*Updated May 27, 2021.
Are you looking for a Miami property management company for your rental property? No doubt you want a true professional in your corner. However, not all property management companies are set up the same, and, in terms of quality, may dramatically fall short of your expectations. When researching which company to hire, it’s best to evaluate them on the following criteria.
Knowledge of the Area
Is your property located in Kendall, Coral Gables, or Homestead? Your property manager should be able to provide you with insight such as rental market conditions, the best places to advertise your rental property, and how to make sure it’s in line with Florida’s Landlord-Tenant Laws.
No-nonsense Pricing
No one likes surprises when it comes to fees. A good Miami property management company is upfront about pricing and doesn’t try to spring hidden fees on you after the fact. They will have a fee structure that’s clearly spelled out in the management agreement.
Knowledgeable agents should also satisfyingly answer any pricing questions you have. Ask if there are any upfront costs if there are any long-term contracts involved, or what happens if your property doesn’t rent in a reasonable amount of time. If your property manager is squirrelly about pricing, then it’s best to move on to someone who is more transparent.
Responsiveness
You want a property manager that is both responsive to you and your tenant’s needs. How can you test out their responsiveness? Call them! If no one answers the phone, strike one. If no one calls you back promptly, strike two, and if no one calls you at all, well, they struck out. The same goes with emailing; a quality property management company will respond to inquiries quickly and professionally. If they’re not responding to you, imagine what could happen with your potential tenants.
Marketing Know-How
With so many places to advertise these days, it could be difficult to figure out where the best place is to put your marketing dollars for your rental property. A quality manager will use a strong market strategy that will help get your rental property rented quickly.
Quality Maintenance Plans
Keeping up with maintenance on a rental property will ensure you have a happy tenant, which will lead to fewer vacancies and help preserve the home’s value. With plenty of “pull,” a good management firm will receive preferred pricing on hardware and labor and will pass the savings on to you.
Reports
With so much information at our fingertips these days, there’s no reason you shouldn’t have immediate access to all of the information that has to do with your rental property. Owner and tenant portals available 24 hours a day 7 days a week will be provided.
Details in the Fabric
A systematic, detail-oriented approach will be the difference between a mediocre property management company and have a true real estate professional in your corner. Legal and regulatory compliance, accounting support, marketing, evictions, and maintenance are areas where property management could get complex. Experience and knowledge of the industry will allow your property manager to save you money, keep you in compliance and help ensure your rental property is a highly successful one.
Unfortunately, many property management companies fall short. They tend to over promise and under deliver. Discounted property management firms often don’t have the experience to meet clients’ needs in a tough industry. Gimmicks or discounted services may even end up costing you money. Instead, hire Real Property Management Dade, a professional Miami property management company that has the experience and knowledge to provide real value. Contact us today!
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