When contemplating whether or not to lease out a property, you have some things to consider. When you become a landlord, you have some new responsibilities to your tenants, your properties, and your neighbors that you might not have thought about.
Becoming a Landlord in Ocala
There are a lot of reasons property owners become landlords, and some are not by choice. Maybe you cannot sell your property for the price you want in this sales market. Maybe your job has transferred you out of town for a while. Or, maybe you inherited a property and you cannot go through the added stress of selling off a family member’s home. Whatever the case may be, you have now started a small business for yourself, and you need to know how to run that business.
Preparing Emotionally and Financially to Manage a Home
A good Ocala property management company can help you through the leasing and management process in many ways. We start by screening and selecting qualified tenants. We also account for your rents and deposits. Then, we maintain the property, we help with emergency situations, and we do much, much more.
Once your tenant is moved in, you need to be prepared emotionally and financially for potential adversity. What if your tenant loses a job or gets divorced, and can no longer pay rent? What if your roof starts leaking or a sewer line collapses? What if your air conditioning needs to be replaced?
Can you stay calm and act professionally in these potential situations?
Benefits of Professional Property Management
An experienced and prepared property manager will help when emergencies occur. These are rare situations, but they can happen at any moment. We like to talk to our owners about being prepared for worst case scenarios by having a reserve set aside or a line of credit to call upon when there are extreme expenses and unexpected repairs needed. A sewer line break can cost between $5,000 and $30,000, depending on your property. If the line does break, you have a legal responsibility to your tenant to repair it in a timely manner.
As a licensed Ocala property management company, we help owners maintain their properties. We know what roofers, plumbers, and general contractors to call upon, especially in emergency situations. Our goal is to make the best out of a bad situation for our owners. We help you keep the costs down, and we ensure the repairs are done quickly and correctly to maintain good relationships with tenants and increase tenant retention.
Becoming a landlord has inherent responsibilities that most people don’t think about. For almost all landlords, these severe cases never occur. That’s great. But, we want to give you an educated perspective so you can make a calculated and educated decision about whether becoming a landlord is right for you. Hiring a property manager to handle emergencies is only the beginning of your process as a real estate investor.
If you’d like to hear more about what HomeRiver Group can do for you, please contact us, and we’ll be happy to tell you more.