Real estate investing has long been a lucrative business. Unfortunately, many property owners have learned over the last two years that it comes with risks.
The pandemic has had a massive impact on many people’s lives. As part of the Treasury’s Emergency Rental Assistance (ERA) program, there was a long-term eviction freeze. The rules left landlords and property managers in a bind and in need of a landlord rescue of their own.
Property owners sometimes couldn’t afford to keep paying property managers. In other scenarios, the management company ran out of options.
Now that the freeze has lifted, you may ask yourself how to get your properties back on track. Property investors in need of a landlord rescue in the bay area of California are in luck.
Keep reading to discover what a landlord rescue is and how one works.
What is a Landlord Rescue?
Typically, a landlord rescue service is needed when an absent property owner realizes their property management company isn't living up to the terms of their contract. Rents aren't being collected on schedule, repairs are behind or nonexistent, or the property is in disarray.
Another scenario is when a property owner manages the property without the proper know-how or resources. They need a rental property cleanup plus a landlord rescue service.
You can also need a landlord rescue when the property owner moves to a new property management company. The company is better equipped to manage the properties but needs time to get things back on track.
What Does the Landlord Rescue Include?
The moratorium on rents highlighted the need for a landlord rescue program.
There are three crucial components that a rescue plan can address. The ultimate goal is to hire a property manager to get things back on track and units rented.
Collect Back Rent
It's not unusual for renters to get evicted even when the government provides money to help with rent arrearages. Some people don't pay rent because they think eviction takes time and it isn't easy to evict them.
Today, property owners hire a property manager who knows the laws and is skilled in collecting past due rents or evicting tenants.
Schedule Routine Inspections
Real estate investors depend on property managers to visit properties. A landlord rescue involves removing any illegal tenants and ensuring everything is in order. They can also audit past maintenance needs and schedule repairs.
Fix Code Violations
You don't want to be seen as a "slumlord." More important, you don't want to get fined or risk losing your rental property.
In some states, a government agency can even foreclose for code violations. That's why a landlord rescue program can help owners tackle outstanding code violations.
Rescue Your Property Investments
Suppose you're looking for a property management company that can help you reset with a landlord rescue program. In that case, you've come to the right place.
Blue Line Property has a team of real estate brokers offering a full range of services. Reach out to discuss options for your bay area investment rentals.