Although everyone’s experience is different when it comes to owning rental properties, being a landlord can be a great way to increase your net worth. enjoy tax advantages, and improve your cash flow situation. As you may know, however, managing rental properties can involve a lot of potential pitfalls — ones that can be expensive, stressful, and frustrating.
Whether you own one real estate rental property or dozens, there are always going to be problems to solve, procedures to follow, and details to handle. Fortunately, there are a number of ways to either minimize problems or avoid them, entirely. Using the services of an experienced property management company, for example, is one of best ways to stay organized and avoid being overwhelmed. If you feel like you already have “too much on your plate,” this option enables you to remain in control of your properties, without having to continually focus on all those small (but necessary) details.
As an example, many investment property owners do not have the time, inclination, or knowledge to properly screen prospective tenants. Taking shortcuts when it comes to tenant screening, and relying on boilerplate leases and other key documents, can result in headaches down the road. An “ounce of prevention” can not only preserve your sanity, but it also helps protect you from legal problems and financial losses.
Another vital area that rental property owners often need help with is marketing their apartments, duplexes, and other rental units. Knowing how to gain visibility online, list your rentals where they’ll actually be seen, and reach the people you want to have as tenants can help you avoid lapses in occupancy and losses in rental income.
If you’re considering acquiring more rental properties, but are concerned about how you’re going to manage those additional tenants, rent collection issues, and maintenance tasks, a full-service property management company, such as PMI Miami Dade, can offer the support, assistance, and guidance you’re looking for.
Top Ten Signs You Need to Hire a Property Management Service
- You’re frequently saying things like, “There aren’t enough hours in the day!”
- Rent payments are consistently coming in late.
- Complaints from tenants and neighbors are on the rise and you’re having trouble keeping up.
- Tenant turnover and retention are taking too much of your time and negatively impacting your bottom line.
- Tenant emergencies occur frequently and seem to happen at the two worst times of the day: when you’re having dinner and when you’re getting ready for bed.
- You’ve had bad luck finding tenants who are responsible, dependable, and respectful.
- It’s becoming increasingly difficult to stay on top of maintenance and repair tasks — especially the stuff that comes up unexpectedly and requires an immediate response.
- You’re considering hiring a property manager, but you can’t find someone who’s knowledgeable, capable, and up to the challenge.
- You often have questions and concerns about tenant and landlord rights.
- You’re feeling overwhelmed by the 24/7 nature of being a landlord.
While there are several financial advantages to owning rental property — assuming rents are collected and problems are solved in a timely way — staying organized, legally compliant, and profitable can be a challenge. Having a reliable team of advisors “at the ready” can lighten the load and help your property rental business prosper.
Benefits of Working With a Property Management Firm
Among the advantages of hiring a property management company, such as PMI Miami Dade, is that you have a team of dedicated experts working on your behalf to help make sure everything runs smoothly.
Handling property maintenance issues, upkeep, and repairs is one thing we take off your shoulders, but there are a lot of other benefits we offer which can make your life easier.
- Our system of marketing rental properties and screening applicants will help you find reliable and qualified tenants. We will work to help keep your rental units occupied, well maintained, and generating income. Our expertise in the property rental business will enable you to either expand your operation or simply “stay the course.” It all depends on your individual goals and comfort level.
- Based on our knowledge of the local real estate rental market, we will advise you on setting the optimal price for your properties — a price point that is neither too high nor too low. That way you’ll be able to maximize your cash flow without scaring away good prospective tenants.
- Our team of knowledgeable advisors at PMI Miami Dade are familiar with housing regulations and local laws impacting landlords. Our guidance will help you avoid problems that can affect your reputation, your bottom line, and your ability to run your business.
- When you have a professional team handling your tenant screening, rent collection, marketing, and property maintenance, the management of your income properties will be less labor intensive, methodical, and more solution oriented.
There are a lot of potential opportunities in Miami-Dade County for investment property owners. However, it’s also easy to run into problems and make costly mistakes — one of which is to try to do it all on your own. If the business of being a landlord is starting to dominate your life and impinging on your every waking moment, then reach out to us, today, to find out how we can help.
Think of us as a full-service resource to help you navigate the challenges of being an investment property owner. Our professional staff at PMI Miami Dade is on hand when you need us to help you handle a multitude of property management needs — from finding and retaining the best tenants to resolving tenant problems and keeping your properties well maintained and up to code.
Call or email us to find out more. We would be happy to answer your questions and do our best to offer viable and cost-effective solutions to virtually all your challenges and concerns. We are not only experienced at solving property management problems, but we also pride ourselves on anticipating and preventing them. When you’re in the property rental business, that can make all the difference in your success!
