Perfect Property Management
What do rising house, condo and townhome rental rates mean for Florida homeowners and investors?
Across the United States, rental rates are rising, and so is competition amongst potential tenants for quality rental housing. In fact, rental rates in Florida are outpacing the national rental rate increase averages considerably. While rising rents and higher demand are a boon to homeowners, investors and the housing market as a whole, what are the potential negatives of such statistics?
Well, the truth is that it depends on how you manage your property. If your property is managed properly, the negatives are fairly easily avoided. That’s where hiring a first rate, experienced and honest property management company comes into play.
With high rental rates and increased competition, it can be difficult to wade through the vast sea of applicants wishing to rent your property. Screening those potential tenants thoroughly and taking any guesswork out of your decision to fill a vacancy with someone you don’t know can be a lifesaver.
Property management companies excel at this process, and use time tested techniques to ensure that the person who rents your residential or commercial space is solvent, financially secure, responsible and has no outstanding issues that would be ‘red flags’ and would potentially negatively impact your property.
Aside from handling this daunting and sometimes nightmarish process, property management companies can ensure that your property is well cared for and maintains (or better yet, increases) its attractiveness to potential occupants. Think about it: potential tenants will not doubt prefer to live in a home that is maintained well, has timely service completed, is freshly painted, and so on. Aside from handling the minutiae of tracking, scheduling and staying on top of this required maintenance, property managers also often contract local service technicians for less than their usual rates by providing a portfolio of properties, thereby reducing costs at a volume discount.
Most importantly though, property managers can help to alleviate your stress and anxiety when dealing with these management issues. Especially for owners who are looking to expand their real estate investment portfolio, getting bogged down in simple repairs, time consuming applicant screening processes and potential legal disputes ultimately takes time, and this is time and energy that is surely going to be taken away from your growing your investments and expanding your real estate empire.
As seasoned veterans of the property management industry, we obviously are a bit biased about the benefits of hiring a competent and enthusiastic property manager to take care of your properties. But don’t take our word for it! Do your research. A quick Google search on the advantages of using a property management firm will quickly show you the benefits of such services. Our advice once you make the wise decision to use a property management company for your real estate management needs? Shop around. Call at least three reputable companies in your area. Compare services, get several quotes, read reviews from tenants about their experiences, talk to other landlords. Research, research, research. The small amount of up front time it will take you will pay massive dividends in avoided stress
and time for mimosas on the beach down the road…