Today’s topic is property management fees and what a Sarasota Property Management Company actually does to earn them. Many people ask if hiring a professional manager is worth the investment.
A recent study revealed that hiring a property manager gets a property leased an average of 40 percent faster than a property that is leased by an individual. The faster you get the home rented, the more money you make. This one function alone can pay for the cost of a management fee and it’s just one advantage of working with a professional. Here are some other services you can expect:
Leasing and Screening
Your property manager will establish the correct market value for your property, which is important. If you price the home too high, it will be vacant on the market for too long and if you price it too low, you’re leaving money on the table. There’s also advertising and marketing that needs to be done to get the property in front of as many different people as possible. There are multiple showings, which can take hours. That’s a lot of time you’re saving when you work with a professional. Property managers will also have a thorough screening and qualifying process.
Inspections and Enforcement
A property manager will enforce the lease. Once the lease is written, you’ll have your legal rights covered and protected. There will also be regular inspections. A professional will collect rent payments on time and know how to handle things if rent stops coming in or comes in late.
Your property will be protected against damage when you work with a professional management company, and they will handle maintenance. A professional will have a qualified network of vendors who provide low market rates to get things done. This means good, fair service will be provided to the tenant and any problems or repairs will be taken care of immediately.
Finally, you will be able to take advantage of professional accounting services. Your property manager will deposit rents and provide monthly and annual accounting statements. Your best interests will always be considered. You won’t have to worry about going to court. This is one of the most litigious professions in the country, and it’s too easy for an unprotected landlord to get sued.
In the end, a professional property manager will more than pay for the services that are provided. When you select a highly experienced manager, you will earn dividends from your investment. Property managers save you time, generate revenues and minimize expenses. In short, they provide success for your investment.
If you have any questions, or you’re interested in hearing more, please contact us at Sarasota Management & Leasing.