Do You Really Need a Property Manager?
Now that you’ve bought your first, or additional Destin investment rental you have some questions to ask yourself and decisions to make. One of the biggest decisions is whether to manage the property yourself, or to hire a property management company. This all depends on what stage you are at in life and how involved you want to be.
A large part of the decision begins by asking yourself:
- How experienced am I with the variety of skills necessary to manage the property?
- How much time do I have available, or want, to devote to the management of the property?
- Would I enjoy being on call 24/7/365 days of the year to deal with any issues that may arise?
If you answered “very little” to any of these questions, hiring a property management company is likely to be the right choice for you.
What Services Can you Expect
A good management company is made of professionals who have skill in all the various tasks necessary to properly manage your rental. They will keep your Destin investment home in good repair, clean, and reduce periods of vacancy by ensuring your investment property is well advertised and promoted. Their staff will know how to screen prospective renters to avoid damage to the property and how to deal with those situations should they happen.
Up to Speed on Legalities
Management professionals are more familiar with the laws and rules governing Florida investment rentals, and will know what has changed year to year. With them on the job you, can ensure your property is run in accordance with the law. They help to safeguard you from liability and prevent legal issues. They make sure all the accounting and record keeping is done in a way that keeps you from tearing your hair out trying to make all the figures balance.
Professional Screening
Experienced management companies have seen so many tenant applications they have become adept at reading between the lines to screen out clients who may look good on the surface but spell trouble for your property. They also know how weed out scams directed at rental owners. Because they do these tasks all day, every day, their experience is one of the most valuable benefits they offer.
Take the Load Off You
Whether this is your first Destin investment condo or your fifth, you need to be mindful of how much time it truly takes to manage it properly. Especially if you have multiple properties, it's easy to become overwhelmed by the demands of providing consistent management service. It's easy to feel like you are being stretched in too many directions, increasing your stress and decreasing your effectiveness.
If you have a “day job” and/or a family, or just want to enjoy your life without hassles, you are the prime candidate for a property management company. Good management companies can be trusted to make decisions and carry out tasks with minimal input from the property owner. The management staff puts the time in so you can enjoy your time without the headache of managing your property.
Save Time and Money
Your time is money, so why waste it. For the fee you pay, the management company can save you time, and money, by ensuring fewer time consuming legal problems. They make sure your property is safe, clean, and rented by higher quality tenants, reducing many of the issues that can crop up.
A Florida rental property requires round the clock commitment to deal with any issues may arise. Spending time away from family, spending a vacation on the phone trying to find a plumber, or missing milestones and events in the lives of family and friends is the lot of the self-managed property owner. When you manage your own investment property your time is never really completely your own. You could be called at a moment’s notice to take care of an issue. If hours spent on the phone, on the road, and dealing with problems doesn’t sound fun to you, hiring a good property management company is the way to go.
Is Your Rental an Investment, or a 2nd Job?
Is the goal of your investment to provide an additional source of income, without the demands of a second job? If so, an experienced property management company can turn your investment into a well-run passive income stream that lets you enjoy your down time with as little hassle as possible. In this respect, a good management company is like gold.
Watch for "Read This Before Hiring a Property Manager", the next article in our series on Property Management for the Florida Investor.
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Posted by Tim Shepard - Broker on
I don't know a lot of people, so I've been worrying about finding tenants for the apartment complex that I just started managing recently. I'm glad you informed us that a property manager can help when it comes to professional screening since they know how to evaluate them properly and weed out scams. I'll take note of this while I look for a residential property management company to hire soon.
Posted by Elina Brooks on Wednesday, February 15th, 2023 at 12:47amLeave A Comment