Real estate has many levels from building a new house and lot to flipping houses, to renovations and rental. For plenty of people, investing in real estate properties assures them that they have an asset which can generate income for a long time. When a property owner has a house or a multi-unit building for rent, it is relatively easy to manage.
However, when there is more than one property, like those in Jacksonville, a property management firm may be retained to handle the buildings or houses better.
A property management company serves as a buffer between the owner and the tenants. It handles the day-to-day operations, including repair and maintenance of the building and housing units. As a middle entity, the owner of the property does not have to manage tenant complaints and requests.
This is not the best way for an owner to use his time. Instead, the management company has a dedicated supervisor for each building. The supervisor fixes any repair requests, is responsible for any tenant complaint, evictions and collecting rent.
The owner retains the property management company as an independent contractor and not an employer. Additionally, the supervisor is an employee or a contractor for the property management firm.
Hiring a Property Management Company
Keeping a property management company as a contractor of services can be expensive. However, saving money is not the main reason for hiring them.
The property owner can save money only if there are a lot of properties being managed. The more rental units or buildings owned, the more time is required to manage them. This is better passed to the property management company. If the owner does not live near the property, it is better to hire a property management firm. Due to the nature of managing a rental, it is necessary to be near the property.
Additionally, if the owner has no patience or skills in property management, then hiring a property manager is the only real alternative.
Property management is not for every property owner. It is a certainty that owning rental units would mean time working on the property. A property manager is not cheap, but if the owner has plenty of units for rent, the property management company is well worth it.