Timber Pines is home to many rental properties, both residential and commercial in nature. As a real estate owner or real estate investor, you stand to make a significant profit from your rental holdings. But actually tending to rental management can be a very time consuming task, especially if you have multiple properties spread across a large geographical area.
What is Rental Management?
Timber Pines property owners can turn to a rental management firm for help with a range of different issues and tasks, including, but not limited to:
- advertising for and screening prospective tenants;
- collecting monthly rental fees;
- maintaining the building(s) and grounds;
- performing repairs as needed;
- addressing tenant complaints, disputes or requests;
- dealing with issues of non-compliance with the terms of the rental or lease; and
- tending to emergency repairs or other urgent on-site issues.
If you’re uncertain of whether rental management services are right for you and your property, you may wish to speak with a property management firm to discuss your needs. Often, the service provider can craft a custom service plan to meet your unique needs and requirements. So if you wish to tend to certain aspects of the property, you can typically address those issues, while the rental managers tend to the other matters and issues.
Tenants tend to require assistance at all hours of the day and night, which can be problematic if you live a significant distance from the property, manage multiple rental holdings or have a full-time job that limits your availability. This is a situation where you can benefit from rental management.
Timber Pines real estate investors and other property owners can also benefit from a reduction in the amount of stress they deal with, while simultaneously enjoying the financial benefits of the rental holding.
Many property owners are unsure if the investment is worthwhile, but you must consider your own time and its value when evaluating the situation. If you weren’t dealing with tenant issues or other rental management-related matters, you could be spending your time doing something more profitable, such as finding a new real estate investment property. So log the amount of time spent dealing with property management tasks for a few weeks to get an accurate idea of the time involved. Then multiply by your hourly rate to arrive at a figure for what it costs you to deal with the property yourself.
Also, remember that many of the repairs and maintenance fees are reduced when you work with a rental management firm, as a large firm can negotiate a lower price with the with tradesmen, craftsmen and other service providers that they utilize on a regular basis. So the actual costs for repairing a broken toilet or tending to the landscaping is usually less than what you would pay if you were to hire the service provider individually.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Aplus Realty Management Inc*