Many investment property owners buy a rental home and they think it seems pretty straightforward; all you have to do is get a tenant into that property and then you don’t have to worry about it anymore. Actually, it’s going to cost you more than just a little time and effort. It’s also going to cost you money, and you need to be prepared for those phone calls in the middle of the night from a tenant who is having a problem. It can be a challenge to manage those issues and try to find a local professional who can fix something at your property right away. This is especially difficult for people who live outside of Key West. Managing your property from out of state can be stressful and expensive if you don’t have a property manager helping you.
When you work with a property management company that has a reliable network in Key West, you will save yourself a lot of time and a lot of money. Your time is extremely valuable and it’s worth it to leave the management of your property to a local professional you can trust. Property managers are experts in their field and they do this kind of thing full time, every day. You’ll save money on repairs and you won’t have to worry about that phone call in the middle of the night. We’ll take the phone call instead and then after a phone call of our own, we’ll know that a dependable contractor is taking care of the problem and will give us a full report in the morning. It gives you a lot more peace of mind.
Normally, you will pay a property manager in Key West around 10 percent of your monthly rental income. That 10 percent is a small amount to pay for peace of mind. It’s a lot more than a dollar amount, too. You will have the time you need to focus on your own life and your tenants will have the benefit of a responsive team who can get the job done quickly, no matter what’s needed. Having a happy tenant will save you money as well because you won’t have to worry about turnover and vacancies.
While debating between a professional property manager and just doing it yourself, consider how much your time is worth. It’s not always worth it to spend time on something that might be harder for you to do on your own. There is a lot of value to be found in professional management.
If you have any questions about the cost of property management in Key West, please contact us at Key West Residential Property Management, and we’d be happy to tell you more.
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