If you are an investor and own a rental property – or several, you know all about the headaches involved with it. At the end of the day are the hassles worth someone else paying down your mortgage and you building equity? I say absolutely yes. That is if you do it the right way. If you go about it the wrong way, you’re setting yourself up for a career as a struggling landlord and will want to pull your hair out every step of the way. I believe there are two “right” ways to handle your tenants: Hire a property management company to handle everything for you, or if you manage on your own, treat your tenants with respect and make them happy throughout their lease.
Hiring a property management company simply makes your life easier. Why is it that most tenants seem incapable of doing anything on their own? The answer is simple; because most residential leases make the owner responsible for any maintenance to the property. If you hire the right property manager, they can be your go between to handle all maintenance requests. If you hire a management company you should not do anything but cash checks and leave the headaches up to them.
What if one of your tenants gets bed bugs? What if they stop paying rent? How do you get them out? Can you charge them a late fee? What happens if you sell your property? Do the tenants stay or do they go? Who pays the Homeowners Association fees? The taxes? The insurance? Does your lease protect the tenant or does it protect you? These are only a few of the many issues you need to know about and a professional management company can help make sure you are protected.
If you manage your own property, make sure you are treating your tenants right! One of the biggest mistakes I see is landlords not wanting to fix anything or not being accommodating. We rent/manage over 100 properties in SW Florida and I can say, without a doubt, that the landlords who are willing to keep the tenants happy are the ones that get paid every month and on time. Why not give your tenants a card on their birthday? How about sending cookies around the holidays? These small gestures will create a relationship in which they don’t want to disappoint you. I have personally done this with several of my own tenants and I’m still friends with them even years after they have moved out of my properties. Not only did they protect my investment throughout the year and left it in good condition, they paid me a monthly return on time. You’ll be surprised how a little care can go a long way!
Need help Selling, Buying, or with Property Management? Please contact Gabe for FREE advice at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com Gabe Mellein is the broker of Gulf Pointe Properties, He has 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.
