When deciding whether to purchase an investment property, it is important to weigh the responsibilities involved. As a property owner, you are responsible for property upkeep, paying taxes, and dealing with tenants. Perhaps this is what you envision or maybe you plan on hiring someone to handle this for you. Let’s take a close look at the roles of a property manager versus a property owner from the experts in Brevard County.
Roles of a Property Manager
A property manager handles a lengthy list of the day-to-day responsibilities of the properties owned by someone else. This often includes handling tenants , such as renters in an apartment complex. Managers also collect rent, take care of repairs and maintenance, manage the budget, keep accurate records, and pay bills associated with the property. A property manager is responsible to make sure the building spaces are occupied and rent is collected on time.
Here is a list of common repairs property managers have to deal with. Sometimes a property owner hires a manager to oversee all their properties, including vacant ones. Other times, individual property managers supervise each property, such as with a large apartment complex.
Roles of a Property Owner
By law, there are responsibilities that property owners must take care of, including keeping a property in safe order and paying taxes. The property owner is responsible for covering the cost of repairs, but the property manager often oversees the work. Some property owners like to be involved in the daily operations, while others entrust everything to the property manager.
Property Manager vs. Property Owner
Can a property owner also be the property manager? Yes, it’s possible, but there are some aspects to consider before taking on the role. As the owner, can you be available at all hours of the day and night for emergencies or maintenance requests? Do you have the time to adequately take care of the number of units and properties you own? Is there a backup person who is available to step in when you go on vacation or have other responsibilities to attend to?
As you consider purchasing an investment property in Brevard, FL it’s also important to consider whether you will take on the responsibilities of managing your property or hire someone else for day to day management.
All Brevard Property Management specializes in property management. We will lease your property for you, providing owner representation while keeping you advised on property changes, maintain and repair the property as well as perform other property management duties. To learn more contact us to schedule an appointment.