Depending on how many rental properties you own, collecting rent payments, dealing with repairs, and marketing units to new potential tenants can literally be a full-time job – and it is definitely one where you’re on the clock 24/7 as versus just from 9:00 to 5:00! So, if your real estate investment business is running you – rather than the other way around – it could be time to consider bringing a property manager on board. With a property manager on your team, you can delegate a long list of tasks, from advertising, to day-to-day maintenance, to being a “buffer” between you and your renters.
In addition to just saving you time (and allowing you to concentrate on other things), though, one of the other key benefits of having a property manager handle your rentals is the potential legal issues it could save you.
For instance, with a good understanding of both the federal and state laws that pertain to selecting and screening tenants, a property manager could help you to avoid breaking any anti-discrimination laws.
In addition, if it becomes necessary to evict a bad tenant, experienced property managers can also handle the situation in a manner that can save you both time and money, while at the same time remaining within the legal boundaries.
While many investment property owners feel that the services of a property manager will be a “cost,” the reality is that you could actually increase and keep more of your bottom line, due to better quality tenants who may stay in the property longer (reducing expensive vacancies), and who are less apt to do damage to your unit(s).
If you own investment real estate in Orlando and/or the surrounding Central Florida area and you’d like more details on how a property manager could save you both time and money, give us a call and we’ll schedule a time to talk.