There’s a lot to consider when you’re deciding whether or not you want to become a landlord and rent out a property. Such a decision introduces a list of new responsibilities that you’ll have to your tenants, your home, and your neighbors.
Becoming a Jacksonville Landlord
Property owners find themselves in the role of landlord for many reasons. It’s not always a conscious choice. Some owners find they cannot sell their home for the price they want, so they rent it out. Other owners receive a job transfer and need to move out of the area for a temporary period of time. There are also landlords who inherited a property, and they find it’s too stressful and time-consuming to sell a property that has been in their family for years.
Whatever your reasons happen to be, when you become a landlord, you basically start a small business.
Preparing to Manage a Jacksonville Rental Home
New or uncertain landlords can benefit from hiring a professional property management company. You’ll have qualified and experienced leasing agents screen and select qualified tenants. You’ll also have a team of professionals to account for your rental income and property-related expenses. Your property managers will also maintain the home and help with tenant relations, lease enforcement, and emergencies.
Once a tenant is in place, you need to be prepared for emotional and financial situations that you may not expect. For example, if your tenant suddenly stops paying rent, what will you do? If you have a major roof leak that needs to be repaired or a sewer line that collapses, how will you pay for the repairs? Think about whether you have the resources and the temperament to manage a crisis.
Benefits of Jacksonville Property Management
Professional property managers are prepared for these situations. You won’t always have emergencies to worry about, but expensive and inconvenient things can happen at any moment. As a rental property owner, you should be prepared for these worst case scenarios with a reserve or a line of credit available for large, unexpected repair costs. If you find you have a sewer line break, you can be looking at a repair bill that’s anywhere from $5,000 and $30,000. You don’t have a choice to fix it; this is your legal responsibility when you have tenants in place.
As a professional Jacksonville property management company, we help landlords take care of their properties and respond to maintenance needs. We have a large network of contractors, roofers, plumbers, and other vendors to call when there’s an emergency or routine maintenance. We want to make sure you aren’t spending more than you have to, and we want to make sure your tenants are happy with the way maintenance is being handled.
Being a landlord has serious responsibilities that you may not be thinking about. Make sure you have an educated perspective about what’s required, so you can make an informed decision about whether becoming a landlord is right for you. You’ll need to decide if you want the responsibility, or if you’d prefer to hand it over to a professional management company.
We’d love to tell you more about what HomeRiver Group can do for you, so please contact us, and we’ll answer any questions you may have.