When is the Right Time to Hire a Tampa Property Management Company?

It’s always a good time to hire a Tampa property management company.

That’s the simple answer to this question, but today we want to expand on why and when it’s really critical to put your investments into experienced, professional hands.

Investment Advice Before You Need It

Perhaps you think it makes more sense to try managing on your own, and then to call a professional if you get into trouble and need to evict or work through a security deposit dispute or deal with a fair housing claim because you treated an emotional support animal like a pet.

That’s certainly one strategy, but it’s going to cost you a lot of time and money.

When you wait to seek help, the damage is already done. You’ve put yourself in a position where you have to evict or go to court or defend yourself in a lawsuit.

It’s a much better idea to hire a property manager before you begin making mistakes. It’s an even better idea to hire a property manager before you invest in a property. We can help you estimate what you’ll earn in rent, how much time it will take to prepare the property for the rental market, and what type of tenant pool you will have for your rental home.

Common Mistakes of Self-Managing Landlords

When you are new to investing and you’re about to rent out your first property, you might have an easy time with great tenants and not a single issue to bother you.

That’s possible, but not probably.

We see many new landlords begin their investment career with the best intentions, but they end up making the same mistakes. Some of these include:

  • Allowing tenants to make their own repairs at the property
  • Hiring unlicensed labor to do work at the property
  • Collecting rent whenever the tenant can pay
  • Choosing tenants based on sex, nationality, or just because they like them
  • Renting to friends and family

If a tenant or an unlicensed vendor falls off a ladder while doing work at your property, you’ve opened yourself up to a lot of risk. If you don’t know the fair housing laws and you don’t have rent collection policies in place, managing your own home is going to be stressful and risky.

Property Managers and Real Estate Agents: Different Skill Sets

We also talk to a lot of landlords who think it’s easier to just use their real estate agent to manage a rental home.

Real estate agents and property managers are very different animals. We have different standard operating procedures, different codes of ethics, and different laws that we must comply with. Leaving your important investment in the hands of a real estate agent when you’re looking for a tenant or maintaining your home is not a great idea. After all, you wouldn’t go to your primary care physician for knee surgery. Don’t choose a generalist over a specialist.

Property Managers and Real Estate Agents: Different Skill SetsProfessional property management in Tampa will earn you more on your investment. It’s always a good time to talk to someone about managing your real estate assets. Contact us at Hoffman Realty today, and we’ll be happy to tell you more.