When it comes to owning rental properties in South Florida, the amount of work involved is tremendous. Between keeping up with property repair, responding to tenants, dealing with vacancy rates, and trying to remain competitive in the market, it ends up being a full-time job. A property management company can help make your life easier by taking on the majority of the day-to-day operations, leaving you to focus on other things. Let’s go over 5 ways that a property management company in South Florida can help!
1. Market Assessment & Advertising For You.
To stay competitive in the market, and to ensure that you are setting the right prices to get the right tenants while maximizing your profits, you need a property management company that can do an in-depth market assessment for you. In knowing what rental rates work in the South Florida region, you can plan for future improvements which will increase the value of your property. But, to keep your property consistently leased out, you require the right advertising too, which can be a difficult process if you’re trying to market on multiple rental websites. A property management company can make your life easier by handling both the market research, the rental rates, and the advertising.
2. Preparing Your Property for Leasing, Signing, & Renewals.
Before you can move any tenants in, the property needs to be prepared first. This includes doing any repairs, cleaning, and taking photographs or videos of the property for the lease listings. Once the listings are up, the property management company can also take care of creating lease documents that are clear and up to date with all legal guidelines. Finally, the property management company can also work with tenants to renew leases, by negotiating terms of payment, and navigating difficult conversations when rental rates rise.
3. Tenant Screening & Rent Collection.
Property management companies are experts in tenant screening, which includes checking credit, criminal backgrounds, and past rental history. They will also be responsible for collecting rent each month and making sure that it is deposited into your account on time. With a property management company, you’re better positioned to offer tenants multiple payment options so that non-payment becomes less of an issue.
4. Maintenance & Repairs.
Property management companies have a network of vendors that they work with to get the best possible price on repairs and maintenance. They will also be responsible for scheduling these repairs in a timely manner so that your tenants are not left without services that make their units habitable (air conditioning, heat, appliances, etc.) for an extended period of time.
5. Move-Outs & Handling Vacancies.
When it comes to tenants that decide not to renew, you may find yourself suddenly juggling multiple roles. A property management company can make your life a bit easier by handling all the move-outs, and swiftly filling in the vacant units. This means that they will take care of the final paperwork, the inspection process for the move-out, and they will handle any cleaning and repairs to the unit before screening a new tenant for the unit.
In allowing a property management company to take over the day-to-day operations of your rental property, not only does this free you up to pursue other investment opportunities, but it means you’ll no longer have to deal with the headache of juggling the many roles that a rental property requires. If you’re looking for a property management company in South Florida to take care of your property, we’d love to hear from you at (877) 589-3591 or contact us here. You deserve to know that your property is in good hands!