Top Benefits of Using a Property Management Company
“If you want to get a thing done well, do it yourself.” This quote, which has been attributed to Napoleon Bonaparte, has been touted as sage wisdom throughout the ages. After all, who hasn’t had to use this cry of self-dependency? When it comes to Miami Beach property management, though, this quote just isn’t true.
There is no way one person, regardless of talent or skill, can handle everything that goes into running multiple properties. Eventually, you just run out of time.
This is where hiring a property management service comes in. Having a full-time team of people there to help you manage your property can prove to be a blessing. As an owner, do you want to try to juggle every property yourself, or will you enlist the help of a property manager to handle it all for you?
Why should you use a Miami Beach property management company?
The biggest benefit of hiring a company to take charge of your property is the time element. A good property manager will keep your properties full of tenants and keep them happy while collecting rent, taking care of maintenance requests, evicting problematic tenants, and responding to a myriad of other tasks that can consume your time. A good property management company will also eliminate a significant source of stress in many owners’ lives by handling every problem that arises.
Finding Good Tenants
There is nothing quite as frustrating for any owner as seeing their property sitting vacant for months on end. If being a landlord in Florida is not your full-time gig – or if it is, but you would rather it not be – hiring a Miami Beach property management company is one way to cut hours upon hours of tenant screening out of your schedule.
As a landlord, you want to protect your investment. Running credit checks and background history reports, verifying employment and income, and checking for previous evictions on each and every possible tenant can devour your day. Finding tenants that are more likely to stay for a longer period of time without causing havoc requires patience. Judging whether or not someone will be a good fit for your property is a skill that can only be developed with time. Property managers do this all day, every day. When it comes to separating the good from the bad, their experience plays a crucial role in that judgment.
One of the biggest hassles that a property owner will face is chasing around every tenant when the rent is due. Hopefully, you were able to find tenants who are proactive about their rent and pay it on time. If this isn’t the case, you can enlist the help of a local Miami Beach property management company to handle this task for you.
By using software that allows tenants to pay online, schedule payments in advance, or set up autopay, a property management company can save you more time than if you did it yourself. They have the systems and the staff available to make this process quick and painless for all parties involved.
Should a tenant be late with their payment, you don’t have to worry about trying to flag them down yourself. Your property manager will work on your behalf, distributing notices and fees and other needed paperwork. If a tenant continues paying late or stops paying altogether, your property manager will coordinate with the powers that be to begin the eviction process.
Handling these tasks yourself may not seem that daunting when you first begin investing in real estate. Without the help of a full-time manager, they can turn into nightmares as you continue adding properties and units to your portfolio.
Maintaining Your Properties
If Murphy’s Law proves accurate, then anything that can go wrong will go wrong. When a tenant fries a circuit or loses power to the A/C, you can trust that you are going to hear about it. Landlords receive calls at all hours, and if you don’t want to be up at 2 a.m. because a tenant doesn’t have heat in the middle of winter, you may want to consider hiring a property manager.
Calling a repair company in the middle of the night for an emergency could cost you thousands depending on the problem. One of the biggest benefits of using a Miami Beach property management company is that they will have an on-call technician or mechanic that will be able to handle most repairs. Typically this staff member is employed by the property manager directly, which helps save you money.
What is the next step?
All in all, not every property owner needs an external property manager. You may not have enough properties or may be lucky enough to have amazing tenants that don’t take up your time. These are just some of the many benefits that a good company can provide.
If you have made the decision to hire a property management service, but aren’t sure what to do next, JMK Property Investment is here to help. Every property is different, so there is no “one size fits all” solution. Schedule a consultation today to discuss whether or not our services are right for your situation.