Is it time to hire a Sarasota property manager? Any time is the right time, but not any property manager is the right one for your rental properties—or long-term income.
Hiring a property manager is an excellent step toward truly passive real estate investment income. However, the wrong property manager can be frustrating to work with, doesn't listen to your goals, and won't help maximize your investment income and ROIs.
How can real estate investors find the best Sarasota property management company? Make sure you ask these ten questions (and carefully consider the answers) when looking for the best property manager in the area!
1. How Do You Handle Maintenance?
Every property manager provides rental property maintenance services. However, not every company has an in-house maintenance team that can troubleshoot issues and conduct repairs (and routine tasks). Property managers who deliver in-house maintenance capabilities can solve problems faster, respond to renter requests sooner, and reduce property owners' costs.
2. How Long Have You Served the Sarasota Area?
A new property management company will be eager for your business, but do they have enough local experience to boost your success? Investors need a Sarasota property management company that understands the market and has plenty of longevity to come alongside your goals and ensure your long-term success. Your portfolio (and your income) is too important to risk with an unseasoned property manager who lacks enough experience.
3. How Do You Market Rentals?
The answer to this question should fit your needs depending on the type of properties you own. From short-term rentals to annual properties, the best property manager has the right strategy to keep your property booked or rented throughout the year. Ask for examples of a company's rental property marketing, including photos and listings.
4. What Kind of Technology Do You Use?
Today's renters (and seasonal rental guests) prefer technology that makes finding, renting, and paying for a rental simple and secure. From how a property manager communicates to how they process applications, payments, and maintenance requests, look for a company that applies the latest technology to benefit renters and owners.
5. Can You Handle My Property?
Managing a seasonal rental requires different strategies than an annual rental property. Not every Sarasota property management company has the right skills or strategy to handle any type of rental to profitability. Make sure your property manager specializes in the kind of property you own. If you ever decide to diversify your portfolio with annual and seasonal rentals, choose a company that can handle them all!
6. How Are You Staffed?
A one-person property management company might not have enough resources to meet all of your real estate investment needs. Your properties and income could be at risk with a company that can't deliver a high level of service for every aspect of property management.
The best property management company in Sarasota has a diverse team with plenty of capacity to handle your current rentals—and help you grow! Look for a company with a team staffed with experts in all areas of property management.
7. Do You Have Room For Me (and My Properties)?
While investors need a property manager with plenty of capacity to handle every aspect of their rental properties, a company that is too small can also be a problem.
Choosing a Sarasota property management company is the beginning of a long-term partnership. If a company doesn't manage enough properties to support their stability, they might not be around long enough to serve you for the long haul. Pick a property manager that manages enough units to show that they have long-term potential.
8. Are You An Investor?
Many of the best property managers started as real estate investors (and continue investing while managing properties for other investors, too). Having the experience of being an investor helps a property manager think like you do and relate to your goals. It's valuable insight to look for when finding your ideal property manager!
9. How Do You Analyze Performance?
Simply getting paid every month isn't a complete sign of success. The right Sarasota property manager measures various KPIs (Key Performance Indicators) to maximize profit and ROIs. Be sure your property manager understands what makes a rental property profitable and how to report success back to you.
10. Can I See Your References?
Every property manager will tell you they are the best at what we do. Dig a little deeper to check online reviews and ask for client references. The best property management company will have plenty of client support and an excellent reputation.
We Have the Answers You Need For Success
We hope you'll give us the opportunity to answer these questions (and more) when you choose the best Sarasota property management company. Our years of serving this community, extensive industry experience, and in-house maintenance team make Gulf Coast Property Management the best experts for your rental properties. Contact us to find every answer to your success!