If you’re like most self-managing landlords, you might be resisting professional Tampa property management because you think it’s more expensive than doing it yourself.
That’s a huge myth in real estate investing, especially when it comes to rental properties. You will actually earn more and spend less with a professional property manager, and today we’re telling you why.
Mistakes with Rental Properties are Expensive
Of course you can manage your own property. You can also fix your own car and give yourself a root canal. But, why would you? There are professional mechanics and dentists to take care of those things expertly and with less risk and pain to you.
Property management is a similar service. You can live without it, but you probably shouldn’t.
Mistakes are expensive when you’re renting out a home. You might deny a tenant with a service animal because you don’t allow pets, and that will land you in trouble with both the Fair Housing Act and the Americans with Disabilities Act. Maybe you’ll deny one tenant’s application because you’re looking for a higher income level, but then after your property is vacant for a month, you approve another applicant with the same income. That’s discrimination.
Perhaps you’ll let your tenant fix the roof in exchange for a lower rental payment. What if that tenant falls off a ladder? You’re liable for medical expenses and a lot more.
There’s a risk of holding the security deposit in the wrong type of account. You might think it’s acceptable to knock on the door and ask to go inside without any prior notice.
These are common mistakes we see from self-managing landlords, and they lead to very expensive lawsuits, claims, and penalties.
Vacancy Rates are Lower
You’ll lose less money on vacancies and turnovers when you work with a professional property management company. We understand the Tampa rental market. We know how to price your home properly and competitively, and we know how to attract the best potential renters.
We also deliver outstanding customer service, ensuring your good tenants stay in place for the long term. Vacancies and turnover costs can eat away at your ROI quickly and irreparably. When a self-managing landlord has to prepare a property for a new tenant after an old tenant moves out, it could take weeks or even months to get the work done, advertise the home, and show the property. Professionals can do it in a matter of days. This saves you money, which means it earns you money.
Maintenance Expenses are Cost-Effective
The preferred vendors we work with are available to us as soon as we need them. If it’s the middle of the night over a weekend and your tenant has a sewer line burst, finding a plumber and an electrician with whom you have no relationship will be nearly impossible. Our vendors and contractors are loyal to us and our properties because of the volume of work we provide. They also give us more competitive and preferred rates, saving you money on rental property repairs.
Disasters are Kept to a Minimum
Every landlord who has rented out their own home without professional help has a story of how and when it went wrong. Maybe they rented to a nephew who didn’t pay rent for six months. Do you evict a family member or forgo the rental income that you need and expect?
Maybe you have a tenant who decided to leave in the middle of a lease period without notice, leaving behind a mess in the house and damage that went far beyond the amount of the security deposit. How do you recover from that?
Maybe a tenant moved in a Pit Bull and that Pit Bull attached a deliver person. Perhaps a tenant decided to paint the interior walls purple. There are a lot of ways that things can go wrong when you rent out a home. Property managers protect you from terrible rental experiences.
Renting out a home on your own can be overwhelming, especially if you have your own career, family responsibilities, or personal pursuits you’d like to focus on. Professional Tampa property management doesn’t have to cost you money; it can actually earn you more.
Contact us at Hoffman Realty if you’d like to learn more about our services.