Tips on Managing Active Rental Emergencies as a Tampa Landlord
When you’re in the middle of an emergency with a Tampa rental property, there are some things that you need to think about immediately to stop the emergency and then respond to it effectively. When you get the phone call that every landlord dreads, you need to stay calm and think professionally.
First Responses: Stop the Emergency from Getting Worse
The first thing you want to do is to make sure the emergency doesn’t have an opportunity to grow bigger or more difficult. You’ll need a well-informed resident who understands what to do during specific emergencies.Stop the emergency by turning off the water if it’s a flood from inside the house. Call the fire department if there’s something burning inside the house. During an emergency, you want to be sure your resident is doing everything possible to protect human life and to reduce the likelihood that the emergency will get worse.Once the initial damage is done and the crisis is stopped, the appropriate restoration methods can be undertaken. This is where the damage will be assessed and some context will be given to the overall situation. Water restoration companies can be called, for example. Insurance claims can be initiated.The first step is knowing who to contact and how to deal with the immediate response according to the situation. That first response will depend on the emergency; you and your resident will respond differently if it’s a maintenance emergency or a hurricane.
Step Back and Take a Breath
When there’s an active crisis happening all around you and the emergency is going on in real time, it’s easy to get caught up in a lot of rear and emotion. You want to take immediate action because your adrenaline is rushing and you are probably in a bit of a panic. This is normal, but force yourself to stop. Take a breath.Assess everything that is going on, even if you take just a few minutes to do this. Your instinct may be to spring into action right away, but you want to make sure you’re taking the right steps and the most necessary actions.It could be a fire or a flood. It could be a tropical storm or a tornado. Maybe it’s something more long-term, like the coronavirus pandemic we’re still recovering from. It will help you if you’re thinking straight. You’re running a business with your Tampa rental property, and you have to be logical. Make decisions from a place of logic and reason, and not from a place of fear and emotion.
Safety and Security of Your Resident
The first thing any Tampa landlord will think about during an emergency at their property is the safety and security of the resident. There are people living in the property that you rent out, and their health and safety while inside that home is one of your greatest priorities. So, make sure you’re taking actions that reflect that concern for human life. You want your residents to know that they must get out of the property right away if there’s a fire. Make sure they know where the emergency exits are if they’re living in a multi-family building or an apartment complex. Make sure they understand where to find the shut off valves. Help them to stop the emergency and get out of harm’s way.Once the initial threat has passed, you can start thinking about your Tampa investment property. The next steps are to assess and move towards a solution. Once everyone is safe, you want to begin focusing on the solution instead of the problem.People get emotional. You’re running a business, but that business has people inside of it, and all of their worldly belongings are probably in your house. Your residents are going to be emotional. That’s why it’s so important that you remain calm, professional, and reasonable. As the property owner, you need to provide the leadership through any crisis.Even during an emergency, you need to be running your rental property like the business it is. Everyone has to be kept informed and know what to do to stay safe.
Time is of the Essence During Emergencies
Preparation is hard to manage during the actual emergency. When you’re in the middle of a crisis like a hurricane or a fire or a global pandemic, you want to be able to lean on your emergency plan and your preparations that are already in place. Make sure you have them available.Time is of the essence during an emergency. You have to be ready to react, and you have to get things done as quickly as possible to protect your investment and get back to normal.Communication is always important when you’re renting out Tampa property. During an emergency, it’s not enough to communicate. You have to over-communicate. Make sure everyone knows where you are and how you’re handling things. You want to over-communicate with your resident, with your insurance company, with local authorities, and with your vendors and contractors. Stay in touch until everything is resolved. Let everyone know what’s going on at all times.When you’re prepared before an emergency and professional during an emergency, the fallout from whatever crisis is happening will be a lot less. If you want to provide outstanding leadership, make sure you’re prepared, and make sure your residents feel prepared. It’s the only way to effectively emerge from a terrible situation.We have a lot of experience dealing with emergencies at the Tampa rental properties we manage. Our team understands how to stay in contact with the right parties and what to do to minimize the impact any emergency has on your investment and on your residents.If you have any questions about Tampa property management or you’d like to hear more about our plans for managing emergencies, please contact us at Mynd Property Management.
Why Should I Purchase a Rental Property in Converse, TX
What makes Converse, TX a good place to invest in rental property? What do you look at to determine if it is right for your strategy? Learn how a property manager can be an important part of your investment team.
Why Should I Purchase a Rental Property in Santa Rosa, CA
If you want to know if the Santa Rosa, CA is right for you to invest in, you want to look at some key statistics about the area to make sure it matches your investment strategy. If you are looking for cash flow, you need to run real numbers and determine if that is possible. Learn why having a property manager that has access to real, proprietary data is key to your success.
Why Should I Purchase a Rental Property in Irvine, CA
Does it make sense to invest in a rental property in Irvine, CA? It is important to look at the demographics, statistics, and trends for the area to see if they match your investment strategy. Having a local property manager as your partner is an advantage when it comes to knowing you are making sound decisions based on solid, current data.