Find the Best Property Management Company
Above all, a property management company should be in the business of creating a place where people want to live and stay. It is more than fixing the air conditioning, paying the repair technicians and replacing broken blinds. Property Management done-well involves building the local community to shape a place into a lasting home. No matter the price point, properties with an advocate look and perform much differently than those without an advocate.
Some owners in Miami Beach decide to use a property management company for their single-family home, multi-family apartment building or condominium building, to reduce worries and inconveniences. When owners find the right management company, what they discover is so much more!
The Right Tenant
To create a high performing property, you must begin with the tenant. A content tenant makes for a long-term customer. Finding the right tenant is not an easy feat. Your property management company must go through many candidates to find the perfect fit! Thorough application processes should have requirements including rental references, background checks, credit checks and the process should be speedy. A good candidate will appreciate the approval process to become a resident, because this process is to protect everyone in the building, as well as, the owner. Of course, all of this must be in keeping with the Fair Housing Laws and any additional housing laws in your country, state, county and city municipality.
Turnover
Turnover and vacancies are expensive and inevitable – but to what degree? If your project management company has efficient and effective processes in place, the unit downtime should be minimal. Long vacancy cycles can devastate an investment’s profitability. Is your house, condo or apartment getting marketing exposure as soon as a tenant gives notice to move out? Is the turnover team (technicians, cleaning crew, and photographers) prepared to not waste one single day? Management teams should be expected to be on-site for the move out inspection within 24 hours of the tenant moving out. Thorough inspections also include a market analysis with recommendations for improvements to maximize returns on the investments.
Keeping the Tenant
It is the 21st century; does your property management company make all services easily available online to its’ residents? Can residents pay their rent online, submit a work order for repair and find out what is going on in their local community? Ask your property management company to speak about their processes to address resident concerns, disputes and emergencies. How do they give notice to enter an occupied residence for repairs?
Depending on your local market, residents now have high expectations for their building managers and owners. Tenants are willing to pay more for great service, conveniences, and amenities. Welcome packets at orientation, regular newsletters, thank you notes, and fun events like free photos for pets, add value to the resident without breaking the bank for the owner. For those areas with millennials as their target market, studies show that millennials are looking to find friendship and community in their common areas. And when an apartment becomes a home with neighbors not strangers, residents stay.
Accounts Receivables
Do you have experience dealing with past due collections and evictions? This is not the glamourous part of property management, but it is necessary. Certainly, when the front-end work of selecting the right tenant is done well, the likelihood of past due collections and evictions as a necessity decrease. When performing past due collections and evictions, it all must be done properly to abide with all laws and limit legal exposure.
Proactive Solutions
An experienced property manager knows how often maintenance in your type of building should be anticipated and an approximate level of cost for quality work. If you have a Miami Beach building built in 1952, you need a Miami Beach property manager who has worked with buildings built in 1952. If you live in the mountains with heavy snows half of the year, you need a property manager who understands the necessary precautions to take when doing roof repairs or choosing a new heating system. Each property and each landscape come with its own unique set of challenges. For that reason, it is best to use someone who is a local expert. Of course, a local expert with limited resources will not be able to meet the property needs.
A Miami Beach property management company should include a team of local technicians on their payroll for the quickest response. Additionally, the team needs a long list of well-vetted and trusted vendors – licensed, insurance and bonded. If the property management company has a list of trusted vendors they have used for a long time, you can rest easy knowing that they have negotiated good pricing for quality work.
Some projects require city and county permits; this necessitates planning ahead as approvals should not be the problem to hold up project completion. Familiarity with the local government construction and development processes will give you an edge to ensure a smooth project. This will keep the residents, the neighbors and the owners happy.
Timing is everything!
Not all property management companies have an entire Real Estate arm of the company. But it is exponentially beneficial when they do! Licensed Realtors actively showing similar listings in the area give priceless feedback about what is needed at your property to give your property the competitive edge. Additionally, investment plans change for a multitude of reasons and it is good to know when it is time to sell. We all know that timing is everything in real estate! What is the local real estate market like for single-family homes, condominiums and multi-family residential buildings? What is happening with the local economy and new developments? Having a close relationship between your Miami Beach Realtor and your Miami Beach Property Management company gives a unique long-term perspective bigger than just one building.
More Than Just Property Management Company
For your investment to be a success, it is vital to be highly involved in the neighborhood. Make sure your neighborhood is a place where people want to live. Happy tenants equal long-term residents. Property management does not end at the property line. Make sure you and your property management company are active in local organizations and show up to the community meetings. A thriving local economy full of bustling small businesses, parks and great schools is good for all.
As locals who have been in Miami Beach for decades, we have seen it all! We built the relationships, built the team, and built the reputation needed to manage Miami Beach multi-family and condominium buildings and to make it look easy. If you have tried to manage your property on your own, you understand. It is not a luxury to have a local advocate for your property, it is a necessity to realizing the stress-free income-producing life you have earned. Reach out today to find out how we can help manage your Miami Beach single-family home, multi-family apartment building, and condominium. At Urban Resource, we are more than just property management. Reach out today!
The post What To Look For When Searching For A New Property Management Company appeared first on Urban Resource.
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