Without a doubt, trusted property management is the best option for anyone who wants to maximize the income potential of their Florida house, townhome, condo or apartment. However, not many people know exactly what property management involves and to what extent it makes or breaks the success of ongoing property rentals.
Learn the basics of good property management to know what expertise and abilities you’ll need to have working for you when you’re in the market for a skilled property manager to run single or multiple rental properties on your behalf.
What Property Management Should Provide
Think about it. Your property manager is technically the true expert and middleman when it comes to successfully renting out your investment property. The jobs and responsibilities of a good property management company include many tasks. Here’s a helpful checklist to show you what services and capabilities to look for:
- Ability to identify and oversee all ongoing repair and maintenance issues
- Timely response to emergencies and accountability for your emergency funds
- Thorough screening and reference checks of potential tenants
- Effective handling of tenant queries and complaints
- Knowledge of all legal aspects and documentation associated with property rental
- Excellent communication and people skills
- Provide expert guidance on troubleshooting and/or eviction issues
- Provision of monthly reports reflecting all relevant property activity
- Coordination of property showings and move-ins
- Coordination of any required cleaning, pest control and lawn and garden care
- Conduct regular rent rate surveys to ensure that vacancies are competitively filled
- Offer detailed consultation on all aspects of property management
- Maintain established relationships with local tradespeople
Property Management Works for You!
In a nutshell, when it comes to truly successful property management, you want to maximize your returns and minimize your risk. Plus keep your vacancy rate low and the value of your property as high as possible. All of this can be accomplished when you know what to expect from a skilled and experienced property manager. If you’re considering investment in rental property, take advantage of the many benefits of property management right from the start.
Jennifer Fehr is the co-owner of Suncoast4Rent with her husband Tom Fehr. Jennifer is a Florida State Real Estate Sales person and works through Stonebridge Real Estate Co Inc in Clearwater, Fl (Pinellas County) to bring the personal touch to all your Real Estate needs, be it professional residential property management, consultation or sales.
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