Real estate has been America's favorite investment for almost a decade. 34% of respondents in a recent Gallup poll picked it as the best long-term option.
Keeping it profitable is difficult on your own, but hiring property managers provides the support you need. They help handle daunting daily tasks, but certain ones do it better than others.
Read on for three tips for choosing property management services in Venice, FL.
1. Think Local
Florida is a wise choice for your first property investment. Over 38 million vacationers visit annually and stay in temporary housing. There are also many permanent residents who live in rental properties.
Diversifying your investments and looking into other areas is a viable strategy when looking for properties but not when looking for managers. Have a local manager tend to your Venice, FL real estate investments.
They know the market and how to attract tenants and set fair rental rates. They're connected with nearby maintenance and repair businesses they can call at a moment's notice. They'll also keep you compliant with all federal, state, and municipal laws.
2. Check License and Insurance
Florida law requires a license to perform essential property management services, such as collecting rent, listing properties for rent, and negotiating leases.
Failing to have a license is a sign that they don't have the necessary experience with Venice property management. It's also a third-degree felony punishable by up to five years in prison and a fine of up to $5,000.
You can check the local Real Estate Commission to see if they're licensed. There's also the option to go to professional organizations where they may have received their license such as the:
- National Association of Residential Property Managers
- Institute of Real Estate Management
- National Apartment Association
- Vacation Rental Management Association
You also need to check their insurance coverage. The most basic types that they all need include:
- General liability
- Error and ommissions
These policies protect you and them from anything that could happen to your Venice, FL real estate investments. Damage or vandalism will be repaired, and you won't have to worry about a lawsuit if a worker falls or a tenant hurts themselves.
3. Get a Range of Services
What made you begin searching for property management services? What were you most in need of help with?
Paying property management fees to a provider that doesn't give you what you need is a waste of time and money. Take a look at their list of services to make sure they meet your needs.
An even better option is to find a provider that offers everything. A full-service property management company handles maintenance, tenant relations, finances, and more.
Where Can I Find Property Management in Venice, FL?
Start your search for a property manager with a local provider who knows the area. Check that they're licensed and insured. Get a wide range of services that meet all your needs.
Gulf Coast Property Management has been offering full-service support for owners and investors for decades. Contact us for full-service property management in Venice FL today.