When many investors buy their first rental properties, they plan to manage those properties themselves. For some owners, that may make sense at first. It doesn’t take long, though, to see how big of a time investment that really represents, and how quickly expenses add up for owners who only have a couple of properties. Rental property managers handle large numbers of properties and they benefit from volume discounts, dedicated staff for issues like maintenance, legal compliance, and collections.
Your Time Is Valuable
Obviously, most investment property owners are capable of managing these issues on their own, but the real question is, how efficiently can they handle them? Professional rental property managers are continually updating their knowledge and have vast experience in applying that knowledge correctly, so they get the job done faster and with a higher degree of accuracy. You could spend hours of your own time researching federal and local laws on complex issues like ADA compliance and service animal requests, in order to know how to correctly respond to a given tenant. That’s not the most efficient use of your time, though, and your time has value. Wasting your own time reduces the real return on your investment in rental property.
Rental Property Managers Bring Better Value
In addition to saving your time, professional rental property managers cut costs for things that have to be done, no matter who is managing the property. By negotiating volume rates from vendors, they get repairs handled at a lower cost than an individual owner can, and in many cases, they get higher priority on the vendors’ service call lists, so the repairs are done sooner.
Rental property managers can also streamline time and costs on matters like advertising vacancies and screening prospective tenants, collecting late payments, handling routine inspections, and taking care of move-out cleanings and repairs. That’s because their team includes people whose entire job is to focus on one of these areas, and you’re paying only for a small amount of that team’s time, expertise, and resources.
Orlando Property Management Delivers Better Profits
If you’ve purchased an investment property in the Orlando area, or you’re researching whether this type of investment makes sense for you, give Belmont Management Group a call or contact us online for a consultation. We’ll explain how your rental property can bring you the best possible profits for the least investment of your time, and lowest ongoing expenses.