Having an investment property is a dream for many. It's an investment vehicle that leads to passive income and can be quite lucrative when you invest in areas like southwest Florida.
The numbers show that Florida had nearly 30 million visitors in a single quarter. It's a travel hotspot, and southwest cities like Cape Coral, Bradenton, and Lakewood Ranch, Sarasota, and Venice boast a high quality of life. Your job isn't finished once you snag a property in one of these areas.
You need someone to run it for you.
Finding a high-quality property management company is the missing piece of the puzzle that you're looking for. Keep reading to learn how to find the best professionals.
Make Sure They Understand Their Market
The best property management company is one that understands its market. The company that you go with should be up-to-date on things like:
- The current state of the real estate industry
- Tax rates and property values in the local and surrounding area
- Florida law regarding landlords and tenants
- The day-to-day operations of the type of property you're investing in
- How much rent costs in the area
Failing to hire a rockstar property manager can lead to disgruntled tenants, mismanagement, and lawsuits.
Find Out Their Reputation
If you're asking, how can I find a property management company near me? Take the time to study their reputation.
Study what kind of property manager they are, and what rental properties they specialize in. Some companies manage rentals of multi-unit apartment complexes, while others rent single-family homes, condominiums, and luxury resorts.
Get leads from the Florida Chamber of Commerce and the Florida Tourism Board. Research a company's license to see if they've had any infractions or interruptions in their business operations.
Understand Their Ability to Market
Hire a property manager that understands marketing and does it effectively. This is particularly important in southwest Florida, whether you'd prefer weekly, weekend, or monthly vacation property rentals or the Airbnb model.
A quality property management company will get the word out through property listings, blogging, social media, YouTube, paid ads, open houses, and other outlets. You always need an influx of tenants to keep your property full at all times of the year.
Focusing on marketing will make this a reality.
Look Into Their Rates
Make sure that you're clear on how much the property management company charges. It should fit into your budget while also making letting you know that you're getting the biggest bang for your buck.
These professionals generally work on a contract of getting paid a percentage of every rent they collect. This rate is usually up to 12% for most property managers. Get it in writing and review or renew your contract periodically.
Work With a Quality Property Management Company
Finding an excellent property management company will help you accomplish your real estate goals. If you start with these tips you'll have the best shot possible.
Gulf Coast Property Management has the answer to all of the needs that you have. Use our website to contact us, or give us a call at (941)782-1559.