Do you have a rental property in Brevard County? While you may feel like managing your property portfolio is saving you money, taking care of your portfolio without a professional could actually be costing you more money than you think. In this article, we’re discussing five reasons why you might need to hire a property manager.
You’re New to Real Estate Investment
The world of real estate investment can present a steep learning curve, especially in the first couple of years. From conducting market research to building a network of trusted contractors, managing a property involves a lot of moving parts. Fortunately, hiring a property manager can help relieve some of the stress associated with learning a new trade. In addition, you’ll avoid many of the common pitfalls that can come along with managing a rental property — saving you money & valuable time.
You’re Having Trouble Finding Renters
Filling rental vacancies is one of the most stressful aspects of being a landlord. A property manager can take care of the whole leasing process, from conducting market research to preparing the property and advertising the property to potential tenants. Understanding the local rental market is crucial in finding the best tenants. It’s important to price your rental property accurately and in line with what renters in the area will pay. Overpricing your rental could lead to extended vacancy periods or dissatisfied renters.
In addition, your rental property should be show-ready before you put it on the market — which includes completing all necessary cosmetic repairs. A rental manager can help you determine what areas of the home need addressing while also sourcing the correct contractors to complete the work. Once your rental property is ready to show, a property manager will screen potential tenants and review their rental history to make sure you’re sourcing reliable tenants.
Your Properties Are Not Local
If your investment property is not local or easy to travel to, it makes the job of managing it infinitely more complicated. The solution? Hiring a professional property manager. Having a property manager working on your behalf can make it much easier to keep on top of your rental business and address your tenant’s needs. A local property manager can complete property checks, organize needed repairs, and schedule required maintenance. Put simply; a local Brevard County property manager can be your eyes and ears on the ground, giving you more time to focus on other important tasks.
You Have A “Day Job”
If you’re a landlord with a “day job,” it’s likely that your rental property is eating into your personal time. Managing a nine-to-five job takes up the majority of most people’s time without adding a property portfolio into the mix. Hiring a property manager can help free up time so that your rental property can generate passive income — and you can focus on your career.
You Own Multiple Rental Properties
If you’re a seasoned real estate investor, you probably own more than one investment property. Of course, the maintenance, administrative work, marketing, and rent collection of multiple properties can overwhelm even the most experienced landlord. A professional property manager will keep track of your property portfolio and serve as an excellent resource to source future rental properties. Streamlining your property management tasks will make it easier to scale your investment portfolio and grow your business.
Finding A Brevard County Property Manager
At Rent In Brevard Property Management, we understand that time is precious. Our expert property managers are dedicated to saving you time while helping you build a profitable rental business. Reach out to one of our licensed Brevard County property managers today to discuss your property management needs today.
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