Rental Basics in Tampa>Question Details

Matt Andrews…, Real Estate Pro in Tampa, FL

Should i rent my own property or hire a property manager?

Asked by Matt Andrews - Real Estate Investor, Tampa, FL Tue Nov 1, 2011

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Bill Eckler-Florida,’s answer
As an absentee owner, many elect to use a management company for convenience.

However, in the event, as an owner you are in the local area, handy, and don't mind tending to things that will "pop up," going solo may be a choice that offers substantial savings.

Bill
1 vote Thank Flag Link Wed Nov 2, 2011
BEST ANSWER
The answer boils down to the value of your time. As a manager, you'll have to deal with a variety of calls that aren't truly the responsibility of the landlord. You will be the responsible for the accounting and budgeting for the property as well as the maintenance and vendor supervision. This may seem simple as you are the principle in the deal but it can easily consume too much of your time if you have a career to attend. Some managers will advertise low rates and you'll typically get what you pay for. In our current state of affairs you'll see managers popping up everywhere because a somewhat stable income is more attractive than a commission based income. New property managers may beat current rates but may not provide the necessary experience or attention to properly manage your asset.

If you have the time, do it and save the money. If you don't, be diligent and choose a manager that is well respected in your area and will manage your asset as opposed to your physical property.
Web Reference: http://www.steelrpm.com
1 vote Thank Flag Link Tue Nov 1, 2011
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