Managing a rental property can seem like a straightforward way to save money, but the reality often proves otherwise. In this blog, we will explore why some landlords choose to manage their own rental properties, using a case study to illustrate the potential pitfalls and benefits of professional property management.
We'll also delve into the advantages of partnering with Rovira Property Management - Orlando, from reduced vacancy rates to higher rental income. Ready to see how professional management can maximize your rental property income and minimize stress? Let's dive in.
Why Do Landlords Choose to Manage Their Own Rental Properties?
The goal is usually to save money. But does it actually work this way? Let us do a case study.
Meet Dave: A Case Study
Take, for instance, Dave. He decided to move for a job but wanted to keep his house as a rental property. Dave chose to manage it himself and set the rent at $2,400 per month. He spent $200 on advertising and a yard sign, but due to a month-long property vacancy, he lost $2,600. Despite his efforts, the property remained unrented.
The Rovira Property Management Alternative
Now, let's consider an alternative scenario where Dave decided to call Rovira Property Management - Orlando. Suppose we managed to rent Dave's home within two weeks for $2,600 per month. This would have earned Dave an additional $200, making a profit of $2,400 per year. Moreover, Dave would have saved countless hours spent acting as a property manager.
The Reality of Self-Management
Homeowners often believe that managing their own rentals is easy and cost-effective. However, the average vacancy loss for self-managed properties ranges from 30 to 60 days. In contrast, Rovira Property Management - Orlando boasts an average vacancy rate of 30 days or less.
Maintenance and Repairs
Self-managing landlords often take several weeks to address maintenance requests. At Rovira, we promptly handle these requests using high-quality, low-cost, licensed, and insured contractors, typically resolving issues within a few days.
Benefits of Professional Management by Rovira
With Rovira Property Management - Orlando, there are fewer hassles, and landlords get their time back. We also train our staff and stay current with all real estate laws and codes, reducing the burden of responding to tenants and handling maintenance requests.
Key Benefits:
Cost-effective Advertising: We use targeted marketing strategies to attract quality tenants quickly.
Higher Quality Tenants: Our thorough screening process ensures reliable and responsible tenants.
Lower Vacancy Rates: Our efficient processes minimize the time your property remains vacant.
Higher Rental Income: Professional management often results in higher rental property rates and consistent income.
The Big Picture
The bottom line is simple: "Earn more by having a professional manage your rental property!" Here are some of the additional advantages of partnering with Rovira Property Management - Orlando:
Quality and Aggressive Advertising: We leverage multiple channels to market your property effectively.
Thorough Tenant Screening: We conduct comprehensive background checks to find the best tenants.
Expert Knowledge of Rental Property Law: Our team stays updated on all relevant laws and regulations.
Itemized Accounting: We provide detailed financial reports to keep you informed.
Quick Payments: Rent is collected and disbursed promptly.
Detailed Inspections: We conduct move-in, move-out, and interim inspections to maintain property conditions.
Real Human Beings Answering the Phones: Both property owners and tenants can speak to a real person when they need assistance.
Conclusion
Managing a rental property on your own might seem like a good way to save money, but the reality often proves otherwise. Professional property management saves you time and stress and maximizes your rental property income. Ready to earn more? Contact Rovira Property Management - Orlando today!
