Property Management Self-manage or use a real estate agency?
Management
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| Property Management Florida wide -Orlando -Tampa-St Pete rentals |
This question is commonly asked by many property investors. The first thing to establish is that at the end of the day everything comes at a cost, let us not forget the cost of ones time. One of the main motivators for a self-managed investment property portfolio is to reduce outgoings, being primarily the fees associated with using a property management company. Let's break down the tasks associated with managing an investment property and then assess the pro's and con's of the different property management options.
To begin with there are administrative requirements, property photography, property marketing, online advertising, tenant sourcing, tenant filtering, tenant reference checks, tenancy database checks (it is important to note that some insurers will not cover an investment property with tenants in place that are have defaults listed on tenancy databases - which property management departments have ready access to), lease agreement preparation, deposit receiving, performing an entry condition report and of course the key handover. Then comes the maintenance of the property, collecting week on a weekly or fortnightly basis, arranging contractor quotes and getting them access (submitting entry forms to the tenant with the required notice), arranging smoke alarm checks, routine property inspections and dealing with other small issues associated with the property. Finally comes the end of tenancy requirements such as the exit condition report, security deposit collection and disbursement and then naturally the process starts over.
Understandably a lot of these tasks are one-off at the beginning or end of the lease agreement, however if your time is worth $50 an hour or more, you are most likely better off having the property in the hands of a property management department. Real estate agencies have access to all of the marketing tools, internet portals ,mls etc as well as a comprehensive database of existing tenants. Property management departments also have all of the required paperwork in order to meet both legislative and risk limiting responsibilities.
In conclusion, there are plenty of property investors that choose to manage their own portfolio as opposed to using a property management department - it just comes down to weighing up what works for you based on your financial circumstances, time restraints and expectations.
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About GlobeCore Property Management Team -Florida
Our Property Management Team understands your needs, how to best protect
your asset and how to maximize your investment’s returns, taking all
the stress and hard work out of the ongoing management. We treat each
property as if it were our own.
Passion, process, pride
With a reputation for excellence and access to the most comprehensive list of prospective tenants we can provide you with a greater number of prospective tenants, and more importantly, the right tenant for your valuable investment or family home every time.
Our approach
Our systems and technology lead the industry, but what really sets
us apart and makes us different is our personalized approach. We
see our relationship with you as a long term partnership built on trust
and advice.Making the right choice of Property Manager can have a huge impact on achieving the full potential of your investment. Whether you are a first time investor or are considering leasing out your family home, making the right choice of Property Manager can make a huge difference.
For more information on GlobeCore Property Management please feel free to contact Chantal at
chantal@globecore.us
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