Owning and maintaining investment property is a great way to build your investment portfolio, but it’s not always as easy as one might think! When is it time to let go of the responsibilities of managing a rental property and hand it over to a professional? Here are three signs it’s time:
- Chronic late payments. The job of a property manager is to properly screen tenants. We turn away far more applicants than most private parties. Why? Experience. It only takes a few times removing a bad resident and dealing with the damage left behind to realize the value of proper screening. Our screening process helps minimize risks with the goal of leasing to someone that will be a successful resident. Successful residents are ones that:
- Pay on time
- Generally take good care of the property and leave it in good shape when they vacate.
- Communicate well with the management about problems, etc.
- Follow rules and do not create problems for the property or their neighbors.
- Another Weekend on Repairs. You’ve spent yet another weekend working on your investment property instead of enjoying your family! A good property manager makes sure your property is properly maintained and works to fix problems before they become major issues. A management company also vets contractors and looks for the best service and value, so when there are repairs, you get good quality work for a competitive rate.
- Legal issues and the books. Do you feel bogged down with the fine print of contracts and the additional bookkeeping? Our job is to understand contracts and we will help you avoid potential legal issues such as:
- Leasing disclosures
- Rent collection and late fees
- Eviction problems
- Notification and access for inspection
- Licenses and permits
Good managers produce monthly financial reports with proper documentation so you can see how your property is performing. We do not prepare tax returns, that is for your CPA. However, our reports make it easy for your CPA to do your tax return each year.
It may be time for you to take a break and enjoy the benefits of property ownership without giving up your personal freedom. A good property management firm can help with that.
Dwayne L. Carlton, CPM is the owner of Ellison Property Management in Ocala, Florida. Ellison has a wide variety of rental apartments and rental homes for lease in the Ocala / Marion County. For more information, visit them online at WeLeaseOcala.com or call (352) 351-0055.