Are you looking to invest in a home in Bonita Springs? Contact Kris Asquith Paradise Realty Team to find your investment property: 239-300-1427
If you are considering selling your Bonita Springs property, visit MoveWithKris.com to find out your Bonita Springs home value.
Renting out a property in Bonita Springs, Florida is a good way to earn money, but organizing short-term vacation rentals can be very stressful, particularly for first-time landlords. Hiring a property manager could increase the profit generated by the property at the same time as reducing the administrative burden for the property owner.
Although some property owners have a distrust of property management companies, this suspicion is often misplaced. Many property managers offer a reliable and highly professional service. In general, the risks of taking on the management of one's own property in Bonita Springs far outweigh the possibility of getting disappointing service from a property management company.
Property managers can increase the profit generated from a property by as much as 40%, as well as taking the stress out of the role of being a landlord. For these reasons, most first-time landlords would benefit from using a property management service to help them get started in the highly profitable field of short-term vacation rentals.
The Pitfalls of DIY Property Management
Inefficiency Reduces Profit
Many new landlords decide that they will take on the task of managing their own property in Bonita Springs, in the hope that avoiding property management fees will increase their total profit. However, this can be a big mistake. The decision to do it alone is actually more likely to reduce the total revenue generated from renting out the property, therefore reducing the landlord's overall profit.
During periods when the property stands empty, fixed costs such as property taxes still have to be met, even though there is no revenue coming in from rent. Landlords who do not have enough time to devote to advertising the property, answering queries from people interested in hiring it, or organizing the booking system will lose out on valuable income as the property in Bonita Springs stands empty.
Stressful Scenarios
Renting out a property can be very stressful, particularly for first-time property owners. Dealing with people who want to rent the property, maintaining a log of bookings, and managing the accounts for a property are all time-consuming and sometimes stressful tasks. The smart property owner can save time and reduce stress they experience by hiring a property manager to take care of these tasks on their behalf.
Finally, it is the landlord's responsibility to deal with any maintenance issues that arise while the Bonita Springs property is rented out. These can range from minor issues such as dripping taps, to emergencies such as blocked toilets and broken water heaters. To deal with the issues listed above, a landlord needs to have a network of professional contractors. These contractors should include an electrician and a plumber that can be called on to carry out repair at short notice.
The person who is in charge of managing the property must be contactable at all times, including weekends and holidays, in case the people staying in the property have problems that need to be urgently addressed. This places a huge burden on people who own vacation properties in locations far from their homes, who cannot easily go around to the property to see what the problem is.
In summary, property management can be a tough job. Since time is money, vacation property owners in Bonita Springs can increase their potential profits by outsourcing the responsibility to a professional property manager, who can efficiently handle any situation that arises.
The Advantages of Hiring a Property Manager
Increased Profit
Properties only generate revenue when they are rented out. Professional property managers are experts in finding suitable tenants for all kinds of properties, which means that the property will never be left standing empty for long periods of time.
Property managers in Bonita Springs are especially valuable for vacation rental properties. Renting out a property as a vacation rental can generate up to 40% more revenue than a 12-month lease. The downside is that the booking process for short-term vacation rentals can be difficult to administrate. Property managers handle the booking process on behalf of the property owner, so that the holiday property is an asset rather than a troublesome burden.
A Cared-For Property
A property manager can also ensure that the property in Bonita Springs is well-maintained, keeping it in compliance with the high standards that visitors expect from a vacation rental. By scheduling regular maintenance, the property manager is able to keep the property in good condition, which reduces the probability of more serious problems developing over time.
A good property manager can increase the profits generated by renting out a property. The increased efficiency of renting out a vacation property using a property manager, compared to the landlord doing all the work, means that the revenue raised through rent could potentially be much greater. This increase in the money raised by offering short-term holiday rentals could easily be enough to cover the small percentage fee that is charged by the property management company.
Professional Service
There is, unfortunately, a sense of distrust among many property owners towards property managers. Even though a few owners have had bad experiences with property managers who were not experienced, the vast majority of property managers offer a highly professional service that can significantly increase the profits of the property owner.
How to Hire a Property Manager
Property managers are invaluable for many landlords. Because of the importance of the service that a property management company provides, it is important to find a reliable professional to handle your property. In order to be sure that the property manager is trustworthy and has the necessary skills to deal with every aspect of property management, a property owner needs to take the time to find a good property manager. One way to do this is to choose a company that has been in business for many years and has a good reputation among Bonita Spring home owners.
There are many more factors to consider when hiring a company besides the fee that is charged. Choosing the property manager with the lowest fee is not necessarily the most profitable choice: the best manager is the one who has the biggest net impact on the overall profit, not the one who is cheapest.
Asking other vacation property owners for recommendations is a good way to find a good manager. Alternatively, online reviews of property management companies can also be useful in the search for a reliable property manager.
Conclusion
Property management is a complex operation that requires specialized skills and a great deal of ongoing commitment. Unfortunately, many new landlords lack both of these qualities. In fact, many new vacation property owners end up selling their property after only a year or two, having failed to make as much return as they had hoped on their investment. They quickly become frustrated with the demands that being a landlord places on them, which can have a profoundly negative impact on their careers and personal lives.
Hiring a professional property management is a smart solution to the pitfalls of renting out a property. A professional does so much more than finding customers to rent the property: he or she can also ensure that the property is kept in good repair and take a huge administrative burden off the landlord's shoulders. This in turn allows the landlord to concentrate his or her attention on other important aspect of their life, such as their family and career. Most homeowners would rather not than having to spend all their free time dealing with problems with their property.
In conclusion, hiring a property manager is a smart and profitable move. All new vacation property landlords would be well advised to use the services of a well-known company, at least during the first year or two that they are in business. In this way, many costly mistakes can be avoided.
Are you looking to invest in a home in Bonita Springs? Contact Kris Asquith Paradise Realty Team to find your investment property: 239-300-1427
If you are considering selling your Bonita Springs property, visit MoveWithKris.com to find out your Bonita Springs home value.
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