If you own rental property and you are considering the addition of a property management company to operate your investment(s), then it is important to first have a good understanding of what you can anticipate. This is particularly the case if you don’t reside in the local area and you are choosing the management firm based solely on its reputation.
This is because a good property manager can essentially be one of your greatest assets, or alternatively, one of the biggest downfalls to the success of your investment, and ultimately its overall profitability.
In most cases, a property management company will perform some – or even all – of the tasks that are necessary for finding and screening tenants, as well as other ongoing duties like collecting the monthly rent, and responding to maintenance requests (including emergencies).
But some property managers will go beyond just that. For instance, far fewer management companies will actually keep track of – and provide you with – the financial figures that are needed for determining whether or not your investment is actually profitable.
For instance, a truly thorough property management company will know the local market in depth, which in turn, can allow them to negotiate leases, and to essentially ensure maximum return on investment (ROI) for the property owner.
Likewise, if a property manager has a good understanding of property values in the surrounding area, it can make it much easier – and more profitable – to set a realistic rent rate, as well as to adjust that rate whenever necessary.
If you own rental real estate in Naples, Florida, and / or the surrounding area, give Benoit Management a call. We’ll walk you through all of our services, and help you to decide whether or not we may be a good fit for you and your South Florida rental property management needs.