You inherited your Florida rental property. Maybe you decided owning real estate in the sunshine state was a perfect investment. Whatever the reason, estate management is now your focus and worry. You donâ€™t want to make any mistakes. Youâ€™ve heard the horror stories about landlords who are in trouble with the city for lack of maintenance on their rental property or had trouble finding tenants. Youâ€™ve heard a property management can help you avoid those hardships, but arenâ€™t sure if you should contact them.
Hiring a property management company is one of the biggest decision you will make. Many landlords try to manage their properties without any professional management help. They make a great effort, but encounter many landlord issues and hardships.
Landlord Issues and Hardships.
Many landlords will manage their property on their own and/or hire a resident manager. However, employing a resident manager or doing the work yourself may not keep landlord issues and hardships at bay. Unfortunately, doing the work solo or with the assistance of a resident manager may not be as efficient as outsourcing the work to a property management company. For instance, many potential problems may arise with some certain landlord tasks such as:
- Screening Potential Tenants: Taking time to screen potential tenants can take a lot of time away from other important tasks like going to work, attending meetings or caring for children. You want the right tenants, but you cannot sacrifice the time required to pick the right one. If you pick the wrong person to rent to, you risk property damage, going to eviction court or receiving late rent. A property management company will do the work of properly screen potential tenants for you.
- Collecting Rent: Tenants can usually be placed in one of three categories. The first category is tenants who pay before time. You have tenants who may pay late from time to time, but they do pay. They are in the second category. Of course, you have the third category of tenants. These tenants wonâ€™t pay, donâ€™t call and donâ€™t let you know when to expect payment. A property management will collect your tenantâ€™s rent.
- Making Repairs: As a landlord, you know you must make repairs in a timely fashion. You may not have the time in your day to make those needed repairs. You do not want to get into legal trouble or violate some landlord-tenant law by not making repairs. A property management company will make those necessary repairs in a timely fashion.
- Difficult Tenants: In a perfect world, all tenants would get along and would never cause a problem. This is the real world and that wonâ€™t happen. At some point, you are going to have tenants fighting without tenants, tenants who damage property and who donâ€™t pay. You do not have to deal with difficult tenants. Let a property management company do it for you.
- Going to Eviction Court: It happens to every landlord. A tenant does not pay their rent and the eviction process is started. Florida eviction laws simple pretty simple. You go to court. You file a notice. A court date is scheduled. You and the tenant appear in court. The judge rules. In reality, eviction court is timely and time consuming. Even if you are able to successfully evict your tenant is will cost you a lot of time and money. A property management company will do the dirty work of going to eviction court for you.
A Property Management Company Gives You Peace of Mind.
Property management is a business that handles all of the day-to-day operations for a landlord. They directly deal with all prospective and actual tenants. They handle the tasks of collecting rent, handling repair and maintenance and marketing vacant apartments. You do not have to worry about pursuing evictions. They do that for you. They also respond to tenant complaints.
The purpose of having a property management company over your rental property is that the management experience it brings. You do not have to worry about typical landlord mistakes. Another important factor in having a property management company run your estate management is the independent contractor relationship. You are not its employer. The company represents you in an independent contractor basis.
When to Consider Hiring a Property Management Company for Your Property.
Many Florida landlords hire a property management team for various reasons. For example, a landlord may have multiple rental property. Other reasons to hire a property management company includes:
-You do not live close to your rental property. This means you cannot go to the property on a daily basis and having additional help would be better.
-You have limited time. Just because you own rental property does not mean you have the time to spend there or with landlord tasks.
-You are only interested in owning the property and not the day-to-day management of it. Your rental property is an investment, not a job or career for you.
-Your rental property is part of the government agencyâ€™s affordable housing program. When you participate in government agencyâ€™s affordable housing programs, things become complicated fairly quickly. You need a property management company that understands the rules and regulations so you will not violate any rules.
-You do not want to hire a resident manager or be anyoneâ€™s employer. You are not interested in having an employee such as a resident manager. Hiring a property management company helps you avoid becoming an employer.
Hire a Property Management Company to Assist You with Your Property.
Think about your worse rental property nightmare. It has happened to a landlord in the sunshine state. Do not let it happen to you. You want to enjoy the money associated with your Florida rental estate, not worry. By hiring a company to care for your rental property, you have peace of mind knowing you donâ€™t have to worry. You can forget those nightmare scenarios and focus on your life. Do some research to find the perfect property management company for you.