If you are one of the many investors who are taking advantage of the glut of low priced properties that are on the market, and you intend to rent them, you are also one of the many who will need to hire a property manager. If you are new to property investing, or you are adding properties in a remote location to your home base, you will need to find the best property management company in Boca Raton. Perhaps the best place to start looking for a referral is from the real estate broker you purchased the property from. No doubt they can give you the names of local property management companies; which one is the best for you?
In-depth local knowledge:
You must have a property management company in Boca Raton that knows the local market intimately. Even within the same city, there can be significant differences in property value and rent, only a local will have his finger on the local pulse. Not only must he know the competitive rents for similar properties; he needs to know where to focus his marketing efforts when a unit becomes available. Knowledge of local tenant/landlord laws is a must to avoid any possible legal actions.
Strong marketing:
Now that you have an investment property you know that every day the property is not occupied is lost revenue. The only revenue is rent. This is not the case with expenses by the way. They keep accruing. It is in your best interest to get the property re-rented as quickly as possible, but with a responsible tenant. A good property management firm will know how to market and where to focus their efforts. Once the manager has developed an interest in the property, his marketing efforts must be supported with a tested screening process to ensure that the lease will be drawn up with a tenant who is gainfully employed and has a clean credit and criminal record.
Professionalism:
Saying you’re a property manager and actually being a property manager are two different things. The industry is generally unregulated, and it becomes a haven for individuals who see a way to make a quick buck. Their skills, or lack of them, may very well cost you far more than the little difference in fee between them and the best. If you have a sitting tenant that refuses to meet his obligations and warrants eviction, there goes six months’ rent and probably a lot of maintenance money to get the unit rentable again.
These three skills are a necessity. During the interview, you will want to question their maintenance routine, their service contractors and of course, their reporting of all financial and operational data.
For the most professional property management company in Boca Raton FL contact Real Property Management – Boca Raton. They can be reached at 800-365-1275, call today for a free quotation to cover your needs.
