When you own rental properties in Orlando, you need to decide whether you’re going to manage those investment homes on your own or hire a professional property manager to take care of them for you. Many landlords believe that self-managing will save them money because they won’t have to pay management or leasing fees.
We think it’s important that you understand professional management can actually save you money in many ways. You can earn more with professional management and spend less on things like vacancy costs, deferred maintenance, and bad decisions. Today we’re looking at the pros and cons of self-management versus hiring an Orlando property management company.
Self-Managing Your Investment Property
Self-managing your rental property or your portfolio of properties will allow you to retain complete control over your investments. If you have experience in property management and you understand the laws and regulations that pertain to renting homes out to tenants, you may be able to manage your own properties and your own tenants successfully.
However, managing your property comes with a lot of stress and takes up a lot of time. You have to balance a number of ongoing things like maintenance issues, rent collection, lease enforcement, tenant relations, and really the list goes on and on. You’ll need to know how to price your property correctly so it earns you as much rent as possible but also stands out in a competitive market and attracts good tenants quickly. You’ll need to make time for showings and respond to questions from prospective tenants. You’ll need to screen tenants carefully and execute leases that are legally binding in Florida.
If you are up for the task, those are just a few of the things you’ll have to take care of on your own. A lot of the time, these activities can end up consuming you. For example, when a tenant calls in the middle of the night with a maintenance emergency, will you have a vendor you can call to respond right away? When a tenant doesn’t pay rent on time, do you have a plan to follow up and make sure you collect the full rent and late fees?
Hiring a Professional to Manage Your Rental Property
Hiring a professional property management company can give you your time back. Professional management also allows you to focus on things that you care about most like family, friends, or even evaluating your investment portfolio to add to it and increase your value.
A good management company will do more than manage the details of your home and your tenant. You’ll also benefit from the experience, local market knowledge, and investment advice that your property managers can provide. You know you can count on better tenants, higher rental income, and lower costs.
If you’re looking to save time, resources, and money, we recommend you put your investment into the qualified hands of a professional property manager. To hear more about the services we can provide for you, please contact us at The Listing Real Estate Management. We are always here for you.