Being a landlord in Phoenix, AZ can be tough sometimes. During the pandemic, as just one example, some tenants took advantage of eviction moratoriums by not paying rent at all.
The list goes on of ways that you, as a landlord, can be screwed. But it's not always the tenants who are to blame; sometimes, it's the property management companies. One such way is when they go rogue and leave your investment property a total mess.
In that case, you need a landlord rescue. How do you navigate this process, and what things should you be on the lookout for? Today, we discuss everything you need to know.
What Is Landlord Rescue?
In the simplest terms, a landlord rescue is when you have a property management company that completely lapses in its duties. They neglect your property, fail to do maintenance, and sometimes don't even collect rent. There's often a dearth of communication and no apologies for it.
In essence, everything they promised to do isn't taken care of, and you get no notice. The landlord rescue part involves setting you up with a new property management company so you can get your weekend back.
Collect Overdue Rent
Rent is usually the first casualty before landlord rescue becomes a necessity. Remember, many tenants decided to take advantage of their landlords during the pandemic. There may be months of unpaid rent that you need to collect.
The best thing you can do is communicate. Tell the tenant what they owe, and what legal action you'll take if necessary. This usually irons things right out and sets your property back in order.
Investigate Eviction Claims
You can't afford to let bad tenants stay on your property, whether they don't pay, or damage your investment property. A rogue property management company may have left all of this in the lurch. You can't afford an asset that's not generating revenue when mortgage rates are back to the high 8% rate.
Make sure your tenants are complying with the lease and paying their rent on time. If push comes to shove, you may have to kick off the eviction process yourself.
Tackle Violations
There may be building code violations that you were unaware of. This usually happens because the property manager failed to conduct regular inspections. The last thing you want is to get such heavy fines that your only option is to sell off your rental.
Get your house in order by performing the necessary repairs. Make sure to address any issues that could result in a lien or government foreclosure. Have a professional do the inspection so you miss nothing.
Find a Property Management Company in Phoenix
Landlord rescue is the process of relieving you from an irresponsible property management company. Navigating the process means catching up on unpaid rents and tackling evictions. There may also be violations that put your property at risk of a lien or foreclosure.
Real Property Management leads the way in the Sunshine State. Our friendly team of real estate experts will help you maximize rents for townhouses, single-family homes, and more. Get started by using our free rental analysis calculator.
