With the Brevard County rental market hotter than ever, many people are thinking about the financial rewards of becoming a landlord. Of course, while owning rental properties can be a lucrative investment, there are also expenses to consider. If you’ve been thinking about becoming a landlord, but aren’t sure whether you need a property management company, here are some things you should consider.
How Much Time Do You Have?
Managing rental properties can be extremely time-consuming, even for experienced landlords. If you have a full-time job or other business interests, it’s unlikely you’ll have the spare time to manage your rental property and tenants without significantly stretching your bandwidth. This is especially true if you own more than one rental property or plan to grow your portfolio. Fortunately, hiring a property management company can release most of the obligations and burdens associated with renting out your property.
Are You Comfortable Organizing Maintenance and Repairs?
If a tenant calls to let you know there’s a leak in the bathroom, do you have a reliable plumber to take care of it? Having a list of experienced and ethical contractors to take care of needed maintenance and repairs is crucial for any landlord. At Rent In Brevard, we work with over 100 local vendors with competitive pricing to get our owners the best price possible. If you aren’t comfortable arranging maintenance and repairs, it’s best to leave it to the professionals.
Where Is Your Rental Property Located?
If you don’t live a reasonable traveling distance to your rental property, it probably isn’t feasible to make regular visits for things such as maintenance and inspections. In fact, depending on how far away you live, it might not be worth your travel time and expenses to make regular visits. Not checking on your rental property regularly could lead to problems. A reliable property management company can make the day-to-day handling of your rental property a breeze. From scheduling property inspections to keeping on top of maintenance and repairs, it’s easier when someone is local.
Do You Have a Plan to Source and Place Tenants?
Marketing your property, coordinating showings, and vetting potential tenants can be overwhelming. Put simply, vacancies eat into your profit margins, so keeping your rental property occupied is crucial. An experienced property management company can help you find responsible tenants and avoid extended vacancies. At Rent in Brevard, we do not charge our owners during vacancy periods while finding a qualified tenant.
Do You Understand Your Accounting and Record-Keeping Obligations?
As a landlord, it’s crucial to keep accurate expense records. This is especially important when it comes to tax time. Not keeping accurate financial records can be a costly mistake for landlords, so it’s important that you understand how to account for your rental portfolio correctly. To make it as easy as possible for our owners, the experienced property managers at Rent In Brevard provide records of all invoices, a full expense breakdown, and 1099 each year.
Do You Understand Federal, State, and County Laws Governing Landlords?
It’s crucial to rent your property in accordance with the law if you want to avoid lawsuits and liability. As a landlord, there are many legal obligations that you need to be aware of, including complying with all fair housing laws, landlord-tenant, and real estate laws.
In addition, you should also have an understanding of rental agreements and your responsibilities as a landlord. A property rental company can help ensure that you don’t inadvertently put yourself and your assets at risk.
Finding the Best Property Management Company In Brevard County
If you’re looking for an experienced property management company to help you manage your rental portfolio, contact us today. We offer full-service property management, including regular maintenance, rent collection and bookkeeping, and leasing and tenant screening.