If you have worked in the commercial side of Real Estate, aka, apartment buildings, you have more likely than not encountered properties that have pest infestation on them, but is this a big red flag or just something you can take care quickly? Well to answer that question, it is a big red flag, but it will depend on the kind of pest we are talking about to determine how fast you can get rid of it and how to handle the whole situation, as it is quite gross and uncomfortable!
First things first, whether you own the property already or you’re looking to invest in it, you might need an expert to inspect the amount of damage caused by infestation, because that might lead to more money being spent, so call up the expert to evaluate exactly how deep and ugly the whole situation is.
This inspection will be the one you need to have done in any property, but fortunately enough, the most important one in a big apartment building as those have more space in which tiny animals might get into, and that will lead to more trouble, so have them often, especially if the you have tenants in it, as they might either cause the trouble or leave if it is found untreated.
Do keep in mind that a big infestation will cause the property’s value to lower, which is bad for business all around, so if you are an investor who is just holding it while it grows hotter in the market, keep this inspection in your check list and talk with the expert as to how often you need to be having them done and what to do to prevent them.
Let’s go over the scenario of the pest already existing within the property, what now?! You must evacuate the place in which is the most prominent, and depending on who is the most affected, offer some sort of compensation for it, or if you are an investor interested in it, make sure you negotiate to a price in which the treatment for the pests is reduced from it, including the damages that it might’ve caused, as you will also have to repair it!
After that, let the experts do the work! Don’t for a second think you can fix this problem! While some might be easier to deal with, not all of them are and you still need an expert’s guide to stopping the pest and completely getting rid of it! So absolutely go on and find a good one near the property who will help you out with this troublesome time!
Now what’s left? Fix the damage caused and continue your cash flow! I know sounds easier than it is, but it’s all you can do! One tip I can give you is asking what kind of prevention habits you can take up and do them often enough for this to not happen again! But don’t worry too much, we all have been there at one point!
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Remember this Thursday we have another IRGChat on our Twitter account, it’s about the Best Places to Buy on South Florida, hope to see you there, at 2pm (EST)!