Owning residential rental property can come with a long list of expenses. It can also require a great deal of your time if you are managing and maintaining your investment(s) on your own. Just some of these can include finding and screening potential tenants, collecting the monthly rent, responding to emergencies (oftentimes late at night, or on weekends and holidays), and providing regular maintenance in order to keep the property safe and in livable condition.
While doing all of these jobs on your own can allow you to keep more of the rent money in your own pocket, there can come a time when the payoff might not be worth the substantial amount of time that all these tasks take. And at that point, it may be wise to consider bringing a property manager on board…even if you have to pay for their services.
In fact, in many cases, a good property management team could actually save you money over the long term. One reason for this is because they know how to find qualified tenants quickly, in turn, keeping your vacancies short and your income on track.
A good property manager also knows the real estate laws and as such, they can better ensure that you are in compliance with all of the state and federal laws with regard to screening possible renters.
In addition, when tenants work with a property manager (versus dealing directly with the property owner), it can keep the relationship more professional, and put a buffer between you and your tenants.
Your time is valuable! So, you don’t want to use a large chunk of it on items that can easily be delegated. With that in mind, if you own residential rental property in Central Florida and you’d like to learn more about how an experienced local property manager could work to your benefit, contact us today. We look forward to hearing from you.