Hiring an Orange County Property Manager vs. Self Managing – What is Best for You?
If you’re trying to decide whether you should manage your own rental property or hire a professional management company, there are a few questions you should ask yourself:
- How much time do I have to dedicate to my investment property?
- Can I respond to my tenants 24 hours a day?
- Do I know the necessary laws and regulations associated with renting out a home?
- Do I have a reliable network of vendors who can perform routine and emergency repairs?
Time Commitments and Rental Property
The amount of time you’ll need to spend on your property depends on its age and condition, as well as the type of tenants you have in place. If you have one rental property, it might be manageable, but if you have a portfolio of properties, you could find yourself running back and forth to one of those homes every day. When you work with a management company, you get all your time back. You won’t have to worry about renting the property out and scheduling showings or talking tenants through how to reset the garbage disposal.
Leasing Your Rental Property
The leasing process can be stressful if you’re managing on your own. You’ll have to know where and how to market the property, how to price it, and what you should do to your home to get it ready for the rental market. You’ll need to respond to prospective tenants, schedule showings, and provide an application. Then, you’ll need to screen tenants so you can be sure you’re placing someone with a history of paying rent on time and taking care of homes. A bad tenant will instantly sour your landlord experience.
With professional property managers, you get a qualified team of leasing agents who can get your property rented quickly to outstanding tenants and for the best price. There are automated systems in place to collect security deposits, document the condition of your home before a tenant moves in, and get the lease signed.
Maintaining your Investment Home
As a self-managing landlord, you’ll need to collect rent and enforce the lease. You’ll also need to protect the condition of your home. Tenants will call with emergencies, and you’ll need to be prepared to fix the problem. When the air conditioning breaks down in central Florida in July, it’s a habitability issue. Make sure you have the necessary vendor relationships in place to ensure the problem is taken care of right away and for the best price.
Professional managers are likely to have a preferred vendor list. These are professionals who are responsive, licensed, insured, and affordable. We can often keep your maintenance costs lower than you could on your own because we get discount pricing from our vendors based on the volume of work we provide.
Investing in real estate is profitable, but it’s also risky. There’s a lot of liability for landlords, and it’s easy to stumble over fair housing laws, habitability issues, and mistakes with security deposits. A professional manager can keep you safe and protect your investment.
We always recommend professional property management unless you have a lot of time and knowledge. With our resources, tools, and expertise, we can make the rental process easier and more profitable for you.
Please contact us at Park Avenue Property Management, and we’ll talk more about your options.