You made a smart investment decision to purchase a rental property in Daytona Beach, FL. Your life as a DIY landlord has been great so far, but lately, things aren't going according to plan.
Perhaps you're struggling to maintain a high occupancy rate and consequently, your rental income has reduced. None of your fixes yield any results, so you're left wondering what's next.
Your situation isn't unique. Far too many landlords don't know when their ship starts sinking and wait until it's too late to get landlord rescue. To ensure you don't make that mistake, we're sharing a few telltale signs it's time to get help.
1. High Vacancy Rate
The business model of owning a rental property is simple: you need a rent-paying tenant. Having a vacant unit means no rental income.
If your Daytona Beach property has been vacant for a couple of months, or tenants keep moving out soon after moving in, there's a problem that needs to be addressed quickly. A high vacancy rate can be occasioned by several issues, including poor landlord-tenant communication, the rent being charged, or the condition of the property.
If you can't seem to get to the root cause of the high vacancy rate, you need to hire a professional property manager as soon as possible.
2. Can't Keep Up With Property Maintenance
In Florida, landlords are legally responsible for keeping their properties in a safe and habitable condition at all times. This means staying on top of routine maintenance and addressing repair issues as they arise.
An inability to stick to the maintenance schedule and perform repairs urgently is a sign that you have some landlord challenges that need to be solved. Either you don't have enough time to dedicate to property maintenance and repairs, don't think it's important, or you're struggling to fund those activities.
Either way, ignoring property maintenance will hurt tenant customer satisfaction and even get you sued.
3. You're Getting Bad Tenants
Maybe you figured out that the high vacancy rate is a lack of rental property marketing. You've since started running a marketing campaign, and sure enough, rental applications are streaming in.
Eager to fill up the property, you accept the applications quickly. Unfortunately, a few months later, the new tenants aren't paying rent on time and others are flouting your rules.
Well, you have bad tenants, and that's because you didn't screen them comprehensively before accepting their application. This is a big mistake that can make your life miserable.
A real estate management firm that offers landlord rescue services can step in to handle the eviction process if needed. But most importantly, they'll do thorough comprehensive tenant screening, ensuring all incoming tenants are reliable.
Rescue Your Investment with a Landlord Rescue Service
Being a DIY landlord has its benefits, but the risk of failing is always there. The key is to know when things aren't going your way and seek professional help from a landlord rescue service.
In Daytona Beach, look no further than PMI Daytona Flagler for landlord rescue services. We offer top-tier property management for residential and commercial properties using advanced technology. Locally owned and part of a 20-year-old franchise, we focus on excellent customer service, maximizing owner profitability, and investment protection.
Contact us today for more information.
