When first starting as a landlord, it is tempting to forgo professional help and manage the home independently. This approach could save you money in the short term but lead to multiple frustrations and costs down the line. There are several essential things to consider when deciding to manage your rental property alone or hire a Jacksonville property management company. Here are some questions to consider when making this critical decision.
Do I Live in the Same Area as My Rental Home?
Deciding where to purchase an investment property is an important first step when building your rental portfolio in Jacksonville. However, some property owners don't have much choice in the matter if they inherited their home. Some areas of Florida are better suited for renters, depending on the types of homes available.
Being in the same area as your rental home can make managing your property much more straightforward. If you live in the same area of Jacksonville as your property, it's easier to "keep an eye on it" and check on your tenants. Living within a short drive of your home also comes in handy during maintenance emergencies and can make you a more reliable landlord.
Managing your rental home while living close to it may make you feel "tethered" to the area and unable to move away. If you already live far from your rental home or are thinking of moving away from the area, hiring a good Jacksonville property management company helps put your mind at ease since you know your home is well taken care of. It also eases the burden on you, so you are free to take vacations and travel without worry.
How Many Properties Do I Own?
Managing one property in Jacksonville is entirely different from managing an extensive portfolio. Each property could have different needs at different times, making managing them all at once stressful. Having an extensive rental property portfolio is excellent for building income but can cause plenty of headaches if you're acting as a landlord for all of them. For example, one home could spring a water leak while another home has an air conditioner issue. Juggling multiple vacant properties and trying to list them, handle showings, and pick the best tenants could cause you to lose opportunities for one Jacksonville home while you're busy with another.
The more properties you own, the more likely you will need a Jacksonville property management company to handle your portfolio. A dedicated team of property management professionals will ensure each home's needs are addressed promptly and give you more time to grow your rental portfolio.
What Other Commitments Do I Have in My Life?
If you are working a full-time job while attempting to manage your Jacksonville rental home, you may be spreading yourself too thin. When evaluating your rental home portfolio, it is also essential to consider your daily commitments. Managing a rental home or homes can quickly become a full-time job as your portfolio grows. Trying to juggle too many responsibilities at once can lead to increased stress and frustration with your family member and tenants.
Suppose your career path leads away from property management and you act as a landlord as a side business. In that case, a Jacksonville property management company can help maximize your time and income. The property manager's job is to be available during times of need. Hiring a property management company to oversee your Jacksonville rent home leaves you better able to focus on building your career and spending time with your family. Remember, time wasted can never be returned! Save time by hiring help and keep your multiple streams of income.
What Can I Afford?
One of the reasons homeowners choose to manage their rental property alone is they are worried about the cost of hiring a property management company. However, hiring a Jacksonville property management company may be cheaper than you think.
It's important to calculate your return on investment goal when you build your Jacksonville rental home portfolio. This calculation will help you determine a budget for managing your homes. Hiring a property management company can also help manage your return on investment as they can help you minimize the vacancy of your home and lessen maintenance costs. A property management company can also increase tenant satisfaction and encourage them to stay in the home longer.
When you consider the benefits of hiring a property management company, you could end up losing income by managing your home on your own.
How Experienced Am I With Managing Rental Homes?
There are multiple mistakes a rookie homeowner can make when trying to manage their own Jacksonville rental home. It is tricky to set the right rental price and complicated knowing which maintenance issues are priorities. When maintenance issues arise, who will you contact? Have you established a relationship with reputable maintenance specialists already?
Hiring a property management company means you can take advantage of their experience. You can get expert advice on rental price, advertising, and renovations, and several reliable maintenance workers to address any concerns with your home.
Avoid Headaches by Hiring a Property Management Company
The right Jacksonville property management company can prove to be a valuable asset to your rental home portfolio. If you're ready to stop managing rentals on your own, Spectrum Realty Services is here to help!
If you're unsure how to start looking for a property manager, download "The Guide to Finding the Best Jacksonville Property Management Company" today!