Managing rental properties can become overwhelming, even for the most experienced investors. Something always requires attention, and things can quickly get out of hand if you’re not prepared. While every investor’s situation is different, certain factors typically predispose owners one way or another.
Hiring a property manager can help you regain control and restore stability to your properties and your life. Need help determining if you need a rental management team? Ask yourself the following questions.
Top 10 Rental Management Questions
- Do You Live Far from Your Rental?
If you live closeby, you might be able to make the regular visits required for maintenance, inspections, collections, etc. However, the farther you live, the higher your travel time and expenses will be.
Let’s also not forget that the longer the distance, the more temptation there will be to NOT keep a close eye on things. This can be a recipe for disaster. You should plan on making frequent visits, as well as for those middle-of-the-night emergency calls that require your immediate attention.
Now ask yourself this follow up question: in the long run, is this type of lifestyle feasible for you?
- How Well Do You Handle Stress?
This is a tough one. We all like to think of ourselves as level-headed and even-keeled, but at the end of the day, it takes a special kind of person to deal with the ups and downs of rental and property management.
Behind the seemingly simple task of collecting rent every month is a long list of unpredictable problems that can push people to their limits. Ask yourself how you would react in the unfortunate event that your tenants:
- Fight with other tenants or neighbors
- Have domestic disputes
- Conduct illegal business in the dwelling
- Throw late-night parties or violate noise ordinances
- Try to sneak extra people or animals into your home
- Decide to sue you
- Trash your property
- Incite the wrath of your HOA because of repeated deed restriction violations
- Refuse to pay the rent because they are a “professional tenant” and know how to work the legal system for the maximum amount of free housing at your expense
- How Many Rental Properties or Units Do You Own?
As your portfolio grows, so do your rental management challenges. It becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefits by leveraging the efficiencies a property manager can provide.
Portfolio size can also constrain an investor’s ability to consider purchasing new properties if he or she already maxed out managing the other current holdings.
- Are You Experienced with Maintenance and Repairs?
If you can’t do it yourself, do you know who to call? Finding reliable contractors can take a while. In the meantime, you may unknowingly hire people who are unethical, uninsured, do poor quality work, overcharge, etc.
Maintenance and repairs are significant components of landlording, and if you question your ability to ensure that the work is done quickly and right, you might want to consider hiring a rental and property management company.
- How Quickly Are You Able to Get Your Unit Rented?
Advertising, fielding calls, and showing the unit can quickly eat up your time. But because vacancies can greatly impact your profit margins, they are all critical tasks. If you question whether you have the skills or time to make this happen, or if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a company that will find the best tenants for you!
- Can You Handle All the Accounting & Record-Keeping?
From profit and loss statements to tax deductions, this area needs special attention and becomes increasingly burdensome for owners of larger portfolios. Some owners (especially those with a background in finance) will do just fine. Others may opt to hire an accountant to help with the bookkeeping.
If you feel like this might be a weak point for you, you might want to consider hiring a property management company.
- Are You Willing To Be on Call 24/7/365?
It’s important to answer this question honestly, because ignoring emergencies at your property is NOT an option. Your special event, important meeting, vacation or personal crisis doesn’t relieve you of your obligations to your tenants.
Can you handle being called at 2 a.m. to fix someone’s overflowing toilet?
- Are You Willing to Confront Tenants If Necessary?
Many new owners dislike feeling like the “bad guy” in a landlord-tenant relationship, so they go out of their way to make exceptions to the rules.
The problem: This only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very confrontational process that needs to end in eviction. Unlike running a charity, running a successful rental business means enforcing the rules—even if it means eviction.
- How Well Do You Understand the Laws Governing Landlording?
Ensuring that the property is run in accordance with the law is critical in preventing lawsuits and shielding yourself from liability if you’re sued. Familiarity with contracts is also very important, as your rental agreement is the only binding agreement between you and the tenant.
- Is Managing Your Property the Best Use of Your Financial Time?
Ultimately, your decision to hire a property management company should hinge on whether or not it fits your lifestyle and makes good financial sense. Individual investors will have to assess the opportunity cost of both options based on their unique circumstances.
Need House Rental Management?
The Realty Medics has you covered! You can trust our team of experienced property managers to help you handle all the logistics or renting your property, as well as avoid those uncomfortable situations that can arise. Our goal is to ensure you have happy, respectful tenants who pay their rent on time.
Don’t trust just anyone with your rental management needs. Choose a company that offers the tools, resources, and industry insights to set you up for future financial success.
To get started, contact us today!
Orlando Property Management Hiring Guide
BASICS OF PROPERTY MANAGEMENT
- 11 Questions for Determining if You Need a Property Management Firm
- Property Management Services: A Complete List
- What Are the Benefits of Using a Property Management Company?
WHAT TO LOOK FOR IN A FLORIDA PROPERTY MANAGEMENT COMPANY
- Property Management Fees, Part I
- Property Management Fees, Part II
- Handling Tenant and Owner Funds
- Setting and Collecting Rent
- Property Maintenance and Repairs
- Property Inspections
- Tenant Marketing and Retention
- Tenant Screening
- Examining the Organization: Background, Qualifications, Portfolio
- Examining the Organization: Size, Staff, Customer Service
WHAT TO LOOK FOR IN A PROPERTY MANAGEMENT CONTRACT
Let us handle the rocket science of renting for you!
The Realty Medics
10027 University Blvd
Orlando, FL 32817
Phone: (321) 947-7653
FAX: (407) 965-3312
The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.
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Areas We Serve in Florida
We’re happy to serve many of the surrounding areas here in Central Florida. Below are the current cities and locations that we operate in. If you don’t see your area listed, don’t hesitate to reach out to us and we’ll see if we can work together.
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