Whether you are facing the loss of a primary residence, a previous residence you retained but moved from to a newer one, or one that you invested in as speculation, you may have been feeling the pressure financially to give up and let it go back to the bank. Before you take that final step in relinquishing that asset, consider working with a competent residential property manager.
Affordable Property Management
You may have heard the adage, “You have to spend money to make money.” This is definitely true in the world of quality property management. Good rental property managers have the background, contacts and know-how in choosing reliable tenants while also limiting the down time between rentals and controlling and avoiding costly errors due to poor judgment or lack of experience.
While no one wants to spend money when things are tight, not devoting adequate funds towards the right things can be just as troublesome as spending on things you didn’t need. Choosing the right property manager at a reasonable price may just save your bacon, and in the long run, that is exactly what makes it affordable.
Why not manage it yourself?
- Even if you reside in the same area as the property, you may not have the time, the opportunity, or the skills to handle all of the property asset management responsibilities and expectations yourself.
- Many owners may be older and no longer able to carry out or be interested in the vigorous attention required to maintain a property or the relationships with renters that this demands.
- In fact, absentee landowners quite often do not live in the same city or even state as some of their holdings and are thus not readily available to perform most of the really critical functions necessary to carry out management successfully.
- Good relations with tenants demand a fairly consistent presence and available line of communication to preserve the basic rapport, physical maintenance and speedy handling of any negative situations or emergencies that may develop.
- The role of a property manager involves several key functions most people are not equipped for without serious dedication and study.
- There are important personality considerations, legal safeguards and material aspects of maintaining a rental property that the average homeowner may not even be aware of.
- Additionally, an experienced property asset manager has at any time many viable contacts and professionals he can refer to who will streamline the processes involved with filling a property and keeping it well maintained.
Through sound property asset management and keeping your property occupied by reliable renters, the value of your property will be secured while also generating enough income to maintain a mortgage and preserve your ownership. If this matches your current situation, do not delay in seeking out and consulting with a proven professional. By opting for asset property management, you could save your property investment and your peace of mind during stressful financial times, a valuable combination.
Jennifer Fehr is the co-owner of Suncoast4Rent with her husband Tom Fehr. Jennifer is a Florida State Real Estate Sales person and works through Stonebridge Real Estate Co Inc in Clearwater, Fl (Pinellas County) to bring the personal touch to all your Real Estate needs, be it professional residential property management, consultation or sales.
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