There are 44.1 million renters in the United States. If you own a rental property, that means you have quite a pool of applicants. However, being an owner or landlord is more than securing tenants, as you also need to consider repairs and upkeep.
Is property management difficult? Many first-time real estate investors ask themselves this question. Discover the answer by reading below as we compare the DIY path to investing in professional services.
The Benefits of Property Management Services
First off, what does a property management company do?
These businesses help investors and homeowners make the most of their properties, whether you deal with short-term renters on vacation or if you want a long-term tenant.
They handle marketing, tenant screening, property inspections, rent collection, evictions, financial management, and more. Really, they handle almost everything!
Most property owners don't have the skills or years of experience to tackle everything from marketing to navigating legal matters. That's why you're better off managing a property with a professional's help.
Landlords have a lot on their plates. Getting a call at 5 AM on a Saturday from a tenant isn't pleasant, but you have to stay on top of emergency maintenance requests. You could do the work yourself, or you could invest in a trained maintenance team to handle upkeep and repairs.
What About the DIY Approach?
So you want to know how to manage a property as a first-time landlord. There are some tasks you can handle on your own if you have the skills. Creating a maintenance checklist can help you stay on top of basic cleaning, for instance.
If you only have one or two properties to manage, you may find you can juggle your responsibilities just fine. Or perhaps you only need assistance with certain tasks, like maintenance.
However, the do-it-yourself approach gets harder to manage once you have multiple investment properties. You'll have to think about creating marketing campaigns for vacant homes, setting up showings, screening tenants, keeping up with local laws, working on repairs, renovations, upgrades, etc.
Most investors find it much less stressful to utilize professional property management services.
If you're unsure whether it's the right move for you or what to expect from a property management company, then contact them. Ask about their services and how they could tailor a plan to suit your needs and help you reach your goals. You might be surprised to learn how much you can get out of your investment!
Is Property Management Difficult?
So, is property management difficult to handle on your own? It depends on how much you're willing to take on and how skilled you are. Most investors find it's worth working with a property management company to streamline operations and get the most out of their rentals.
If you need assistance with your rental properties here in Southwest Florida, you can leave it to us. We help landlords and property owners in Bradenton, Sarasota, Venice, and Lakewood Ranch.
Find out how much rent you can get and maximize your investment today.