What Are the Benefits of Prequalifying a Restoration Company for a Rental Property?

9/6/2021 (Permalink)

Blog Summary: SERVPRO of Carrollton explains why a landlord or a rental property owner should prequalify a damage restoration company, such as SERVPRO of Carrollton, for their rental home.

As property damage restoration specialists, the technicians at SERVPRO of Carrollton know and understand the many facets of owning and managing property, such as a home, business, or real estate portfolio of rental property. SERVPRO of Carrollton is dedicated to helping property owners recover from water damage, fire damage, mold damage, and other types of property damage disasters.

The Challenges of Owning Rental Property

Owning and managing rental property in Carrollton, TX, comes with certain issues and challenges.

1. Late rent, little rent, or no rent

Cash flow issues threaten to turn a promising enterprise into a monthly nightmare. Irregular rent payments make it difficult for the property owner to make an adequate return on the investment.

2. Unexpected expenses

Worn-out appliances, broken fixtures, and other maintenance issues are inevitable. A malfunctioning refrigerator, a shattered sliding door, or a catastrophic HVAC failure creates stress for both the landlord and the renter.

3. Legal issues

A trip-and-fall incident at a rental property could result in expensive litigation costs for the property owner.

4. Round-the-clock responsibilities

Small investors often enjoy working on their rental properties. However, dealing with issues at the property at inconvenient times is not as enjoyable.

5. Property damage

A property damage disaster, such as water damage, mold infestation, fire damage, or smoke damage, has the potential to disrupt the life of both the renter and the property owner for weeks or months. A major fire and water damage incident could put renters in a hotel for days or weeks and disrupt cash flow from rent.

Evaluating the Benefit-Cost Ratio

Many individuals involved in business or investing are familiar with a benefit-cost ratio (BRC). According to Investopedia, “A benefit-cost ratio (BCR) is a ratio used in a cost-benefit analysis to summarize the overall relationship between the relative costs and benefits of a proposed project.” In the case of property damage restoration, it is helpful to weigh the benefits of prequalifying a damage restoration company before disaster strikes.

The Benefits of Prequalifying a Property Damage Restoration Company

Property owners can implement strategies to minimize the challenges of managing and maintaining rental property. One strategy is to prequalify a property damage restoration company to handle any catastrophe that might arise. Consider the following benefits of prequalifying a proven, reputable restoration company:

1. Availability

The team at SERVPRO of Carrollton is available 24/7, 365 days a year, including Thanksgiving Day and Christmas. When the professionals are ready to respond to a disaster, the property owner does not have to.

2. Ability to handle any type or size disaster

A reputable company can tackle a late-night sewage spill, burst pipe, ruptured supply line, or fire and smoke damage disaster. When SERVPRO professionals arrive on the scene, everyone knows help has arrived. Immediately, a trained technician inspects and evaluates the situation. A written estimate with documentation is prepared for approval by the owner or an agent of the owner. Meanwhile, if possible, any water intrusions are identified and mitigated. When pre-qualification is in place, staging for the cleanup and restoration process is quickly initiated. No time is wasted.

3. Insurance claim management

SERVPRO of Carrollton handles the client’s insurance claims, including documentation. The company uses an industry-standard estimating app such as Xactimate, which is universally recognized by insurance companies.

4. Training and experience

The SERVPRO team is trained, skilled, and experienced in helping property owners and renters deal with the stresses presented by a disaster that damages a home and destroys personal belongings.

By working with SERVPRO of Carrollton, property owners and property managers can successfully overcome some of the challenges associated with owning and renting out real estate. As a locally owned and operated damage restoration company, SERVPRO of Carrollton is invested in the property damage concerns of the community and is committed to putting customers first. The company’s owners have over forty years of combined experience in the service industry, and the entire team takes great pride in making sure that each client receives the best customer service possible.

For more information about property damage restoration services, including water damage restoration and fire damage restoration, email SERVPRO of Carrollton at office@SERVPRO10952.com. The office can also be contacted by phone at (972) 446-0383