Rental properties are becoming increasingly popular as a real estate investment. Not only do they provide passive income, but properties in areas with high demand for rental and vacation homes will only increase in value for the years to come.
Why You Need a Luxury Property Manager
Owning a real estate property sounds simple, but successfully managing your property requires a lot of work. You have to source tenants, maintain the property, collect rent, fix repairs, handle move-outs and evictions, and much more. If you have a full-time job, you won’t have time to handle all of the duties involved in property management.
The solution? Hire a professional property management firm. There are plenty of property management companies that can help manage your real estate assets, ensuring that it generates as much revenue as possible.
When looking for a property manager, it’s best to find one who is genuinely committed to maximizing your rental property. Some property managers out there just want to take your money, but genuine ones do exist. Here’s what to do when you’re thinking about hiring a property manager:
Choosing the Right Property Manager
When searching for the best luxury property manager in Florida, you should look out for the following:
One of the best ways to evaluate a property management firm is by visiting one of their properties. This can give you an idea of how they’ll handle your property if you hire them. Keep an eye out for any trash or debris scattered around the property — there are obvious red flags. Watch out for signs of obvious repairs such as leaks and flickering lights, as well as the quality of landscaping.
It’s also a good idea to speak with the tenants. Ask them how their complaints are addressed, and if the property manager offers 24-hour repair services. You should also ask them if issues with tenants is a common occurrence, and if they would renew their lease when the time comes.
Luxury property management covers a wide array of properties, from single-family homes to upscale condominiums. A reputable property management firm like Luxury Property Care should be well-versed in managing all kinds of properties, from single-family homes to commercial buildings.
Not all managers can handle your luxury property. Don’t be intimidated — interviewing the firm’s property managers can help you decide if they’re the best ones for the job. You should ask them about their experience, education (make sure they’re well-versed with local and state laws), services offered, and the number of properties they’re managing.
Finding out how many properties they’re managing can give you an idea of how much time they’ll dedicate to your property. If the property manager is handling 10 properties, that probably means that he/she won’t have enough time and energy to do the job well. However, if the company has several property managers and staff, a long list of clientele means it’s doing great.
Licenses and Training
In most states, property managers are required to be licensed real estate brokers. Check the Real Estate Commission to see if the property manager has an active brokerage license. It also pays to check the property manager/management firm’s certifications with trade organizations such as the Institute of Real Estate Management (IREM) and the National Apartment Association (NAA). Membership to these organizations ensures that the property manager has undergone thorough training programs.
Hiring a property management firm creates a binding contract between the two of you, so it’s crucial to understand the terms of the agreement completely before you sign anything. Make sure that your responsibilities as a property owner are clear, and that the deliverables of the property management firm are well-defined.
The contract should comply with state and local laws, and should provide clear terms regarding cancellation, eviction, etc. Luxury Property Care has a team of experienced attorneys who can walk you through the terms of the contract, and make necessary changes to ensure that both parties are happy and protected.
Flexible Contract Terms
Contracts usually cover one year. This gives you the freedom to discontinue your agreement if you find that the property manager isn’t delivering the desired results. Look for a property management firm that allows you to end the agreement if you aren’t happy with their services. Those companies will work hard to maintain your trust and satisfaction because they have to.
Inquire whether or not you can use the property whenever and however you want. Ask if you have the freedom to choose the specific supplies to use for the property. Good luxury property management firms work with reputable contractors, carpenters, electricians, etc. so that you don’t have to source them yourself.
Good luxury property managers provide complete transparency. Some property managers charge excessively for unexpected and hidden fees, making the experience unpleasant, which forces homeowners to end their contracts. At Luxury Property Care, there are no hidden fees, and you’ll never find yourself paying for overpriced sprinklers or light bulbs. Transactions are reported accurately in real-time reports which can be accessed through the AppFolio software.
Luxury Property Care offers premium services, handling everything from marketing, screening, maintenance, to eviction — all of which you’ve already paid for. You’ll have the luxury to be completely hands-off.
Luxury Property Care: Premium Florida Property Management
Luxury Property Care offers everything above (and more!). With decades of combined experience, Luxury Property Care’s team of professional property managers have the skills and network to maintain your rental property with quality care. Our client-centric approach means that we make the effort to craft customized marketing and management plans for our customers. Whether you need a property manager to maintain your home while you’re on vacation, or if you want your luxury villa to be rented out, you can be assured that we want nothing but the best for your investment.