---
title: Prepare for a Financial Crisis with These Property Management Tips
description: Are you prepared for a financial crisis? Read here for four Abingdon property management tips to protect yourself from rental income loss. 
image: https://www.rwmaryland.com/hubfs/Savings%20Protection.jpg
---

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[Abington Property Management](https://www.rwmaryland.com/blog/tag/abington-property-management), [Abingdon Rental Property](https://www.rwmaryland.com/blog/tag/abingdon-rental-property), [Abingdon Property Manager](https://www.rwmaryland.com/blog/tag/abingdon-property-manager)

 Renters Warehouse BW Metro | September 8, 2021

# Preparing for a Financial Crisis: Abingdon Property Management Tips

"Listen to audio version"

5:18

A financial crisis is something that every rental property owner needs to be prepared for. As we've seen with the pandemic (and plenty of other changes in the market), a crisis can happen at any time, leaving renters unable to pay what they owe. Without the right [rent collection](https://www.rwmaryland.com/blog/4-ways-rental-property-owners-can-improve-on-time-rent-collection) strategy and protections in place, an unprepared property owner risks income loss when renters are late with monthly payments. 

Our Abingdon property management experts share what a property manager does, how much you can expect your home to rent for, and what steps you should take now, so you're not left scrambling if you (or the economy) experiences a financial crisis.

## ![Woman with financial problems](https://www.rwmaryland.com/hs-fs/hubfs/Blog%20Photos/Woman%20with%20financial%20problems.jpg?width=1040&name=Woman%20with%20financial%20problems.jpg)

## What Happens When Renters Can't Pay the Rent

There will always be residents that [*don't* pay the rent](https://www.rwmaryland.com/blog/what-happens-when-baltimore-renters-dont-pay-the-rent)—but what about renters who *can't* pay the rent when impacted by a financial crisis? Whether it's personal financial struggles or a nationwide event, as we've seen through the pandemic, sometimes residents simply can't gather the cash for a rental payment (and that affects *you)! *

One or two months without a rent check impacts your cash flow and derails your long-term revenue. Without that rental payment every month, Abingdon rental property owners can't cover operating costs, like mortgages, taxes, landlords insurance, and repairs. Operating successful rentals requires careful planning to budget and generate enough income to meet your goals!

## How Can Property Owners Prepare for a Financial Crisis?

What can property owners do to prepare for financial challenges? Even when a crisis comes up out of the blue, there are steps you can take to minimize the damage to your cash flow and protect your investments. 

### 1. Build Cash Reserves for Your Rental Property

If every cent of your monthly rental income goes to paying bills, you don't have any cash left over to [build your reserves](https://homeguides.sfgate.com/much-reserve-should-set-aside-operating-expense-rental-property-100779.html) (or "rainy day" fund). Without some savings put away, real estate investors risk not having the funds to cover late rent payments or emergencies. 

**Property management companies** can tell you that one of the best ways to make sure late rent (or rental payments that never show up) don't leave you without cash to pay for critical operational needs and repair issues is to build up your cash reserves. Review your expenses and make sure you're not overpaying for services or contractors that you don't need. Reducing costs can give you a bit more wiggle room between monthly rental income and expenses. 

### 2. Set the Right Rental Rate

If reducing costs still doesn't give you much money to add to savings, it's time to review your rental rates. Sometimes **"**how much can I rent my house for" isn't the right question when setting the ideal rental rate. When investors don't charge enough for their rental properties, they don't generate enough income to cover expenses and build an emergency fund. 

A residential property management company can help you analyze the market and determine if the monthly rent amount is too low. The right rental property manager also analyzes your costs and enables you to find ways to reduce expenses. 

You might think that it's a terrible idea to adjust the rental rate higher when a renter can't pay the rent—and in many cases, you're right! However, evaluating the monthly rent amount should take place before a new lease term in preparation for a day when a renter misses a payment or an emergency requires rainy day funds. 

### 3. Have "Late Rent" Plans in Place

Starting with the rental agreement, property owners need plans [to collect late rent](https://www.rocketlawyer.com/real-estate/landlords/property-management/legal-guide/steps-for-collecting-late-rent-before-issuing-an-eviction-notice)—or help residents get caught up. During challenging financial times, a payment plan can help tenants pay something toward the amounts they owe until they can cover the total amount of past-due rent. 

Abingdon property managersrecommend ensuring your lease details when rent is considered "late," potential penalties for past-due rent, and a schedule of reminders and late fee assessments. However, don't forget to apply flexibility and compassion with renters who struggle to pay the rent for a month or two. Sometimes a payment plan is an excellent way to help residents get caught up while preserving a good landlord-tenant relationship.

However, eviction and collecting court-ordered past-due rent takes time! Choose a rental property management company that will take care of these headaches for you, and also offers Eviction Protection options.

## ![Savings Protection](https://www.rwmaryland.com/hs-fs/hubfs/Blog%20Photos/Savings%20Protection.jpg?width=1040&name=Savings%20Protection.jpg)

## Our Eviction Protection Plans help offset Eviction Costs

Renters Warehouse implements an online payment system and expert strategies to improve on-time rent collection for our homeowners and real estate investors. If tenants pay late, we'll work to avoid court proceedings; however, if worst-case-scenario hits, you can rest assured that Renters Warehouse has got your back and will take care of sending notices, filing with the court system, attending judgement hearings, and meeting the Sheriff when eviction day arrives. And with Eviction Protection added to our Silver and Gold plans, Renters Warehouse will also help cover these additional costs. Silver covers you $600 per year, while gold covers $1000.

[Previous Post](https://www.rwmaryland.com/blog/3-ways-you-can-generate-cash-flow-now-for-long-term-investments-in-columbia-md)

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---

 

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