With everything from low inventory and extreme buyer demand to supply shortages affecting the housing market over the last 12+ months, the rental market has become a more viable solution for those seeking a new living space.
There are the obvious benefits to renting versus buying – you don't have to shoulder the burden of maintenance or repairs, you're not bound to a multi-year mortgage, and you won't have to worry about any unexpected expenses. But even beyond those tangible perks, there exists perhaps the greatest benefit of all: renting may be less expensive than buying right now.
Whether you own a property you aren't actively living in or you're looking to invest in real estate, you've likely wondered if you should employ a property management company. But what exactly do they do? And how do they benefit you? Do you even need one?
If you've asked yourself any of those questions, then this post is for you. Read on to find out why working with a property management company is a smart move.
What is a Property Management Company?
A property management company is a business that handles everything from the day-to-day operations to the long-term matters to ensure your property meets its financial goals and your tenants are satisfied. Whether it's a single rental home or an apartment building, a property management company will work with you to establish a fair market rental amount, process applications, collect rent, field and tend to maintenance requests, and more.
How Do You Benefit from a Property Management Company?
Hiring a property management company can result in a horde of benefits, all of which will save you time, money, stress, and even some combination of the three.
For starters, you won't have to worry about the daily operation of your property. Nor will you have to spend time screening tenants, accepting applications, or collecting rent every month. You'll even spare yourself the awkward task of dealing with defaulting or troublesome tenants.
Your property will be in good hands with a trusted property management company. They'll respond to any maintenance requests as well as perform some basic levels of upkeep (think lawn services, pressure washing, etc.).
Your property manager may even offer bookkeeping services, which could be a tremendous boost to your bottom line. They can help maximize the return on your investment while minimizing taxes and keeping cash flowing.
Should You Work with a Property Management Company?
Ultimately everyone's situation is unique, so there isn't always a universal answer. However, more often than not, you'll benefit more from hiring a property manager than not. After all, real estate investment is often best left as a passive source of income.
Want to learn more about the perks of working with a property management company? Check out what Watson Property Management can do for investors and property owners: https://www.watsonrent.com/owners/.
With the residential real estate market in its present state of low inventory and high selling prices, many people are turning to renting as an option. This shift in housing makes it a great time to consider investing in a rental home. Or perhaps you already have a second residence that you're interested in renting out. There's no better time than now.
Renting out an investment property comes with a lot of legal requirements. As a Florida landlord, much is expected from you. If you're not prepared to put in the due diligence, you can easily be overwhelmed and miss a small yet important detail. Due to the complexity of these Florida landlord legal requirements, it's often wise to work with a third-party rental management company that deals with these topics routinely.
Here are just a few of the critical legal requirements for Florida landlords.
Floridians know all too well the dangers of hurricane season. These violent storms can cause considerable property damage, which is why it's important to start preparing your investment property as early as possible. If you're not sure where to start, read on to find out how to prepare your investment property for hurricane season.
While this post is geared towards owners of investment properties, we encourage renters to take precautionary measures during hurricane season as well. Just be sure to check your lease and/or ask your landlord before taking any significant action.