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Property Management Tips & Tricks Every Property Owner Should Be Aware Of

Posted by luxurycarewp on September 23, 2020
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Whether you’re a real estate investor or a homeowner, everyone can agree on one thing: that time is money. In this article, we’ll break down some essential property management tips and tricks to help you use your time (and money) better. Implementing these strategies into your property management can let you maximize your real estate assets. How your property is managed can either make or break your investment.

While there are dozens more property management tips, the 5 tips below will ensure a smooth-sailing experience. It’s still the best idea to hire expert property managers, but if you want the hands-on experience as well, here are five important tips every property owner should know:

Tenant screening is a must.

Tenant screening is a must

Finding the right tenant for your property through a thorough background check will ensure that your property is in the right hands. Avoid problematic tenants that will badly affect your property management goals. Check all tenant databases available to make sure the tenant applying has no outstanding debts or contract breaches with their previous properties. Also, set your criteria and create surveys that will make sure you match a qualified potential client before the screening process.

In Luxury Property Care, we offer Tenant Management and Screening Services that will help you in screening applicants and finding the right tenants. We also offer Tenant Communication And Transparent On-Going Owner Communication Services. You only need to tell us your criteria for potential tenants, and we’ll do the tedious work of tenant screening for you!

Properties must be managed, vacant or not.

Properties must be managed vacant or not

Your property must be well-kept all year round, and that includes mowing laws, checking plumbing, cleaning carpets, and every little thing you can think of. These are issues usually forgotten when a property is vacant. With property management, managers can create a cost-effective system that will ensure that all aspects of your property are maintained.

Keep track of all your needed upgrades, from painting of the walls to landscaping of the front yards. To attract your preferred clients, you need to present them with attractive properties.

Through the Cost-Effective Maintenance Management and Property Preservation Services offered by Luxury Property Care, all your properties will be well-maintained – vacant or not. We have preferred contractors that are often able to save property owners significant expenses for the maintenance and the general upkeep of their properties. We also have Emergency Maintenance and Inspections as well as Repairs/Remodeling Management Services that will create a system for you to keep all your properties in top-up shape all-year-round. You can even access and view all of your monthly statements on our Online Owner Portal to oversee your property management expenses.

Schedule your time wisely.

Schedule your time wisely

With so many things to do, things can get overwhelming pretty quickly, and you’ll likely end up missing client meetings and paying the bills! It’s important to list down all of your property management duties to stay on track.

Prioritize what you think must be done first and what will help reach your property management goals more efficiently. But be realistic and schedule your tasks according to the time you have. This will create a more organized approach for the next day in managing your properties.

But with Luxury Property Care, your tasks in managing your property will dwindle in number. We have Management Services ranging from Rent Collection to Bill Pay Services for all bills related to the property. This includes property taxes, annual reports for LLC, insurance, mortgage, HOA, and utilities. We will manage and oversee your repairs and even obtain necessary permits for your business. There are several services and experts in Luxury Property Care that will ensure that you are stress-free in your real-estate venture.

Keep in mind the legal terms.

Keep in mind the legal terms

As a property owner, you will deal with many contracts and agreements about your properties and tenants. There will be insurance claims in case of tenant injuries. Some may claim legal actions and you will be left wondering where you went wrong. Always document your interactions with your tenants and generally the whole transactions of your day-to-day business. These will become records that will prove your actions legally. For said insurance claims, only speak to people authorized by your insurer.

Make sure that tenants are given the chance to read the tenancy agreement documents. Highlighting the front page and directing to sign over the dotted line will not be enough to make the agreement legally binding.

Luxury Property Care has a team of experts that can help you in legal situations. We have in-house attorneys, whom we have a long-term and stable relationship, who will make sure all your contracts and agreements meet legal standards, and that tenants are informed of their responsibilities before signing.

Set your real estate investment goals.

Set your real estate investment goals

Clearly state your goals for your real-estate venture. These tips and tricks won’t be of much use if you, as a property owner, do not have goals set for your business venture. In finding your goals, you can study the real estate market trends. Study the pros and cons of managing high and low-end rental properties and choose which you would like to manage most. Set your goals and you are good to go!

Trend analysis is made easy by Luxury Property Care’s Market Rent Analysis Services. We have a team of experienced analysts that can help you set your goals and understand how your real estate investments can be maximized.

The Bottom Line

Property management is an ongoing process that offers plenty of opportunities for improvement. Being a property manager, it’s easy to feel overwhelmed, but by implementing these tips, you can work more efficiently and watch your income steadily grow.

But if you want to just sit back and relax, you should consider hiring a luxury property manager who can handle everything, from tenant screening to accounting. Luxury Property Care has the expertise and experience to cover all of your property management concerns.

Give us a call at  (561) 944-2992 today. We’d love to visit your luxury property to conduct a free evaluation.

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    רן כהן
    רן כהן
    15:44 14 Oct 20
    Luxury Property Care helped me remove a violation against my property and rent it out very quickly. I'm a foreign... investor and I'm glad I found them to be my legs on the ground. great experience! thank youread more
    randy abou
    randy abou
    14:29 13 Oct 20
    Liran and Sivan helped me buy my first investment property and found me tenants at even a higher price than we listed... it.  I then decided to manage my property with them and so far I’m very happy I did.  Thank you guys for all your hard workread more
    קובי הר-פז
    קובי הר-פז
    08:45 19 Sep 20
    The best property managers you’ll ever find!With luxury property care you can sleep tight and be confident that your... assets are being manage in your best interest.Everything is being done on time. Accurate monthly and yearly reports - on time every time!They are always there for you! By phone and/or email. You’d always get a professional answer to any question big or small.For me the question about who are the best property management has an obvious answer!Luxury Property Care for sure!Kobi.read more
    Latoya Jones
    Latoya Jones
    21:36 01 Sep 20
    Whenever I have a maintenance issue, it's handled fast. Staff is very courteous and responsive. Going on year 2 with... this company and I don't have one bad word to say. I will recommend them to anyone looking.read more
    משה כהן
    משה כהן
    19:59 31 Aug 20
    the best company.the profetiol peple I work with!
    Eric Braunstein
    Eric Braunstein
    13:49 14 Aug 20
    I am a Real Estate Attorney in South Florida and I have utilized the company's services for many properties. The... principals and employees are courteous and professional. I have received exemplary service every time I have used Luxury Property Care. I highly recommend them for property management and related services.read more
    Jason Davis P.A.
    Jason Davis P.A.
    13:22 14 Aug 20
    This company brings you peace of mind. Great communication and responsive to all your management needs. I'm always... confident referring clients. A+ establishment!read more
    American Hong Kong Investment Corp
    American Hong Kong Investment Corp
    20:29 18 Jul 20
    I've been very pleased working with Luxury property care to manage my investment properties In Miami and in Boca Raton... for a few years now. They are trustworthy, persistent, and passionate. We were happy to find a someone we can trust. Sivan and Liran are always available on what's app to take my questions and handle any issues. For example on of my tenants has a flood from the neighbors above on the middle of the night. I called them, and they answered and took care of it in the middle of the night! They found the management office which brought the custodian in the middle of the night to shut down the main water valve. And the next morning it was already fix. That is the type of care they give high recommended.read more
    Hilary Ostrega
    Hilary Ostrega
    16:53 09 Jul 20
    I am absolutely thrilled with my referral to Luxury Property Care. Their management company handled a Landlord... referral, which was very time sensitive. I was handling a litigation matter and my client needed management assistance with a problematic tenant, including oversight and inspection. They provided VIP service at a competitive rate and my client was thrilled with their assistance. My client was so thankful to work with Luxury Property Care. I highly recommend.read more
    stephanie azoulay
    stephanie azoulay
    00:07 07 Jul 20
    I was looking for a property management in Florida to rent/manage my investment properties due to the Corona virus and... travel restrictions i couldn't do it myself. I'm glad I joined Luxury property care. Sivan and the team are super friendly, responsive and most importantly they do what they say!Thank you for a great experience so far.read more
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