Owning a rental property in Jacksonville, Florida, is probably one of the best decisions you’ve ever made. You’ve increased your annual income and started building an investment portfolio in real estate.
But what if there was one more great decision you can make regarding your rental property that could make you even more money and provide convenience and ease?
When you hire a property manager, that’s exactly what you’ll get!
Hiring a property manager to manage and maintain your rental in Jacksonville has a great number of advantages and benefits. If you aren’t already working with a property manager, we guarantee that you’ll want to look into it by the end of this article.
1. Maximize Rental Property Income
Who doesn’t like the sound of making more money by doing little to no work?
When you hire a property manager to take care of your rental, you can maximize your monthly income. There are a couple of reasons landlords see an increase in their profits.
The first reason landlords make more money with a property manager is because the rent price is set to match the market. Using professional tools and industry knowledge, property managers will assess your rental and compare it with the current market to find the right price.
Another reason you could see an increase in profit is that your maintenance and repair costs are lower. Property managers typically have great relationships with maintenance providers who offer discounted services. This means fewer expenses out of your pocket!
2. High-Quality Tenants
When working with a property manager, you’re almost guaranteed to have high-quality tenants living in your Jacksonville property. This is due to the structured process management companies have when acquiring new tenants.
Tenants go through a thorough screening and application process to ensure they have good credit, have never been evicted, and have the income to pay the rent each month.
As a landlord, this leaves you with peace of mind knowing your property is safe in the care of quality tenants.
3. Shorter Vacancy Periods
Your rental property won’t be vacant for long when you work with a property manager. If your current tenant decides to move out, your rental will be leased quickly, thanks to the powerful and professional marketing tactics and tools property managers use.
With a vast network of connections within the real estate market, property managers know how to promote your rental and find the right tenants for it.
What does this mean for you?
It means you likely won’t lose income from an empty property!
4. No Legal Troubles
There are a lot of laws surrounding real estate, especially concerning landlords and tenants. Each state (and even cities) has different laws rental property owners must follow. To avoid legal troubles, many owners work with property managers.
Professional property management companies have educated and experienced managers who are familiar with laws and regulations surrounding rental properties. These companies are compliant with the law and do everything in their power to make sure there are no legal troubles.
However, if legal troubles do arise, your property manager will represent you in court if needed. This also includes evictions.
5. Receive Rent on Time
Long gone are the days of chasing down tenants for their rent payments each month when you work with a property manager.
With effective processes and practices, property management companies are more likely to receive rental payments on time. Part of this reason is thanks to online payment options such as tenant portals. It’s easier for tenants to pay and only takes a couple of seconds.
Some tenants may also see a property management company as more authoritative, so they promptly pay their rent.
6. The Property is Well-Maintained
Not only will property managers manage your rental property in Jacksonville, but they will keep it well-maintained. When your tenants require a repair at the property, the manager is responsible for getting it fixed in a timely manner.
So, you can say goodbye to those inconvenient texts from your tenants letting you know that there’s a leak or a broken kitchen appliance. Now they will contact the property manager with these issues.
When your property is well-maintained, it can also maximize your rental income because you can ask more for the rent. People will pay a little more if it means living in a clean and well-maintained property.
7. Distance Isn’t an Issue
If you live in another town or state from your rental property, it can be a hassle driving back and forth when needed. Hiring a property manager allows you to be wherever you want in the world without your location affecting the management of your property.
In fact, 66% of rental property owners hire property management companies due to their distance from the property.
This advantage also allows you to buy rental properties in various locations. So, you can benefit from the market in Jacksonville, Florida, even if you live in New York. With a property manager, you can rest assured your property is in good hands.
8. It’s Less Expensive Than You Think
The number one reason owners don’t work with property managers is that they assume it’s too expensive.
This isn’t the case, though!
Many property management companies are relatively affordable and have straightforward fee structures, so owners can plan and estimate their profits throughout the year.
Not to mention, since working with a property manager can maximize your profits, it almost pays for itself in some cases.
9. Enjoy Truly Passive Income
Most real estate investors buy a rental property in hopes of achieving a generous passive stream of income. However, this can be difficult to reach if you’re always spending time at the property collecting rent or making repairs.
By hiring a property manager, you will get to experience the joys of passive income. You can go about your day without worrying about your rental property in Jacksonville because it’s professionally managed.
The only thing you have to do is watch your profits roll in as you sit back and relax.
Hire a Property Management Company in Jacksonville, Florida
Are you ready to experience the benefits of working with a professional property manager?
Cool Realty is Jacksonville’s leading property management company, and we’re here to help you maximize your rental income while achieving passive income. With an experienced team of professionals, we guarantee your rental property will be well-maintained and never vacant.
Contact us today to see how we can help you manage your rental property in Jacksonville and maximize your profits!