As a rental property owner, you can opt to self-manage your property. While self-management comes with certain advantages, such as complete control over your investment, it’s not for everyone. Property management can be a time-consuming task – in fact, many property owners consider it to be a full-time gig. Plus, you will need years’ worth of experience to successfully run a rental property. Without that experience, your property will likely fail in its first year. That is why hiring a residential property management company might be the right decision for many homeowners.
By partnering with the best property management services in Miami, you’ll be able to free up your time and delegate all of your duties to a dedicated team. You won’t have to cross your fingers and hope for the best as property managers are pros in their field. They’ll make sure your property makes money, is well-maintained, and that your tenants are always kept happy.
They will take care of everything for you, from screening to evicting tenants. Think of it as owning a business – you get people to do the work while you reap the rewards.
How to Find a Property Manager in Miami Beach
As you can see, there’s great value in partnering with a property management company. If you’ve decided to work with one, we’ve outlined a few ways you can find a reputable property manager in Miami Beach below:
#1 Ask Your Circle
Start your search by asking within your circle. Ask for referrals from your network, including your family, friends, and your friends’ friends. If you purchased your rental property with the help of a real estate agent, ask them if they can recommend you to a property management company. Or, if you know of investors who’ve also purchased the same property type as yours, ask them who (if any) they hired to oversee their rental operations.
Get to know their property manager through them. Ask them what their property manager’s strengths and weaknesses are. Ask them how long they’ve worked with that individual.
#2 Do Some Research
Don’t forget that Google is your best friend when it comes to running a “background check” on property management companies. Read reviews from the company’s past and current clients and take a look at the rating they received on Google My Business. Be wary of companies with only positive or five-star reviews as they’ve likely paid for those reviews.
Think twice about working with companies without a website. Keep in mind that how a company presents itself on the internet is how it will present your properties to potential tenants. Also, if they aren’t using social media to promote themselves, they probably won’t use it to promote your properties.
#3 Visit the Potential Property Managers’ Properties
The pictures on a property management company’s website can be deceiving. Remember, they had the time to make their properties look their best. What they’re showing on their website may not be how they really manage properties. With that said, it would be best to visit the properties that they oversee in person. If their properties are in bad shape (e.g. overgrown grass, trash not thrown properly into the bins, roof falling apart, etc.), consider that as a red flag.
Ask the tenants if their rent is collected on time, if the property manager communicates well, how long it takes to conduct repairs, and so on. This should give you a general idea of how your home will be managed.
#4 Conduct Interviews
Never – we repeat, never – hire a property management company that you haven’t met in person. Always interview your pool of potential managers. That way, you can ask them about their expertise and experience, and test them on their knowledge of rental law.
This is also a good time to ask about their practices – for example, how do they collect rent? How do they deal with tenant complaints? How do they decide whether or not to evict a tenant? You should be comfortable with how your property management company does things – remember, they represent you. If your property manager gets a bad rep, you’ll get a bad rep, too.
#5 Check if They’re Licensed
Some states require property managers to be licensed before they can do most management-related duties, such as collecting rent, deciding who and who not to rent to, etc. If you’ve found a property management firm that you like, make sure to check if their property managers are certified. You can ask them to show proof of their certification, or check online to see if their license is still active.
Tips on Choosing a Property Management Company
Here are other tips to keep in mind when picking a property management company in Miami Beach:
#1 Choose the Full-Service Option
Chances are, you’ll come across two types of investment property management: partial and full-service. When choosing between the two, it’s best to go for full-service property management as it covers everything you’re expected to do. All you have to do is wait for your property manager to transfer your rental income to you every month.
#2 Don’t Choose the First Company You Find
Even if you fully trust the person who recommended you to that particular company, don’t enlist their services immediately. Choose from a pool of potential companies that meet your criteria. That way, you can compare what each company has to offer.
#3 Trust Your Gut
If you don’t feel comfortable around a particular company, it’s probably best not to partner with them. Do your due diligence, but don’t forget that your body will also “tell” you who is and isn’t good for your rental business.
Need a Property Manager? Put Luxury Property Care on Your Radar
Luxury Property Care should be at the top of your list of property management companies in Miami Beach. When you work with us, you can expect to get unparalleled expertise in Miami Beach property management. Our property managers have been in the industry for years, and have built long-standing relationships with the best real estate websites, vendors, and more. With our experience, we can guarantee that your property will always be well-managed. Entrust your rental to us – you won’t be disappointed.