When you own a rental home in Alamo Heights, that means owning all the luxury of such a home—as well as its prime location to excellent private schools and proximity to San Antonio proper. However, even luxury units can suffer in the wake of a recession if your renters suddenly find themselves furloughed or unemployed after a cut across the board to essential positions only due to some form of crisis.
Given that such high-value, high-quality homes demand a premium in rent, preparing your plan of action to address what you will do should something go awry in the market is essential for investors who have a foothold in Alamo Heights. As the experts in Alamo Heights property management, that’s what we want to address today. Your success is our success, and that makes preparation a crisis plan in itself for when you find yourself in a predicament with your rental properties.
A quick foreword: This article is not intended as a substitute for legal advice. If you’re facing a challenge that requires a competent attorney or expert property management skills, reach out to Real Property Management Campanas for guidance!
Be Proactive Rather Than Reactive
This is a crucial mindset to nail down. It also happens to be a sign of investing ‘maturity.’
- If you’re always putting out fires as a real estate investor, you won’t have enough time to actually grow your holdings into a profitable business.
- If you’re always trying simply to survive, you leave yourself no room to thrive.
If you want to thrive during a recession and continue developing the success you enjoy with your rental properties, you need to be able to field issues before they become issues—and that’s the essence of being proactive.
The decision to be proactive also aligns your thinking towards well-thought-out action rather than a knee-jerk reaction to stressors. A great example of this is continuing to price your rental properties based on data rather than a feeling like you should slash your prices if you find yourself with a vacancy. If you want access to this kind of research fast and free, reaching out to an Alamo Heights property management company is the best way to do it.
Once you’ve identified that this is the mindset you need to have as a rental property owner, you’ll be far more productive moving forward as you begin working on your contingency plans.
Develop Plans Proactively to Address Recession Conditions
We’ve talked about why crisis planning is so crucial before to keep your business afloat, but it also happens to be an unspoken element of being a good rental property owner. When you are prepared to address emergency conditions with your renters and have a concrete plan of action, you’re better able to meet their needs and retain their loyalty during a downturn.
A contingency plan in real estate investing means:
- Addressing what to do as an investor when your renters can’t pay rent due to a crisis—but you still have bills to pay.
- Defining a plan of action when your usual maintenance or inspection routines are altered by emergencies.
- Developing alternatives for eviction when such options may be unavailable to you as an investor.
- Having funds in reserve to address the needs of your investments when rent is lost.
- Developing channels for communication that make it easy to reach you.
Of course, these are just a few ideas for what your plan should include. Working with an Alamo Heights property management professional can shed far more light on the topic—and comes with guarantees to shelter investors from the worst outcomes.
Work With Property Management to Thrive
Successful investors—and especially out-of-state investors—cannot afford to be hands-on with their rental properties 24/7 if they want to keep their portfolio profitable in a recession. This is because real estate only represents a portion of the overall assets you hold—even when it may have the most strenuous workload to maintain profitability. However, with the right planning, it also happens to be one of your more stable investments—which makes leaving the care of your rentals to the professionals a smart use of your time.
Just as you are an expert in what you do, property managers are experts in property management. Relying on an Alamo Heights property manager to maintain your property, interact with your renters, and even collect the rent in a crisis leaves you free to continue growing unfettered, knowing that you have the peace of mind that comes from hands-on management.
We mentioned service guarantees before, but this is another crucial element that property managers bring to the table to boost your success. Not every property management company offers them, but superior managers include rent protection coverage, eviction services, pet damage protection, and so much more.
If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.