Roughly 50% of all households in Cleveland, Georgia are renters. This makes the area an attractive market for rental property investors.
You're among the investors who have spotted the opportunity and set up rental properties. With rental prices rising almost every year, you're in a good position to maximize your return on investment.
Unfortunately, owning a rental property isn't always an easy walk to the bank. You might encounter several challenges that can throw your investment into the red. Thankfully, there are landlord rescue services that you can count on to turn around the fortunes of your property.
The key is recognizing when you need to get help. Watch out for these red flags:
1. Vacant Rental
It's normal for a rental house to be vacant from time to time. Inevitably, a tenant will move out, and it can take a couple of weeks - or months in a tough market - to find a new tenant.
However, if your property has high vacancy rates, you have every reason to be worried. Going three months or more a year without a tenant means you've lost at least 25% of your annual rental income. This is unacceptable, considering that your bills, like the mortgage, don't take a break.
It's also a clear sign that you need to get rescued by a property management company. They'll identify the reasons behind the low occupancy and devise strategies to fix the problem.
2. Problem Tenants
Ask any landlord about their encounter with a problem tenant and they'll likely have a story or two. It's a part of the business you have to live with.
But when dealing with bad tenants becomes a regular occurrence, there's a reason why. Your tenant screening process is flawed, which is why you're unable to catch rental applicants who are likely to become terrible tenants.
Screening a tenant requires thorough scrutiny of, among other things, their financial, employment, rental, and criminal backgrounds. You might not have the time or skills to do this for every applicant.
You can get rescue by outsourcing the function to tenant screening services.
3. Underperforming Rental Property
Before investing in a Cleveland rental property, you probably did a rental analysis and established how the asset will perform financially. If the rental income is below what you expected, the first culprit is the occupancy rate. But what if that's not the problem?
The next culprit is the rental pricing. If the rent is lower than it should be, a change needs to be made. However, revising your rental charges upwards is a delicate task that can blow up in your face if done without due care.
As a landlord, you're better off hiring a property manager to carry out the task of increasing the rent.
Get Landlord Rescue Before It's Too Late
Rental property investing is a low-risk and rewarding venture, but sometimes things may not go to plan. Knowing when the ship is in patchy waters and taking corrective measures quickly, like hiring landlord rescue services, is essential.
In Cleveland, feel free to reach out to PMI Mountain Gateway for rescue services. Whether you need a standalone service like tenant screening or a full-service package, our team, backed by a national franchise, is ready to serve you.
Call us at 706.309.0206 for immediate help or leave a message.
