Thinking of partnering with a property management company? Choose the full-service option. While full-service property management can be more expensive, the expertise that you’ll get will make it well worth the cost. Not convinced? In this article, we tackle what you can expect when you work with a full-service property management company in South Florida.
What does “full-service” property management mean?
Full-service property management is as its name implies. It means that the property management company provides all services that would be related to managing a rental. You’ll be able to entrust your entire to-do list to a team of experts who’ll do what you expect of them and more. That way, you can steer clear of the frustrations that come with running a rental property.
It’s worth mentioning that not all companies provide full-service property management. Some companies only have partial property management, which is ideal for landlords who want to be more involved in the day-to-day operations of their rental properties. The owner can handpick which services they’d like to avail themselves of, and can design a property management package that meets their needs.
Should you choose full-service or partial property management?
Because not all landlords are the same, what you need for your property may not be the same as what your fellow landlords need for theirs. With that said, only you can decide which services you need. But in most cases, it would be best to go for full–service property management as it covers everything imaginable.
While partial property management means you’ll have more control, its downside is that you might not be able to manage your property well if you’re new to the rental business. In addition, managing a property can be time-consuming, so you might not be able to commit to it even if you’re merely partially involved. You might also get into legal trouble if you aren’t familiar with the law.
You should only consider partial property management if you’re 100% confident in your skills. Otherwise, it would be best to pick the full-service option as it puts you at less risk. For example, if you own a cleaning company, it would make sense for you to take care of maintenance, and for your property management company to take care of the rest. However, if you don’t have the expertise, choose the full-service option to save yourself from headaches.
What can you expect from a full-service property management company?
We mentioned that full-service property management companies are responsible for everything. But what, exactly, does “everything” cover? Below, we’ve broken down some of the services you can expect from an expert company such as Luxury Property Care.
#1 They’ll put your property on the market
One of the most vital tasks that property managers have is boosting your property’s visibility. Remember, if no one knows your property is for rent, you won’t be able to find renters. Real estate professionals will draw attention to your rental by posting about it on websites such as Apartments.com, Realtor.com, and more. Or, if you have a vacation rental, they will list it on booking websites like Airbnb and Vrbo. Plus, they will get in touch with past tenants who might be interested in renting with you again.
While you can list your property yourself, keep in mind that it can take time to go through all of the inquiries. Property managers won’t stop at listing your property – they’ll also schedule showings, answer emails, and more.
#2 They’ll screen tenants
If there’s one thing you need to get right, it’s finding good tenants. Without the help of a full-service property management firm, you might be tempted to move your tenants into your property immediately. However, to make sure your tenants don’t cause any problems, you must screen them as meticulously as possible.
Full-service property management companies are pros at tenant screening and can find you the best and most responsible tenants in South Florida. That way, you can rest assured that your tenants will pay their rent on time and abide by the terms of their rental contract.
#3 They’ll take care of repairs and upkeep
You won’t have to deal with maintenance problems daily, but someone should still be available to respond to repair-related situations, should they arise. In case the AC stops working or if there’s a leak in the sink, it’s up to your property manager to get things sorted out. Having them by your side can be helpful, as tenants can raise their concerts at any time – even in the middle of the night. If you want to get a good night’s sleep, partner with a full-service property management company that will take care of things, whenever and wherever.
Property managers also have a wide network of vendors whom they’ve done business with for years.. You can also rest assured that your property is in good hands, as your property manager likely approves of the vendor’s work standards.
#4 They’ll sort out the legal stuff
Worried about getting into legal trouble? Property managers are well-versed in the law, so you can get their advice on topics such as tenant screening, eviction, and more. For example, let’s say your tenant informs you that there’s no heat in the rental. Without a property manager, you might not be aware that you’re legally obligated to repair it within 24 hours. Or, if your tenant moves out without telling you, you might not know how to handle the situation. You might wonder if you can get rid of their things or if you can sell their abandoned property.
By working with a property management company, you can stay compliant at all times. They can help you make the correct and legal choices.
#5 They’ll keep your tenants happy
Full-service property managers know that the key to keeping tenants is their happiness. To avoid tenant turnover, they take the time to get to know your tenants and form real relationships with them. They want your tenants to feel welcome, which is why they always work toward improving the tenant experience.
They also make them feel involved in the overall management of the rental. For example, they might get your tenants involved in improving the property. When tenants have the opportunity to tailor the property to their lifestyle, they’ll be more willing to sign a lease for another year.
Need a full-service property management firm in South Florida?
Running your rental by yourself puts it at great risk of mismanagement. Opt for full-service property management to make sure your investment gets the care it deserves. At Luxury Property Care, we partner with property owners to design a custom property management plan that works for their properties. When you work with us, you’ll get a team that does everything you’d need them to do. More importantly, they’ll care for your property as if it were their own.