In the process of hiring a Florida property manager, one question always remains prevalent: “What are the pros and cons of hiring a property manager?”.
Whether or not hiring a property manager is “worth it” truly depends on each individual’s preferences. Florida property owners who prefer to maintain and have full control over their property may clash with a property manager. For others who don’t mind having limited control, and (enjoy passive income), a property manager can guide the transformation of a struggling rental property into a highly profitable investment.
At The Listing Real Estate Management, we’ve managed rental properties throughout the Orlando and Tampa Bay area for years and have successfully helped hundreds of landlords, rental property owners, and real estate investors with successful property management for their real estate assets. Rental property managers aid in helping property owners looking for a hands off solution to renting your property.
However, we’ve compiled a list of pros and cons of hiring a property manager:
1. Stress-Free and Time-Saving
Managing one, or multiple, rental properties can be a challenging task that presents a handful of obstacles if doing so is not your full-time job. Taking on the duty of rental property management will require your utmost dedication and willingness to put your tenant’s needs first.
If you consider yourself a busy individual but still strive to own a successful rental property, working with a property manager is a highly beneficial option for you. Hiring a property manager allows you to reap the benefits of your investment while relieving you of the daily responsibilities of acting as a landlord.
This means no more vetting and selecting applicants, answering tenant’s texts, searching for the right repairman, or completing tedious tasks that come with managing a rental property. The stress of attempting to balance maintaining your rental property with work, family, and important obligations will be lifted off of your shoulders.
One of the biggest pros of hiring a property manager is having more time to enjoy yourself while earning more money to do so!
2. Professional Rental Property Marketing
A reliable property manager will execute a comprehensive professional marketing plan to lease your property in a timely manner. A property manager’s marketing plan should comprise professional photos, detailed listings posted across a wide range of leasing websites, social media marketing, and optional video tours.
Online marketing typically serves as most potential applicants’ first impression of your property. The way your property is portrayed through marketing photos, videos, and descriptions, will have a significant impact on the way it is perceived.
Blurry photos, lack of details, or vague property descriptions can deter applicants from your property listing. An absence of detail may convey the message that the landlord or property owner doesn’t care about the property’s appearance. This can translate to the idea that the landlord will be inattentive during the tenancy, which does not make your property desirable for a potential tenant.
While working with a property manager, property owners do not have the responsibility of marketing their own property; no need to stress about using a professional camera, nailing the right angles, or writing a captivating property description.
At The Listing Real Estate Management, our industry leading rental property marketing translates to an average turnover rate of only 30 days for our managed properties. Our professional photographers, video tours, and drone photography listed across 250+ rental websites allows for maximum exposure and shorter vacancy times.
3. Industry Property Management Knowledge
One of the most advantageous aspects of hiring a Florida property manager is the industry knowledge they possess and implement into each aspect of their services. A dedicated property manager will act as a resource to you, your property, and your tenant. Your property manager is a licensed expert who dedicates each day to educating, aligning, and guiding your successful property management journey; they typically spend more time tending to your property than you can imagine.
Working with a professional who possesses years of experience will take your property’s success to the next level and generate a consistent stream of rental income. A property cannot flourish if the price of rent does not reflect the current real estate market. If your property is overpriced it will not lease, and if your property is underpriced, your profits will not be maximized to their full potential.
Your property manager will analyze comparable properties and position your rental investment at the right price to maximize desirability and success. Property owners who possess limited real estate knowledge often struggle with adjusting their property’s rent to fit the current market.
At The Listing Real Estate Management, we offer a free rental analysis that provides an accurate assessment of the value of your property’s rent based on comparable properties and the current rental market.
As Florida rental property managers, we’ve witnessed a significant fluctuation in rental prices since the COVID-19 pandemic. A steep increase in Florida rent from 2020-2022 left a lasting impact on the minds of Florida rental property owners. As rents fell by 9.21 percent on a yearly basis, according to rent.com, some Florida rental owners have had a difficult time understanding the necessary price adjustments. A property manager will be able to price your property accordingly, and educate you on the process as well.
4. Network of Licensed Vendors
If you’ve ever had to deal with maintenance and repair issues, you can most likely attest to the fact that finding a reliable maintenance vendor can present some trials and tribulations. Being able to decipher which vendors are trustworthy and transparent can be a difficult task to tackle. Some vendors will upcharge, some will push expensive replacement parts, and others simply won’t get the job done the way you expected.
Property managers often develop relationships with reliable vendors in the area. At The Listing, we work with a network of licensed, bonded, and insured local vendors and contractors with no upcharge or additional maintenance fees.
We make it a priority to work with vendors who produce excellent results and charge fair and transparent prices. As a client of a property management company, you no longer have to vet and hire vendors on your own.
Most property managers will respond to and facilitate all maintenance and repair transactions. Your property management agreement typically addresses the maintenance reserve threshold and details the manager’s authority to authorize maintenance repairs at or below the threshold without owners’ confirmation.
In addition to maintenance, repairs, and emergencies, a property manager will oversee the overall condition of the property, ensuring it is well-maintained and operating to the best of its ability on a regular basis. Hiring a property manager who conducts professional rental property inspections will benefit both you and your property by increasing its desirability, preventing the risk of property damage, and generating a substantial return on your investment.
Cons:
1. Less Control Over Your Rental
For rental property owners who prefer to have control over the daily operations and decisions made regarding their property, a con of property management will be having less control over the property. Some property owners prefer to be highly involved in the management process, and for those people, hiring a property manager might not be the most beneficial decision.
A property manager typically assumes responsibility of operations including:
- Marketing and leasing
- Tenant screening
- Rent collection
- Maintenance and repairs
- Rental property accounting
Oftentimes, property owners who favor involvement in these operations have a difficult time allowing the property manager to make decisions on their behalf. Ultimately, each rental property owner has their own preferences and property management may not be for everyone.
It’s essential to evaluate and discuss your management style with a property manager prior to hiring them to avoid conflict and hinder the success of your property.
2. Monthly Property Management Fee
A typical complaint about hiring a property manager is having to pay a monthly property management fee. Some property owners only view this fee as an added cost, not as an investment into your success.
Paying the monthly management fee will go a long way as working with a professional property manager can help pave the way for your property’s success and amplify your return on investment.
Each Florida property management company will have a different management fee structure. Some companies will charge a start up, monthly, and lease renewal fee, and others may only charge a monthly fee.
When it comes down to it, choosing a manager who cares about you and your investment will be worth your while and bring years of success.
Orlando Rental Property Managers Summary
At The Listing Real Estate Management, our comprehensive single-family property managers offer the best service through a personal, proactive, and dynamic approach to residential management. Our services including marketing and leasing, tenant screening, rent collection, maintenance and repairs, and rental property accounting, allow our clients to take a step back from the day to day responsibilities of managing a rental property.
Our team’s experience and unique skill sets maximize our clients’ ROI. We execute on the little things, and our attention to detail directly affects your bottom line. Our clients appreciate the accessibility and communication our team delivers — two key aspects for success.
With The Listing Real Estate Management, you can experience the benefits of professional expertise and knowledge accumulated over 15 years. Our team of local experts understands the Central Florida rental market, providing valuable insights and instilling confidence in your investment.
Contact us today to learn more about our services and embark on a successful property management journey with The Listing!
Copyright © 2017-2024, The Listing Real Estate Management. All Rights Reserved.
