A mistake property owners make is managing their properties on their own. They may not realize how much work it entails. They also don't factor in the occasional emergency or difficult renter. Then, there's the price gouging from not pricing replacement appliances correctly. There are also vacancy gaps that can cut into your profits if you don't can't find qualified renters in time. Hence, a Punta Gorda property manager can save you the time and headache of self-managing your property. And they can keep your rent rolls consistent. Let's take a look.
Problems That Arise with Self-Managing Your Property
Self-managing a property might be a good idea if you live near the property and rent out space in a building you occupy. Because you're there, you can readily assist with routine maintenance requests and that middle-of-the-night plumbing leak.
However, what if you move away or invest in Punta Gorda from out of state? Or, what if you take on additional properties? Now, you're overwhelmed and have very little time on your hands. You have to meet with applicants, screen them, do walkthroughs, inspections, and show apartments.
Then, there are the times when you have to decide if you should make repairs or replacements. Will you have time to research and price the parts you need? Is your only reference point going to be Angie's List? How will you know if your repairmen are giving you the best price? And, what if you or they fix an appliance temporarily, but it voids the warranty? What if you can't find someone to make repairs in the middle of the night? Or, they take hours to arrive, and it's an emergency?
Being a property manager is a full-time job, but are you ready to walk away from your current 9-5 job? Will your rental income ensure enough profit if you only have a single rental or a few rentals because you don't have the time to manage more properties?
Becoming a rental property owner is a big transition a lot of owners mistakenly make and then later regret because they don't have the right help to invest successfully. The concern is that as you take on more responsibility, things will start to slip through the cracks. What's more, if you can't meet customer demand, i.e., your renters' requests, then your rating declines, and so does your reputation in the Punta Gorda market.
There goes your ability to scale! However, a solid reputation for delivering quality rental homes at competitive prices keeps your rentals in demand and helps you gitem to more investments.
Scale More Efficiently and Raise Your ROI with an Experienced Property Manager
Hiring a property manager not only frees up your time, but they're your eyes and ears for your renters in Punta Gorda. Your property manager isn't a single person but a team of professional marketers, secretaries, repairmen, landscapers, and maintenance staff. They work tirelessly to meet the demands of your renters and keep your properties running smoothly.
An experienced Punta Gorda property management professional will also have a reliable customer database. Hence, they can help to ensure that you don't have vacancy lapses. They'll also pro-actively market your rentals and include all kinds of staged images and videos that help professionally showcase your properties. And, you'll find that other owners are pleased with the services. Leveraging this kind of expertise can help you avoid pitfalls, liabilities, and damages. Here's an example.
A property owner fails to clean up all the debris after a sudden hurricane or storm. A seasoned tenant with several "slip and fall" lawsuits under their belt trips over a tree branch injuring themselves. They're rushed to the hospital and later contact an attorney and sue for damages and state that the owner never cleared the area. Talk about a falling out.
In another example, a leak in a renter's bathroom seeps through the floor. It leaks through the ceiling of the apartment below. However, the owner doesn't check that apartment and the renter is away. They return several weeks later to find water and mold damage and sue the property owner in court. Lesson learned: He didn't effectively flush out the problem.
To learn more about property management best practices, check out our blogs.
Choose a Property Manager and Increase Your ROI
Because there are all kinds of issues that can arise with managing a property, don't go it alone. An experienced property manager has a team of pros ready to assist, and they automate several services to keep operations running efficiently.
When you choose Gulf Coast Property Management, you can rest assured that we effectively manage your property and help increase your ROI. We have a vetted team of professional contractors ready to handle any routine or emergency maintenance issue. Plus, our team of experts helps reduce the potential for bad renters, builds positive relationships with residents, and apply the best strategies to maximize ROIs.
For more information, download "The Guide to Finding the Best Property Manager!"