community | property manager in Florida

7 Tips For Finding The Best Property Manager In Florida

Landlords want their investment property to be profitable. In most cases, this means putting your rental property in the hands of a very capable property manager. The search process can sometimes be overwhelming, though, so here are useful tips for finding the best property manager in Florida.

 

How to Find the Best Property Manager in Florida

Not everyone who invests in property in Florida is interested in the management aspect. Due to limited knowledge of property management, some owners would rather hire a Florida property manager to take care of their real estate investment. Since property management doesn’t come cheap, it’s important to find the best property manager or property management company in Florida. Here are some tips to keep in mind.

 

1. Ask Friends and Colleagues for Referrals

There are a lot of options when it comes to property management in Florida. Rather than vetting one company or manager after another, ask your friends or colleagues for referrals. Since these are people whom you have already established trust with, you can be confident with their recommendations.

Of course, don’t blindly accept the names they give you. Their standards are different from yours. Rather, use their recommendations to create a shortlist of potential candidates. It’s important to perform due diligence to find a Florida property management company that meets your standards and expectations.

 

2. Search Online Directories for Property Managers

search | property management in FloridaOwners should also conduct research online to find potential property managers. A simple Google search will already reveal numerous options. However, for a more targeted approach, you can search reputable online directories like Florida Property Management. Owners can narrow their search by location, property type, services, and other categories. Our online directory has already been vetted by professionals in the industry so you can trust that we have the best property management companies in Florida.

 

3. Check and Verify Their Qualifications

Florida requires property managers to have a real estate broker’s license since they also perform real estate services and collect commissions on transactions. However, if you are planning to pay your property manager a salary, they do not need a license. You can verify your property manager’s credentials with the Florida Department of Business & Professional Regulation’s (DBPR) Licensee Search.

In addition, if you want to find the best property manager in Florida, check if your candidates have other certifications. Membership in organizations like Building Owners & Managers Association (BOMA), National Association of Residential Property Managers (NARPM), or National Property Management Association (NPMA) can also say a lot about their experience and expertise.

 

4. Meet Potential Property Managers Face-to-Face

The interview is a crucial part of the vetting process. Prior to meeting with your candidates, everything you have learned has been second-hand. This is the opportunity to personally ask them about their property management services. It helps to interview at least 3-5 candidates in order to find the best property manager in Florida.

Make sure to prepare a list of questions to ask your property manager candidates. This is so that you can get all the information you need before making the final decision. Here are some important questions to ask:

  • How do you set and collect rent?
  • What are your marketing strategies for attracting tenants?
  • How do you screen potential tenants?
  • What are your tenant retention and average vacancy rates?
  • Do you perform routine inspections?
  • How do you handle maintenance issues and repairs?

 

5. Ask About Their Network

The best property manager in Florida will have an extensive network of property managers, real estate brokers, real estate attorneys, maintenance vendors, etc. If they have a large network, it can be a sign that they are a reputable property manager — one that has earned the respect of people in other professions. Having a network of allied professionals can mean lower expenses and higher profits for your property. Other businesses will be more likely to give discounts to a property manager they trust.

 

6. Visit Properties That They Manage

inspect | property management in FloridaIf you are deciding between property managers, you can visit some of the properties that they manage. You’ll be able to see first-hand how these property managers have been taking care of their tenants and facilities. Ask current tenants about how their property manager handles noise, security, repairs, and other essential services. How do they conduct business? What is their general demeanor? An on-site visit can tell you a lot of things about the property manager that didn’t come up in the initial interview.

 

7. Study the Contract Carefully

Even if you have found the best property manager in Florida, don’t sign the contract just yet. You don’t want to be legally obliged to follow terms that you don’t agree with. Thus, make sure to read the contract thoroughly and negotiate terms, if necessary. Clarify the property manager’s role, the scope of services, and management fees. You want to look out for hidden charges that can affect your bottom line.

Your management contract should also have a termination clause. In case you are not happy with the property management services, there must be a legal way to terminate the relationship. Make sure that the termination clause establishes contract terms, reasons for rightful termination, required days of notice, and termination fees.

 

Finding the Best Property Manager Takes Time and Effort

As more people are investing in property, there is also a growing demand for property managers. Even though property management can be costly, it’s the best way to ensure that your property upholds its value. Since there are a lot of options out there, property owners might be overwhelmed with the search process. Admittedly, it will require a lot of time and effort but it will be worth it once you find the best property manager in Florida.

 

If you are looking for a property management company, HOA management company, or real estate agent, feel free to browse Florida Property Management’s online directory.

 

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