By now, you should be aware of the importance of working with a property management company. But who should you hire? Not only do you need to find a company you can trust, but also one that can help you succeed. Choose the wrong one, and you could end up with no tenants and no rental income.
When it comes to choosing a property management company, you should always go for the one that understands the local community. A local (yet still experienced) property management company that lives in close proximity to your property provides more value to your investment. Here’s why you should always choose a local property management firm for your South Florida rental:
#1 They can fill vacancies fast
A local property manager can fill vacancies faster. Being locally situated means that they’re able to schedule long showings regularly. This allows the potential tenant to spend time on the property and see if it fits their needs. The showing would otherwise be short if your property manager lived far away. Keep in mind that they’ll likely schedule multiple showings at a time in order to make the most out of their trip to your property. Furthermore, local property management companies can also show the property to interested parties on such short notice, as they’re right around the corner.
A local property management company also knows how to market your property, and who to market it to. Is the property in an expensive part of the city? If that’s the case, they’ll know what improvements to do in order to appeal to wealthy tenants. Or is it in a college town where your pool of potential tenants would probably be people in their early to late 20s? They know what type of people live in the vicinity – this knowledge can help them “match” properties to their ideal audience.
#2 They’re already well-known in the area
If they’ve been in the business for a long time, there’s a good chance that the local community is familiar with how they do business. Are their rules too strict? Are they rude when they collect rent? A local property management firm understands that they need to maintain their reputation, otherwise, no tenant will want to rent with them. By maintaining a good reputation, they’re able to gain the community’s trust.
When people find out that your property is being managed by a good company, they’ll be more attracted to it. Remember that your potential tenants will look into your property management company’s background. They’ll be more likely to trust that company if they’re from the same city. It will be hard to form an impression about a property management firm that’s far away.
#3 They have a strong vendor network
Property managers should have a vast vendor network that can conduct repairs ASAP. However, if your property management company isn’t from the same location as your property, they’ll waste time trying to find contractors. Or, if you’re self-managing your property, you’ll have to rely on the internet to find a vendor.
A local company, on the other hand, will have built partnerships with nearby businesses. This allows them to secure services at any time (and in most cases, at a lower rate). What’s more, they know which vendors are trustworthy, so you can rest assured your property is receiving proper care.
#4 They can respond to crises ASAP
Even a million-dollar investment will deteriorate if it isn’t well-maintained. This means that your property management company needs to conduct routine inspections, as this will enable them to pinpoint problems before it’s too late. But if your property management firm is from out of town, they won’t be able to visit the property when there’s a problem. For instance, if a tenant reports that there’s a leak, they’ll have to travel for hours to visit the property or risk working with an unvetted vendor.
This situation puts your property at risk, as some issues need to be dealt with as soon as possible. For instance, if winds blow off the roof, both the tenant and the property will be in harm’s way. A property management company that doesn’t respond immediately may be liable, so it helps to partner with someone who can be on-site within minutes.
#5 They can price the property accurately
It’s expensive to have a vacant property, which is why you have to reduce your vacancy periods. To do this, you’ll have to find tenants. But if your rental rate is unreasonable, they won’t be willing to rent with you. This is precisely why it’s important to determine the ideal rental rate. Put a price tag that’s too high and people won’t be interested.
A local property management firm will have access to up-to-date rental data, so they won’t have to rely on what they can find online (which is often unreliable). With this data, they’ll be able to crunch the numbers and compare your property to similar properties in the area. As a result, they can set a rental rate that can compete with other properties.
#6 They can be your eyes and ears
Local property managers can monitor the property at all times. Apart from routine inspections, they can keep a constant eye on the property to check if the tenants aren’t violating their contracts. For instance, if the tenants aren’t mowing their lawns, they’ll be able to find this out by simply driving by. Or, if a tenant has allowed subletting (even when you didn’t allow it), they can confront the tenant about it immediately.
They can also verify “tips” that they receive from other people – for example, if someone reports that the tenant has left the property, they can confirm this immediately. Being nearby also allows them to keep the property safe, especially if it’s currently vacant. They can simply drive by and make their presence known to deter would-be criminals. This is something that a remote property management agent wouldn’t be able to do.
Always choose local property management
Get in touch with us if you or anyone you know is looking for a trustworthy property management company. You can count on Luxury Property Care’s expert (and most importantly, local) services to keep your property well taken care of. Our team’s combined expertise has enabled us to maximize our client’s properties and establish a wide network of reliable vendors so we can serve you better.