If you’re a rental property owner in Broward County you might’ve asked yourself whether you should hire a property manager or not.
There are plenty of property management companies offering different management services. These services, however, come at a cost. That’s why we prepared a list to help you arrive at the right decision for your investment.
So, let’s evaluate together whether you truly need a property manager for your Florida rental business. All you have to do is answer the following questions honestly:
Do I have the expertise to manage a rental property business?
Owning a rental business is a huge investment. Sure, there are big pay-offs down the line, but there are also some risks involved.
If you’re just starting, it’s a good idea to have a mentor or learn from a professional property manager. It takes skills, knowledge, multiple resources and experience to be successful at managing a rental property.
If you feel you’re not ready yet, it would be wise to secure the professional services of a property management company.
Do I have sufficient time to manage my property?
Do you live close to your rental property? How many properties do you have and can manage?
Do you work a full-time job? Do you have other businesses to manage?
These are vital questions to honestly ask yourself. Time is a limited resource, and this type of business can be taxing and time-consuming.
Do I have the resources to find good tenants?
Finding quality tenants can be a tedious process. You need to properly screen, check credit histories and conduct employment verifications. You also need to check their references and assess their financial capabilities.
This process can take time and is often expensive. A property manager has an army of resources to fill a vacancy quickly.
They can also make well-informed decisions using their extensive experience and expertise.
Can I surrender control and trust to a property manager?
It takes a certain degree of trust to let someone else manage your investment. You need to find a property manager whose objectives align with yours.
You should outline the expectations you have of your business investment with them.
Likewise, the property manager also needs to communicate what you can expect from their services.
If you choose the right property manager, you’ll keep your business worries to a minimum.
Can I respond quickly to emergency situations?
Do you live close to your property? If a tenant contacts you late at night for an emergency, can you go right away?
Emergencies are bound to crop up now and then. The important thing to your tenant is your degree of responsiveness to a situation that requires prompt action.
This factor will affect their decision to stay in your property long-term.
If you live far from your property, chances are it will be expensive and time-consuming for you.
If you have a property manager to attend to any emergencies, you can rest easy. Your immediate presence won’t be necessary, but the property manager will quickly address your tenants’ issues.
Can I manage tenants, handle turnovers and provide great customer service?
Tenants come with all personalities, and many require patience to handle. Some can be downright demanding, requiring a lot of energy for their multiple requests.
However, if you want to have a successful rental property business, you need to build a good relationship with them. If you have a property manager, they can manage tenants and turnovers.
They can also offer impeccable customer service.
Can I afford the services of a property manager?
Property managers differ in fee structures. Some also have additional fees, especially for securing new tenants for a vacant unit.
Research your prospective property management company and the services it offers. The cost usually depends on your property’s size as well as the company’s services.
Can I provide professional management and complete services to my tenants?
A property management company commonly provides cleaning, laundry, and errand services. This convenience is something tenants look for.
As for professionalism, tenants like to deal with someone who’s detailed, enthusiastic and a great communicator with excellent time management skills.
A property manager is both trained and experienced with managing tenants. Their knowledge, expertise, and degree of professionalism are unrivaled.
Am I keen on responsibility and shouldering liabilities for my property?
Day-to-day management is part of the rental property business. Your main task is finding good tenants and keeping them.
To achieve this, a great customer service mindset is necessary. You also need to deal with insurance and property upkeep and be familiar with the property laws in your state.
If you find this taxing, you can hire a property manager to handle the time-consuming details of managing a rental business.
Do I prefer a less tedious way of handling and recording finances?
Organizing financial documents can be tedious, but it’s a necessary process for tracking your income and expenses.
If you have less time to perform financial analysis, it’s a good idea to hire a property manager who will handle the budget control and create financial reports.
The manager can also file any tax payments for your property or help you with it if you prefer a hands-on approach. This assistance will free up your time from doing financial accounting.
You can ask the property manager for financial documents then go over the financial statement reports and check your business’ profitability.
So, do you need a property manager?
If you can see the advantages of hiring one and can afford it, go right ahead!
Try out a property manager’s services to see if you can save time and maximize your earnings. You may also want to experience a stress-free management alternative for your business investment, that Florida Management & Sales is known for. Always make sure to review your needs and make a well-informed decision for your property.