How Much Does DIY Property Management in Jacksonville, FL Cost?
By Steven Ritter
If you own a rental property, you’ve probably weighed the pros and cons of managing your property on your own. There’s no one-size-fits-all solution for property management in Jacksonville, FL – where Playa Realty & Management is located. As property managers, we’re always looking for ways to help our clients and, every now and again, we support our clients and prospects in their decision to manage their own property instead of hiring a professional management company. Below are a few reasons why managing your own rental property may make the most sense.
You may wish to consider managing your rental property on your own if you:
- Live very close to your rental property – usually within 10 miles and…
- Have an extremely flexible schedule and…
- Have previous property management experience and…
- Have a flexible budget
What Will It Cost Me?
There are numerous reasons why hiring a property management company makes sense for most people. In fact, most property owners are busy individuals looking to maximize their rental property or properties by treating them as investments, not weekend projects or weekday jobs. This means that most property owners want a simple, turn-key solution for all of their property management needs. However, there are those people who wish, for one reason or another, to manage their own rental properties. While you may be able to save money by avoiding management fees from a property management company, you will almost certainly spend much more time managing your own property than you would by hiring a management company. Here are some examples of the challenges that you can expect:
- Late night phone calls. Tenants may call you regarding a broken heater, faulty drain, A/C malfunctions, etc. at any point during the day or night. You’ll be the primary contact for property emergencies and you are responsible for coordinating quick service.
- High repair costs. Property management companies often have a network of trusted service providers who can make quick, budget-friendly repairs. Unless you have a network of handymen and service professionals readily available, prepare for relatively high costs as you find the service providers that you can trust.
- Delinquent payments. Experienced property management companies usually do a great job at finding tenants with good credit and payment history. By opting to do this step on your own, you risk renting your property to someone who you can’t rely on.
- Hassle. Generally speaking, most tenants are good people who don’t have any desire to upset their landlords. However, every tenant has the ability to come across as annoying, frustrating, or downright mean to property owners who do not have much customer service experience. A great property management company will recognize that humans are emotional and passionate, especially when it comes to the homes they rent. You shouldn’t manage your own property if you can’t handle the frustrations that come with difficult personalities.
- You may spend more money. Yes, property management companies charge fees. But when you consider how much your time is worth, it may actually save you hundreds or thousands of dollars to let the professionals handle your rental property.
While managing your own your own property can seem like a good idea at first, there are countless examples of property owners who quickly realized they were in over their heads. For more information about how a property management company in Jacksonville, FL can help you save time and money, contact Playa Realty & Management.