People who aren’t from the same state shouldn’t get to decide how to run your South Florida rental property. Your real estate investment is one of the most important investments that you’ll ever have. That said, you need to work only with a local property management firm that’s familiar with your market’s nuisances. In this article, we tackle a few reasons why you should only partner with local professionals. We also share a couple of tips on how to find a local property management company you can count on.
Why Partner With a Local Property Management Company?
When choosing between a local and national property management company, it’s best to go for the former. Here’s why:
#1 They can concentrate on your property
One of the drawbacks of working with a national property management company is that they’re managing so many properties at once. That means there’s a chance that they can’t focus on each of their clients’ properties, as they’re spread out too thin. On the other hand, local companies only handle properties in their vicinity, allowing them to give your property the care it deserves. Simply put, local companies can cater to your property more. They may not be managing as many properties, but the properties that are under their care are being managed as best as possible.
#2 They can handle tenant concerns
Being a landlord can be fun, but what’s not fun is when tenants call you in the middle of the night to report a problem. This can be annoying, not to mention time-consuming if you reside far from your rental property. In most cases, you will have to investigate your tenant’s complaint in person, otherwise, they could claim that you failed to do your job.
A local property management company can handle your tenant’s concerns by being your tenant’s point of contact. Even if you live far away, you can rest assured that your tenants have someone to call in case issues arise. When there’s a problem, your tenants will no longer need to call (and disturb) you. Local property management companies can be on-site in minutes to resolve the problem, whatever it may be.
#3 They can advise you on local laws
A national property management company won’t be as familiar with local laws as a local property management company. While some laws apply to all states, there are specific laws for each state, too. For instance, a national company may be well-versed with rental laws on a federal level, but only know the basics of rental laws in Florida. To be safe (and to avoid lawsuits), it’s best to partner with a local company. Since they apply these laws in their day-to-day practice, they’re more familiar with them. By partnering with a local company, you can reduce the risk of legal trouble.
#4 They can reduce tenant turnover
Having a local property manager means you can reduce the rate of tenant turnover. Since local companies are from the same state or city, they can immediately visit your property whenever their services are required. They’re readily available to deal with problems that may arise. Because of your property manager’s prompt response, your tenants will be more willing to stay for another year or two. Keep in mind that tenants appreciate property owners who take their concerns seriously.
What’s more, local companies can aid your tenants in case of disaster. Some companies have disaster preparedness plans for events such as hurricanes, floods, tornadoes, and so on. When tenants feel safe, they’ll want to rent with you and your property management firm for as long as possible.
#5 They’ve built a network of reliable vendors
Another reason why you should work with a local property management company in South Florida is that they have a vast network of vendors. Being in the business for years has enabled them to build a hand-selected team of plumbers, electricians, contractors, etc. They have the kind of team that would otherwise take you years to build on your own.
When things go wrong, you won’t have to waste time finding vendors with Google. Your property management company will have its vendors on speed dial and will have a list of other vendors in case their usual vendors aren’t available.
#6 They know the market well
Local companies have the advantage of having more market knowledge. They know that not all real estate markets are the same. For instance, some markets may be better suited for families, while others may be more suitable for professionals. A local property management company will know exactly how to market your rental and to who. They will also know what your market wants and can help you improve your property in a way that meets your potential tenants’ needs.
In addition, local property management companies can help you set the right rental rate. By comparing your property with similar rentals in the area, they can keep your property competitively priced year-round without being overpriced. They can also raise your rent yearly in order to increase your revenue.
Find a Local Property Management Company in South Florida
One of the best ways to find a local property management company is by asking around. If you’ve purchased your property with the help of a real estate agent, ask them if they know of any good property managers in the area. Or, maybe you have colleagues who are real estate investors – if so, get their property managers’ contact numbers.
When you look for a property management company in South Florida, there’s a good chance that your colleagues will point you to the experts at Luxury Property Care. Having been in the business for years, we’ve established a reputation of being one of the best property management companies in the vicinity. Not only do we have a vast knowledge of the local market, but we also provide full-service property management. We’ll take care of everything for you so that you don’t have to lift a finger.