Pros and Cons of Property Managers
Property ownership takes time and effort. If you want to maximize your free time, consider hiring a Miami Beach property manager to take care of your properties. Not everyone needs a property manager, and there are some pros and cons. Know these things to make an informed decision concerning your property.
Finding tenants, responding to maintenance requests, and collecting rent are all time-consuming tasks. They can be very frustrating as well. One reason to hire a property manager in Miami Beach is to cut back on the amount of time spent on these tasks. When you hire a property manager, they handle these matters for you, which allows you to focus on other things.
However, with convenience comes a price. A negative side effect of working with a property manager could be a lack of empathy. No property manager will have the attachment to properties like the owner does, and may not care as much. By doing these tasks yourself you are able to develop relationships with your tenants, which can encourage longer rental periods.
Owners need to be aware of any changes in real estate law. One benefit of a property manager is their ability to keep up with changes in the laws. Professional managers have spent years developing connections and marketing tactics to find new tenants. Good property managers have their own screening process to make sure that you get the best tenants for your Miami Beach property.
Maintenance requests can come at any time. As an owner, you have an obligation to respond and fix these for your tenants. A big benefit of hiring property managers is their connections in the service industry. By bringing regular work to electricians, A/C mechanics, and other technicians, property managers are able to negotiate deals that a property owner isn’t able to. Larger property management companies can take advantage of volume rates.
Owners who want to personally vet the maintenance repairmen may feel a loss of control when working with a Miami Beach property manager. The owner loses the ability to communicate and negotiate on their own behalf. Owners will not be able to develop these relationships with vendors, and may miss out on future deals.
The biggest hurdle to overcome with a property manager in Miami Beach is the cost factor. Some owners may not mind paying 5-10% of the rent to the management company. Others would rather handle the tenants personally and save money. When considering who will manage the property, owners should do their research.
There are pros and cons to either side. JMK Property Investment wants to ensure that owners consider both sides before taking action. A consultation can determine if a property manager is right for you. Schedule yours today and see what JMK Property Investment can do for you.