Florida Rising Magazine FRM March 2019 - Page 61

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How many rental properties or units do you have.

As your portfolio grows so do the management challenges, and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a community association, property manager can provide. Size can also constrain investors' ability to consider purchasing new properties if they're already maxed out managing their current holdings.

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Do you do all the maintenance and repairs yourself?

If you can't do it yourself, do you know who to call? Finding reliable Contractors and Vendors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, and over charge.

Maintenance and repairs are a significant component of land lording and if you question your ability to ensure the work is done well and in a timely manner, you might want to consider hiring a property management company.

Remember you make money from Renting.

How quickly are you able to get your unit ready to be rented?

Are you capable of handling Paperwork nightmare.?

From profit and loss statements to tax deductions, this area needs special attention and becomes an increasingly larger burden for larger portfolios. Some owners (especially those with a back ground in finance) will do just fine, others may opt to hire an accountant to help with the book keeping. If you feel like this might be a weak point you might want to consider hiring a property management company.

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How well do you understand what to look for in a Community Association Management Company Read More on

www.sfpma.com

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Find out more about choosing the right property management company.

State OF Florida Property Management Association

Property Managers Get your company Listed with us.

join here:

BECOME A MEMBER

561-756-3540

Are you willing to be on call 24/7/365?

Its important to answer this question honestly, because when an emergency happens at your property you can't ignore it. Your special event, important meeting, vacation, or personal crisis doesn't relieve you of your obligation to your client. These emergencies don’t happen all the time, but when they do you have to be willing to handle them immediately. Can you handle being called at 2 in the morning to fix someone's overflowing toilet?

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