Articles & Tips from Real Property Management of Sarasota & Manatee

Should You Hire a Property Manager?

Hire a Property Manager for Your Sarasota – Venice – North Port Rental?

This is one of those questions that doesn’t necessarily have a straight forward yes or no answer. How so? Here are some examples:

  1. Q: Should I hire a plumber? A: Are you a plumber? Do you know anything about plumbing? Do you want to spend your time plumbing?
  2. Q: Should I hire a roofer? A: Are you a roofer? Do you know anything about roofing? Do you want to spend your time on the roof, or playing with your kids?

The point is that a lot of people have this notion that they understand what day-to-day property management is all about and that they have the tools, time and inclination to do it well. It’s very similar to someone who tells themselves, “I’ve eaten in a restaurant, so I think I’ll open up a restaurant!” Just because you’ve lived in a rental doesn’t mean you would be a capable, profitable, and legally compliant do-it-yourself landlord.

Ask Yourself the Right Question

If you ask yourself the wrong question, you must, by definition get the wrong answer. You can’t possibly get the right answer to a wrong question. A better question to ask, based on my 30 years experience in the real estate business, as a licensed attorney, trainer, and educator on such matters,…

Why In The World Would I Not Hire a Professional Property Manager?

This is the correct question to ask. Asking yourself this question leads you down a logical path that opens up the relevant issues for your consideration:

  1. Money
  2. Time
  3. Expertise
  4. Inclination

Let’s consider these four areas in light of the general question:

  1. Should I not hire a professional property manager, because I cannot afford it?
  2. Should I not hire a professional property manager, because I have lots of free time on my hands?
  3. Should I not hire a professional property manager, because I have the tools & expertise to do a good job myself?
  4. Should I not hire a professional property manager, because I enjoy dealing with the collections, bookkeeping, showings, documentation, complaints, excuses, legal compliance, inspections, maintenance, and repairs myself?

Three Reasons NOT To Hire a Property Manager

Those reasons should be obvious:

  1. You are broke and cannot afford to have one of the most significant single investments you own managed professionally. Even though the expenses associated with management and leasing fees will almost certainly be deductible expenses for your tax purposes (check with your tax adviser), you cannot justify putting money into the professional care of your property. With two exceptions, unless you are destitute, or on the brink of such, it makes no more sense trying to do property management yourself than it does putting on a new roof yourself — unless, of course, you happen to be a roofer.
  2. You have lots of free time, you love the idea of tenants having 24/7/365 access to your cell-phone, and you are willing to invest in the tools and training required to do a good job and keep in compliance with local, state, and federal laws and regulations.
  3. You cannot find a property manager that you trust.

Real Property Management of Sarasota & Manatee

Like any other profession, most property managers are merely okay, some are outright criminals, and a few rise to the top. Recognized for honesty, fair-dealing, and excellence of service, Real Property Management of Sarasota & Manatee, has risen to the top. When searching out a property management company, look for the following:

  1. N.A.R.P.M. Membership:  The National Association of Residential Property Managers is the industry watchdog, setting standards for ethics, training, and industry best practices within the residential property management industry. DO NOT HIRE a management company that is not a current, active member of NARPM.
    Real Property Management of Sarasota & Manatee is an active member in good standing of the Sarasota – Bradenton Chapter of NARPM. John Michailidis, Broker/Owner, of Real Property Management of Sarasota & Manatee is the chapter’s 2019 President-Elect and will serve as the chapter President for 2020 and 2021.
  2. Stand-Alone Property Management Company:  There are many realtors around, each managing a handful of properties, but they have never developed expertise in property management. They claim to offer professional property management services. My suggestion is that you DO NOT hire a company that is primarily a real estate sales brokerage that does property management on the side for extra income. You don’t want to leave the care of your investment in the hands of a company that sees your property as a “side-gig” while they are out chasing sales. You want to hire a dedicated professional property management company.Real Property Management of Sarasota & Manatee is a dedicated property management company with 99% of our business dedicated to residential property management. We are experienced, knowledgeable, and highly rated.
  3. Positive Reviews and Testimonials:  Excellence always leaves clues, and the clues you should look for are positive testimonials from people who have worked with that property manager. Take a look at the following for Real Property Management of Sarasota & Manatee:

Conclusion

Unless you have unlimited free time, you’re low on funds, or you can’t find a company you trust, you should consider hiring a property manager. A professional property manager handles every aspect of the leasing and ongoing management of your rental, thus freeing your time and shielding you from legal liability. All you have to do is check your monthly statements and make sure your directs deposit shows up — your property manager handles all of the day-to-day hassles of property management, so you are free to live your life unfettered from your investments.

About The Author

John Michailidis, JD, is the broker/owner of Real Property Management of Sarasota & Manatee, a Sarasota, FL based residential property management company providing both full-service and lease-only services to local area landlords.  If you own residential investment real estate anywhere in Manatee or Sarasota counties, please free to reach out to our team at 941-216-0005, or click the link below to contact us through our website.

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