The Cons of Self Management
Real estate can be an excellent investment. Whether a residential or commercial property, as a landlord, you need to figure out how your managing the property, especially if you have multiple properties. As a landlord, you have two options: manage your own property or hire a property management company.
There are daily, weekly, and monthly tasks that need to occur on the property like rent collecting, tenant screening lease preparation, repairs, marketing, enforcing the lease, settling tenant disputes, finding new tenants, evicting a tenant, preventative maintenance, and more. Managing a building can be very demanding and time consuming, so it is up to you to decide if you have the time, energy, and ability to manage the building on your own or not.
Sure, self-management may save you money, give you greater control over the daily operations, and allows you to develop close relationships with the tenants, but there’s a lot of cons of managing a building yourself.
Here are some disadvantages (or cons) to managing a building on your own:
Time – There’s a lot of responsibilities to be done when owning a property and there’s even more if you own more than one. You may not be able to keep up with the demands, and unable to pursue and other business ventures or job opportunities.
Stress – When you are responsible for everything in your building, it can be stressful, especially if you’re getting emergency repair phone calls at 3 a.m.
Little expertise – You may be willing to take on the workload, but you may not have the expertise to repair things, handle tenant disputes, or comply with legal regulations. Learning the ropes of managing a building takes time, and your lack of expertise can get in the way of managing the building properly and efficiently, especially if you have little to no help or guidance from someone more experienced.
Financial strain – When you own a building, the tenants are your means for making a profit off your investment. If you do not set the rent at the right amount (either too high or too low) you will either lose out on money or miss out on renters all together.
A property management company will run a property or properties for you dealing the day-to-day tasks to keep your properties up and running. You can take a step back and let the company handle everything for you.
The pros of hiring a property management company include:
- A property management company will save you time and you can take the time it would’ve taken you to manage the building to spend on other pursuits.
- The company will handle calls 24/7 so your investment (work) doesn’t overlap into your personal life.
- Property managers know the market and they know how to look for, screen, keep, and talk to tenants while also setting an appropriate rent amount for your location that will attract quality tenants and allow you to make a profit.
- You get a lot of valuable knowledge with a property management company as they have managed many properties before. Property managers know all rules, regulations, and best practices.
With a property management company, your tenants will know they are working with a team who is experienced working with tenants and managing building. Because a property management company’s job is to manage the building, tenants know they can contact someone who will respond to them quickly.
If self management isn’t a viable option, it’s time for you to work with a property management company for you to get the most out of your investment
Work with a Jacksonville Property Management Company
Our property managements experts at Quest Real Estate have more than 20 years of combined experience in managing properties. If you don’t have the time or means to manage your property or properties, it’s time you hire a property management company to do it for you.
Our property management experts are committed to listening to our clients’ needs and formulating a plan that helps them reach their goals. We will communicate with tenants throughout the lifetime of their lease. Our Jacksonville property management team develops a close relationship with tenants.
With our aggressive marketing, advertising, property showings and background checks, we will find you great tenants. As a property management company, we prepare leases, have 24-hour emergency maintenance, collect rent, and more.
If you’re looking for a Jacksonville property management company to manage your property or find you tenants, let Quest Real Estate help you!
Contact our team at Quest Real Estate, LLC, by submitting our contact form. If you’d like more information on Jacksonville, or information on homes for sale or rent here in Jacksonville, Fl, call us at 904-373-9171.