From our experience as a Tampa Bay Property Management Group, there are pros and cons to being a landlord. On one hand, you can make good money from an investment property. A property that comes with with regular monthly income. You can choose who lives in the property, leasing to renters who will maintain your building. On the other hand, landlord responsibilities are time-consuming and tedious. It’s nice to have an extra measure of control. That being said, the effort required to manage your property can easily become a burden.
Tampa Bay Realty & Investment Group
More and more, landlords in Tampa are turning to property management companies to assist them. These companies find quality tenants for vacancies. They oversee property maintenance and collect rent. How do you know if hiring a property management company is right for you? If you have apartments for rent in Tampa, these 5 revealing signs may mean you need to delegate your responsibilities to a property manager.
1) You Own Multiple Properties
If you own one or two units, showing and maintaining them isn’t so bad. But if you own several properties with multiple units, the time required to keep vacancies filled and tenants happy turns into a full-time job. Showings and screenings can take all day for one vacancy. The weekend repair calls can interrupt family time. A property management company frees up your valuable time. They handle showings, tenant screenings, property maintenance and even property advertising and marketing to free up your time for other responsibilities.
2) You Have No Management Experience
Staying current on landlord/tenant laws is tedious. If you purchased rental units for a passive source of cash flow, but aren’t familiar with rental contracts or landlord/tenant rights, you should delegate to the experts. A good property manager will safeguard your investment, legally. They also have teams of professional contractors they work with. This saves time and money on repairs. If you are new to being a landlord, you will most likely spend hours trying to find an honest contractor who is available to do the repairs. For emergency work, you will pay even more.
3) You Don’t Live Close to Your Units
If you have apartments for rent in Tampa, but living close to your units isn’t feasible/desirable, employing a local property management company can make life easier. Making frequent trips to your units is expensive and time-consuming. Tracking down rental payments can take days or even weeks if you are not on-site. Handing over these responsibilities to a trusted property manager can keep your investment running smoothly.
4) Management Isn’t For You
Managing your rentals can be stressful. Most likely, the idea of spending all day screening tenant applications, negotiating with contractors or tracking down rent payments isn’t ideal. Evicting tenants or dealing with inter-tenant disputes is hardly what most landlords picture when they first buy rental properties. If a “hands-off” approach is more your style, it’s time to consider hiring a property management company to take the stress off.
5) Property Management Has Taken Over Your Life
If property management has taken over every minute of your time and you don’t want to deal with it any longer, hire a professional property management company. They will increase both the quantity and quality of your free time, taking on all of the difficult tasks that come with managing a rental property. Problems that used to keep you awake at night and eat into your weekends will be handled with professional care and complete legal compliance. If you are a landlord in the Tampa area and need a property manager, contact Tampa Bay Realty and Investment Group today!
