Owning rental property can certainly be profitable. But, depending on the number of properties or units you own, as well as the amount of maintenance (both on the property itself and with the tenants) that needs to be done, it can also be extremely time consuming.
In some cases, this alone could be enough to send some investors out to the front yard with a For Sale sign. But as the real estate market in Florida continues to come back up, going that route could have you kicking yourself in the future due to missed equity opportunities.
So what exactly is the solution?
One way to still obtain both income and equity from your real estate investments, but without having to spend an inordinate amount of time on it, is to hire and work with a property management team.
A property manager can alleviate a long list of duties from your To Do list, such as:
- Finding and screening new tenants
- Collecting monthly rent (as well as any late fees, if necessary)
- Handling broken appliances, systems, and other maintenance issues that come up
- Responding to tenant complaints (such as noisy neighbors, etc.)
In addition, property managers can even handle evictions if necessary. In fact, working with a good property management team on your side can provide your properties with a level of professionalism, and provide you with more time to pursue other endeavors.
Not all property management companies are the same, though. So, be sure that when you’re considering bringing a property manager on board, they have experience with the type of property (or properties) you own, and that they are located in the vicinity of your real estate investments.
Need more information on the advantages of working with a property manager in Orlando and the surrounding Central Florida area? If so, give us a call.