Investing in one or more rental properties doesn’t just require financial acumen and disposable income. One of the best ways to ensure that your real estate investments are profitable (and avoid tenant-related headaches!) is to hire an excellent property manager.
Whether you are a local or international investor, finding the best property manager in South Florida is essential. In this guide, we’ll tell you exactly what you should be looking for in a property manager. Keep reading!
1. A Great People-Person
One of the first traits that you’ll want to look for when searching for the right property manager is not so much a business skill as it is a personal one. A great property manager is, above all, a person who can communicate with and manage people in a professional yet approachable way.
Think about it: your property manager will need to handle frequent interactions with you and your tenants. This will require them to have the ability to balance different types of needs, responsibilities, expectations and to think quickly on their feet.
A property manager who is great at dealing with different types of people can help you to prevent or minimize disputes. They can also help solve any potential issues with your property and answer questions from you and your tenants.
In a nutshell: a property manager with exceptional interpersonal and communication skills will be able to keep everyone happy. But how do you find out whether a property manager is as good as they look on paper?
References and customer reviews can help you to determine this.
There are two main ways to get references for a property manager that you are interested in. The first step is to check their website. Many professional property managers will feature a dedicated section with a few of their best customer reviews.
Read them all, and that will give you a flavor of the type of person they are. Another way to fish out references that are not meticulously curated is by property manager search engines.
Run a Google search for your property manager, or visit websites like Yelp and Trustpilot, and check whether you can find any more reviews on those platforms.
When reading customer reviews, remember to always look for feedback from both investors and tenants. They are both parts of the same equation, and you need to find a property manager who handles both sides equally well.
2. Unmatched Local Know-How
Another must-have for a great property manager is, of course, some outstanding knowledge of the local area. This knowledge is even more crucial if you are not familiar with South Florida, but it can help local investors, too.
Always staying up to date with the latest local real estate market conditions, trends, challenges, and opportunities is essential for a great property manager to help you with your investments.
But there’s more. With such thorough know-how of the area, your property manager is also going to be able to advise you on local council laws and regulations, as well as on property value. Both these aspects are crucial if you want your rental properties to be as profitable as possible, and of course, in full compliance with local laws.
3. Professionalism, Experience, and Availability
Before you select your Florida property manager, you’ll need to find out more about their background.
Some of the factors that you’ll need to consider are:
How long they’ve been working in this line of business
How professional they are
How many clients they are currently representing?
Let’s look at each one of these.
A property manager who has been working in the sector for a long time is generally more knowledgeable and has the expertise, which will make you feel like your property is in safer hands. When talking to a potential candidate, be sure to ask about their prior experience, past and current achievements, studies, and any training that they have had.
All of these are clear indicators of an expert, seasoned property manager who will do their best to represent you in the market and boost the value of your property.
You’ll also want to ensure that your property manager is as professional as you’d expect them to be. Visit their website and check whether it has a modern look and feel, captivating content, and excellent customer reviews.
But don’t stop there. Once you have identified a potential candidate, schedule a face-to-face visit at their office. This visit will give you the chance to look around: is their office space clean, tidy, and well-organized? Is your property manager wearing suitable, professional attire? Are they on time for their appointment?
You need to evaluate all these factors before deciding which property manager you want to partner with.
Finally, verifying their current availability is another essential step. Ask your property manager how many investors they are currently representing. Don’t be fooled into thinking that a property manager with a ton of clients is automatically an outstanding one.
They may or may not be. What you should know, though, is that they are very likely not to be available 24/7, might end up canceling or delaying meetings, and might not be able to prioritize your property.
A great property manager with fewer clients but a lot more commitment is what you need if you are serious about making your investment successful in the long term.
4. Authentic Commitment
Speaking of commitment, last but certainly, not least, is that the right property manager should demonstrate plenty of quality, dedicated commitment to their job. What does this mean in practice?
Well, first, they should be utterly dedicated to both your financial satisfaction and your tenants’ well-being. This dedication can be a bit of a tricky balance to strike, as you and your tenants will likely have different needs and expectations.
But a great property manager who shows authentic commitment – coupled with expertise, professionalism, and local know-how – will be able to work in the interest of every party involved.
In parallel, your property manager should also ensure that your property is always in the best possible condition. This measurement means acting fast if tenants report an issue and liaising with you and any external contractors to solve the problem.
It’s normal when buying a new property to come across a few bumps on the road. These may involve the property itself, your tenants, contractors, or other parties. With a great property manager by your side, you will have the peace of mind that any potential hurdle is dealt with promptly and professionally and that everyone will benefit from the outcome.
Commitment is also strongly linked with a solid investor mindset. The best type of property manager is the one who can put themselves in your shoes and think like an investor.
Ready to Find Your South Florida Property Manager Today?
If you follow the tips in our guide, you will be well on your way to find the best South Florida property manager for you.
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