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Why Out of State Investors Shouldn’t Self Manage – Miami Property Management Education

When you’re deciding whether you should hire a professional property manager or take care of your property yourself, one of the things you should consider is your proximity to the home. If
you’re out of town, out of state, or even out of the country – a management company is critical. Today, we’re explaining why.

Real Estate is a Local Business

It’s amazing what we can do online these days, and it can help us manage properties more efficiently than ever before. However, real estate is still local, and your personal presence is required when you have tenants living in a rental property. Unless you have a teleportation device, you won’t be able to manage maintenance emergencies or supervise repairs when you live out of state. You won’t be able to be flexible with showings when you’re leasing the home, and it will be hard to make sure your tenants are following the terms of their lease. You need a local property manager who is close to the home and able to respond immediately when there’s a problem.

Avoiding the Friends and Family Trap

Perhaps you think it will be easy to rely on a friend or a family member to act as your property manager. That has the potential to create uncomfortable situations for you, your tenant, and the person you are putting in charge of your property. It can also increase your liability. What if your friend gets hurt while visiting your rental property, or sends an unlicensed vendor over there to repair something, and the work isn’t done properly? You need a professional who knows the laws and can establish and maintain working business relationships with tenants, vendors, and neighbors.

Tenants Who Take Advantage

Tenants are more likely to take advantage of a self-managing landlord, and it’s especially easy for them to take advantage of an absentee landlord. They are more likely to pay late and avoid taking care of the property. They may not submit repair requests when they notice maintenance issues, and that can result in deferred maintenance which will grow expensive. Tenants know what they can get away with, and if you’re out of state and trying to manage your property – they can get away with a lot.

Professional property management is a good idea for all investors, but it’s especially critical for landlords who live out of town. If you’d like to talk about our services, please contact us at Real Property Management Dade. We’d be happy to tell you how we work with out of state landlords.

 

 

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