Here are a few questions worth considering when you are deciding to opt for a professional Lakeland property management to take care of your rental investments. Every investor is different and has different circumstances. There are a few investors who have day jobs and manage their properties in the spare time. Still others take up property management on a full time basis. Let us consider a few situations that can help you determine whether professional property management is right for you:
- How far is the rental property from your residence?: If it is very far away, it might not be feasible to drive every time there is an emergency, or tenants need your help in settling disputes etc.
- Your personality- Are you a person who can handle the stress of this job? Can you settle disputes calmly? How would you deal with tenants who have trashed your property?
- How many properties do you own? As your investment portfolio grows, so will all the issues and hassles that come with it.
- How much experience do you have with maintenance and repairs? You might require third party contractors and vendors to deal with these issues.
- Can you handle accounting records and tax documents?
- Are you aware of the current tenant-landlord laws?
- Can you manage tenants who are always late with their payments and if needed evict the ones who have not paid for months?
Answering these questions honestly can help you determine whether a professional property management firm is more suited to your needs.
