One of the questions we get frequently is: Why should I pay someone to manage my property?
Well, maybe you shouldn’t pay someone to manage your property. Maybe you should do it yourself. You can manage your own property if you have the time, because it’s going to take time. There will be phone calls from tenants and guidance you will have to give tenants on how to turn a breaker back on when they tell you the stove won’t work. You’ll have to ask them what they mean when they call to tell you the air conditioning is blowing hot, and you’ll have to ask them if they checked this and that. You have to make time to answer those questions (and by the way, they don’t always come during business hours). They come whenever they come and you have to be prepared to answer them.
If you need to take legal action, you will need access to competent legal advice from someone who has experience in this particular area of the law. You also need to have experience dealing with tenants if you’re going to manage your own property. Property management requires a good knowledge of human relations, and you can’t always jump to conclusions. Sometimes the equipment breaks because it’s old. Sometimes, the tenant’s children or guests broke it. You have to know how to determine the difference. If you have those skills, maybe you will be able to manage your own property and if you don’t have those skills, maybe you should hire a property manager.
Professional Property Management vs DIY Landlord EducationHow do you do that? There is a lot of information on the Internet about property management. You should reach out and find someone with the necessary experience, the necessary judgment and someone you’re compatible with. You need a property manager who thinks like you do. It’s an important thing to find someone with up to date office systems and dedicated customer service people. That way, you’re sure you’ll be getting good property management.
There is a lot to consider before you decide to manager your own property or hire a professional. If you’d like to talk about it further, please contact us at Florida Management and Consulting Group.