Managing your own rental property might seem easy enough, and a lot of landlords expect DIY property management to be a breeze. However, it has become a lot more complicated in recent years, especially in the competitive Melbourne, Florida rental market.
Renting out a home takes a lot of time and if you want to do it successfully, it requires a lot of experience. If you have a full-time job of your own, family responsibilities, or other passions that don’t include clogged toilets, collecting late rent payments, and learning the latest fair housing laws, you will have a better investment experience if you hand over the management responsibilities to a qualified
Melbourne property manager.
Today, we want to share some of the main reasons that DIY property management doesn’t really work.
Making an Expensive Legal Mistake is Surprisingly Easy
Even experienced investors make mistakes when they try to manage their own properties, and unfortunately, those errors have become quite costly. Generally, Florida is still a landlord-friendly state. But, we’ve talked to numerous rental property owners who have found themselves in a lot of trouble over habitability issues, fair housing laws, and evictions that they tried to manage on their own.
For example, if you don’t understand the security deposit laws in Florida, you can find yourself in court. If you don’t know the difference between a service animal, an emotional support animal, and a pet, you could find yourself on the wrong end of a fair housing or discrimination lawsuit.
Professional property managers will protect you from mistakes, emotional decisions, tenant disputes, and legal claims. We are always updating our lease agreements, contracts, and policies to reflect the new laws, and we educate our staff on everything they need to know to keep you and your property compliant.
Many landlords realized that DIY property management is dangerous during the COVID-19 pandemic. Maybe you’ve struggled to collect rent from tenants who were impacted by a job loss or salary reduction. With evictions temporarily banned, what can you do to get your rent collected? A professional property manager has planned for this. We know how to communicate with tenants and keep you out of trouble.
Melbourne Property Managers Understand the Local Rental Market
Professional property managers follow the trends and requirements of the local real estate and rental markets. We understand what homes are renting for, what tenants want in a property, and how to market to a wide pool of well-qualified prospects.
This knowledge can save you money on long vacancy times. It can help you price your rental home correctly, and it can help you make improvements and updates to your property so it’s more attractive to the best tenants.
Many landlords choose DIY property management over professional property management because they think they’re saving money. Actually, you’re more in danger of losing money by not pricing your property correctly, allowing a longer than necessary vacancy, wasting time during turnovers, and paying too much for maintenance services.
Placing the Wrong Tenant is a Disaster for Your Investment
Everyone has heard one or two horror stories about tenants that didn’t pay rent or those who broke their lease and snuck out in the middle of the night. Many landlords worry about property damage or unauthorized dogs attacking neighbors.
You can’t be too careful with tenants, and that’s why a rigorous screening process must be in place. When you manage your own home, you often don’t have access to the nationwide credit, eviction, and criminal background checks that you need. You might not have the time to verify income and employment, and you might feel uncomfortable calling current or former landlords to perform reference checks.
Property managers make a point of finding and placing the best and most qualified tenants in your home. You can count on marketing that’s more strategic and screening that’s more thorough. The result is a better tenant who will take care of your rental property and follow the lease terms.
Maintenance Costs Are Controlled
Most Melbourne property management companies get discounts from the best vendors and contractors in the area. We provide them with a large volume of work, so they provide us with the most affordable prices. When you are an individual landlord, you’ll find you’re paying more for plumbers, electricians, landscapers, and even handyman services.
Don’t wait too long to hire professional Melbourne property managers. We can deliver a better and less stressful rental experience.
Contact our team
at RE/MAX Elite.
RE/MAX Elite has been providing world-class property management service to Eastern Florida since 2006. We serve all of Brevard County, including Melbourne, SunTree, Viera, Palm Bay, Merritt Island, Cocoa Beach, Rockledge, Satellite Beach, Indialantic, Titusville and Mims.
