About 66.5% of homes in Florida are occupied by their owners, leaving around 34.5% occupied by renters.
Rental properties are one of the best ways to generate recurring income, but managing a rental unit isn't as easy as many people think. You'll be faced with all kinds of challenges, and if you own more than one rental property, these challenges will only multiply.
In this guide, we'll look at some key advantages of working with a full-service property management company in Melbourne, FL. Keep reading for more.
Marketing Your Property
If you want to attract tenants, you need to market your property well. The market is competitive, so you want your property to stand out in online listings.
A property management company will be able to stage your home and find a real estate photographer so that the images on your listing are perfect. They'll also make sure to provide all the appropriate details for a home so that your listing gets more responses.
Finding Suitable Tenants
With a quality listing, you'll get a lot of interest. It's important to choose the right tenants so that you know they won't damage your home and they'll always pay rent on time.
A property manager will conduct thorough tenant screening to see if a prospective tenant has a history of missed rent payments or any other issues. This will make it far less likely that you experience problems with your tenants down the line.
Handling Tenant Issues
Even with proper tenant screening, issues can still arise. These may be difficult to deal with, but if you have a property manager, they'll handle things for you.
If your tenant fails to pay rent, for example, your property manager will chase them up, and take legal action if necessary. If it gets to the point where you need to evict your tenant, they'll be able to do this too.
Property Maintenance
You need to keep your property up to a certain standard for your tenants. This isn't just to keep tenants happy, but it will also ensure your property is suitable to live in.
Parts of your property will break down with time, and a property manager can find suitable contractors to carry out any repair or maintenance work. Property managers maintain strong networks, so they'll always be able to find someone suitable for any job. These networks also mean they'll often be able to get good deals on any such work.
Maximizing Your Profitability
For a property investor, profits are crucial. A property manager can help you ensure you're charging a suitable amount for rent at all times.
If your tenants leave, your income will stop until you find new tenants. A property manager will work to ensure the time between tenants is kept to a minimum so you don't miss out on any profits.
The Right Full-Service Property Management
Some people try to do things without a property management company as they think it will help them save money, but this is often not the case. Not only will you end up spending more, but you'll also have a lot more work to do on your own.
PMI Space Coast is a full-service property management that offers a range of real estate services. You can even get a free rental analysis from us today.
