If your investment property, condo or beach home provides rental income, there are business decisions to make in order to maximize that income. Do you want to be a hands-on manager or would you rather hire someone else to handle the day-to-day needs? You can lessen your expenses by managing the rental yourself but being a landlord or rental property manager requires a time commitment you must be prepared to make. Here are the top four things to consider when making the decision about your property management.
Your Time – Managing property can be time consuming and requires on-call availability. Most management companies base pricing on a flat monthly rate, with some additional fees or periodic assessments. As with realtors, choosing the right management company for you is an important decision. Our experienced agents can direct you to reliable local management companies to consider.
Housekeeping – For short term rentals, this is a major factor in the management decision. The condition and cleanliness of your rental will have a direct relationship to your customer satisfaction. Do you want to be in the housekeeping business? If not, you’ll need to find a reliable cleaning service with a price and scheduling flexibility to match your needs. Just as with property managers, there are variations in pricing and terms.
Repairs – Most management companies include routine maintenance in their contracts, with additional terms and options for emergency and annual repairs. If you take on this responsibility yourself, having reliable on-call contractors for emergency situations is essential.
Marketing – This is an area many choose to take on themselves. Again, whether you’re seeking long term or vacation rental customers may be the factor that tips the scales. Setting up a simple website to promote your vacation property is something most folks can affordably do these days and word of mouth referrals are consistently a huge advantage for long term rental property. However, management companies typically have websites and other marketing tools, from promotional materials to payment portals, already in place, which takes the burden off you.
Having a management company add your property to their inventory has many advantages. While hiring them costs you some money and some control, it frees your time and eliminates possible headaches. Which is the best route for you? That’s a decision you’ll have to make after finding the property you’re looking for. Our agents at will be happy to discuss and recommend management options and other resources for your property. At The Henry Group we’ve got a passion for meeting our clients’ needs and we’d love to help you determine the best options for managing your property. Contact us today.
Written by The Henry Group