying to get some sleep or when you're eating dinner. You might get stressed out about having to handle tenant relations.
That's one reason you should call a property management company offering various types of landlord services. You can ask the property manager to be the point of contact for your tenants so they get the service they deserve.
4. You're Not Sure What the Rent Should Be
Do you know how much money you should charge tenants? You need to maximize the amount of cash flow you bring in. That is, after all, one reason you invested in a rental property in the first place.
A property manager can help you set the right rental rates by assessing the marketplace. The service provider will consider what other landlords of similar investment properties in the area are charging.
5. You're Struggling to Fill Vacancies
You'll also want to contact a property management firm if you have vacancies and are struggling to find tenants. The property manager can help advertise the property and recommend upgrades and amenities that will be more appealing to tenants.
Do You Need Landlord Rescue?
If you are experiencing any of the five problems listed above, you need a property management firm in your corner. Getting the right help will make your experience as a rental property owner more enjoyable and less stressful.
At All American Realty and Investment Group, we offer property management services. Contact us when you require landlord rescue. We're here to help.
