Hiring a property management company is one of the best decisions you will make as a real estate investor. Many investors do not realize or wait until it is too late to discover that hiring a property management company is a tremendous asset to their business.
Property management companies handle all the operations on a property. They work directly with prospective tenants and current tenants, so property owners do not have to worry about marketing, collecting rent, handling maintenance request and repairs, responding to complaints, or dealing with evictions.
Property management companies are independent contractors, meaning investors avoid all the hassles and stress that come with being an employer. An excellent property management company also helps to advise landlords by providing their expertise and experience in investing and running multiple properties.
In the Fort Lauderdale area, Mayfair Property Management, LLC is here ensure the success of your investment and give you the peace of mind in knowing it is in the best hands. We take all the operational burden off of your shoulders and handle everything from financial reporting to maintenance, move-ins and outs, the leasing process, tenant screening, marketing and advertising, accounting, and more. We work hard to take the greatest care of your investment. At Mayfair Property Management, LLC we deal with investment real estate and real estate investors all day every day, and we love it!
Without hiring a property management company, landlords may find themselves in over their heads with tenant complaints, legal troubles, maintenance emergencies, vacancies, and more. This rings especially true for landlords in such hot real estate markets with a lot of tenant turnover like Fort Lauderdale.
If you are a landlord and are considering hiring a property management company, in this article, we will discuss some of the top reasons why and when you should.
You have many properties or rental units – With great power comes great responsibility. With the more rental properties you own and the more units that they contain, the more of a struggle and burden it is to self-manage them all.
You do not live close to your rental property – If you are a landlord and get called to a rental unit in the middle of the night because of a maintenance emergency, hopping in the car and having to drive for a long time, makes a bad situation worse. Hiring a property management company is instrumental in handling all your property’s needs that you cannot do from afar.
You are not interested in hands-on management - If your goal is to be an investor, not a property manager, partnering with Mayfair Property Management, LLC is an excellent choice. Hiring a property management company means property owners can have little to nothing at all to do with when it comes to the daily management responsibilities on their properties. Therefore, they can spend their time investing more and growing their business.
Your time is limited – Property management is a full-time job. If being a landlord is not your only work commitment or if you would like to spend more time with your family and doing the things you love, then hiring a property management company is right for you.
You are suddenly swamped with management responsibilities – This frequently happens to property owners whose businesses are growing. In Fort Lauderdale, the population is increasing greatly, and the real estate market is soaring. When businesses start to expand, landlords find themselves suddenly swamped and need a substantial amount of help in managing their properties. This is where a professional property management company comes in to save the day.
You do not want to be an employer – If you are a property owner and decide to hire a resident manager or any other employees to help you operate your property, then you have become an employer. Being an employer means you have to handle payroll and the very time-consuming labors of dealing with a whole bunch of other legal requirements and considerations that come with hiring staff. A property management company is not an employee of a property owner. They are independent contractors. Therefore, all the personnel of a property management company are also not a property owner’s employees and thus, investors avoid all the burdens of being an employer.
Your property is part of an affordable housing program – Participating in an affordable housing program can be quite complicated for property owners. A landlord must comply with a very intricate and complex set of rules in order to receive financial assistance from the government in return for renting their property to residents of a lower income level. This is a very tricky process, and there is a lot at stake for the landlord to lose. This is why it is incredibly beneficial to hire a professional property management company to provide their expertise and experience in dealing with the particular housing program.
Here are some situations when hiring a professional property management company can save a business and make an investor’s life a lot more enjoyable. However, it is always a good idea to have a property management company by your side no matter your circumstances as a property owner. For help with your Fort Lauderdale rental, contact Mayfair Property Management, LLC today. We are looking forward to your success.