Data from ATTOM shows that the median house price in Washington reached $600,000 in May 2024. If you want to take advantage of the growing housing market, you should make sure you're prepared.
Property investors can make a good income with the right strategies, but it's easy to become overwhelmed. If you find yourself struggling, you may need landlord rescue. A Tacoma rental management company can help you stay on top of everything so that you can get the most out of any properties you invest in.
In this guide, we'll look at how property management solutions can help landlords succeed in the Tacoma real estate market. Keep reading for more.
What Is Landlord Rescue?
Landlord rescue is needed either when a landlord can't keep up with all of their duties or when their current property management company isn't managing their real estate effectively. The owner can transfer any landlord support services to a new company that can provide better results.
Benefits of Landlord Rescue
Property owners often need landlord rescue when they don't live near their properties, as they can be more difficult to manage. If transferring from one company to another, it's good to look for one that has:
- Relevant experience
- A track record of success
- A good reputation
- A full range of services
There can be several benefits to doing so.
Catch up on Unpaid Rent
One of the biggest problems that occurs when properties aren't managed well is that rent can be missed. If tenants aren't paying, it will interrupt your cash flow, and it's important to secure all money owed.
A skilled property manager can determine if there is any rent owed and take action to collect it. If there are any particularly difficult cases where tenants are refusing to pay, you may need to evict them. A property manager can guide you through this process and help you find new tenants if necessary.
Conduct Property Inspections
You should conduct regular property inspections, but it's often better to have a property manager do this. They have suitable experience so they know what to look for. They'll be able to spot small issues that most landlords wouldn't notice, making these inspections more thorough and comprehensive.
Additionally, if you live far from your properties, inspecting them yourself could be difficult. This is also important for vacant properties as a property manager can ensure squatters haven't taken up residence in them while no one else is around.
Address Code Violations
If your properties aren't being managed correctly, records probably aren't either. This can lead to code violations, which may result in sizable fines if they're not addressed. Ultimately, this can lead to a lien and even a foreclosure.
A property manager can identify and address any outstanding code violations. In doing so, they'll get things back on track and help ensure your future success.
Managing Your Properties Effectively
If you're having any issues with your properties, landlord rescue can be crucial. Make sure you find a reliable property management company that can offer effective investment protection strategies.
PMI South Sound is a full-service real estate asset management company in Tacoma that uses years of experience and state-of-the-art technology to maximize owner profitability while preserving their investment in real estate. Take a look at our property management page for more information.
