During challenging financial moments, it can be tempting to try to do everything yourself—it may feel as if you are the only person you can count on. However, despite this being a natural impulse, challenging circumstances are often an excellent time to find partners and collaborators! In particular, many landlords find that experienced Leesburg property management can help them allocate their time well during a crisis or difficult moment.
Pandemics of the caliber of the novel Coronavirus only come once in many, many decades—and thank goodness for that! However, smaller to medium-sized shocks to the world economy and general well-being do come along. It's sad that we still have to face these difficulties in Leesburg, even as a quiet town. Therefore, property owners with rental homes here should keep some plans for an uncertain future at the ready—even if they are currently enjoying good times with reliable, excellent tenants.
As we settle into what could be the dawn of a new way of doing things post COVID-19, it's essential to plan how you'll interact with tenants carefully. Some in-person conversations may become video or phone calls, and vital documents (like a lease) may be distributed electronically rather than by physical pieces of paper. As an expert provider of Leesburg property management, these are techniques we're already using as part of our day-to-day operations.
No matter where you live in the fine state of Florida, a crisis can create worries that tenants will fail to meet their obligations—especially when it comes to making timely rent payments. During a time of widespread unemployment and difficulty finding one's next job, non-payment is a real possibility. However, as your guide to property management, Leesburg landlords, we know this isn't a time where you can only sit around, hoping that the rent will be paid.
Fido is fluffy, and kittens are cute—but as the best property management Leesburg offers, we know you have to think carefully about the benefits and drawbacks of having pets in your rental properties. Maybe your property is brand-new, and you worry about the impact of wear and tear. On the other hand, perhaps you fear that there won't be enough rental applicants to find the right one.
Your choices will have an impact on long-term wear and tear on your property, to be sure—but they also may affect the ability to market your Leesburg rental home effectively! Here are some elements to consider whether you're working with property management, Leesburg landlords, or flying solo.
When you're responsible for your property management, Leesburg landlords, you may find that forging strong bonds with your renters is generally rewarding and positive. Part of the problem with difficult tenants in this mindset is that you often don't see them coming—and what works well with the majority of tenants will allow you to be taken advantage of by the unscrupulous.
Scammers are more active than ever during a crisis like COVID-19. While it's tempting to be less vigilant and more trusting, this simply leaves you unprepared.
From the desk of Gunn property management, Leesburg, FL:
If you've been looking at your rental property and wondering if you're charging the right rent, you've probably been thinking about all the factors that determine value. How do you know how much you can charge? It's important that you focus on the rent you can actually get, as opposed to the rent you want: the best way to do that is to perform a rental analysis.
Raising the rent is an issue may landlords struggle with, especially during times like these when you're wondering what your community can weather because of the COVID-19 pandemic. However, when the expenses of operating your property rise, your rates need to rise with it. The key is to avoid raising the rent beyond your renters' price range: increasing rates too sharply around a lease renewal is often a quick ticket to leaving you with vacancies to fill.
Deciding how much to charge for your rental property is no easy task. So many factors come into play when it comes to setting the rent, and as an expert in property management (Leesburg, FL area), we have seen all kinds of worst-case scenarios play out. Many landlords right now are also concerned about the impact that COVID-19 will have on the ability of their tenants to pay rent—so the idea of potentially lowering the rent on your property might seem frightening when you have a mortgage to pay.
If you own a house that you don't intend to live in, you're no doubt weighing your options on how to address this property windfall. Our Leesburg property management services are here to help you make the right call—and make the process as easy as possible.
- Are you the proud owner of a starter home your family has outgrown?
- Do you own a giant house that feels empty now that the kids have moved out?
- Were you gifted your parents' house as part of an inheritance?
- Are you being forced to rethink your location due to a career change?