A failing rental property is every landlord's nightmare. Whether you can't keep up with seemingly endless maintenance and repair issues or are dealing with problematic tenants who don't want to pay their rent, you're bound to feel the pinch of owning a property with poor financial performance.
If you aren't earning enough revenue from your rental, you might not be able to keep up with your bills. And if the problems go unresolved, you could end up in a lot of debt.
The good news is it's possible to get landlord rescue and turn around a failing property. Read on for a few actionable strategies you can implement to save your rental.
Start Screening Your Tenants
Tenant screening is an important responsibility that some landlords overlook. If you have a habit of not looking deeply into a prospective tenant's credit history, source of income, and criminal background, you'll only have yourself to blame when the said person becomes a delinquent tenant.
Screening rental applicants is an effective way to spot someone who has the likelihood of becoming a bad tenant. By rejecting their application, you'll not only be protecting your investment but also increasing your chances of being successful.
You can hire a tenant screening service to do the job if you don't have the time or expertise to do it yourself.
Improve Tenant Satisfaction
Your rental property investment can quickly turn south if you can't seem to make your best tenants stay beyond their lease. Yes, you can always replace a tenant, but losing a good tenant means you're risking getting a bad tenant.
Improving tenant satisfaction will help improve your retention. Things like keeping an open line of communication with your tenants, staying on top of property maintenance, and offering lease renewal incentives go a long way.
The longer you can hold on to your best tenants, the less likely that your property will sink further into the red. From there, you can focus on getting rid of the bad tenants through an eviction process.
Invest in Property Marketing
Your property is in excellent condition and the local rental demand is just okay, but you can't seem to attract any tenants. What could be the problem?
You're probably not marketing the properly - if at all.
Don't just assume that tenants will find your property out of the blue. If they don't know it exists, you'll struggle with a low occupancy rate, which is a major cause of rental business failure.
Use social media, online real estate listings, and other digital marketing techniques to make it more visible to your target market.
Turn to Professional Property Management for Landlord Rescue
Being a DIY landlord isn't a walk in the park. If your property is failing despite your best efforts to turn it around, it's time to let a professional property manager take the reins. These professionals have the skills and knowledge to transform your property into a revenue-generation machine.
In Atlanta, you can get professional landlord rescue services at PMI Atlanta West. We are a locally-owned residential property management company that's powered by a national franchise parent with over 20 years of industry experience.
Contact us and let's start working towards turning around your rental property.
