There is a huge difference between people and companies calling themselves Property Managers. Pick out the wrong one and you could suffer a big financial loss. So, how do you pick the right Property Manager? Well, first I would advise you to not pick out a real estate agent or company that manages rental property while selling real estate at the same time. The reasons are significant. Select a realtor that shares his or her time with “selling” real estate and your home will quickly become the least important thing on that realtor’s “things to do today list.”
You are going to be amazed at what real estate agents cannot do. Very important is the lease. Look to the bottom left corner. If you see FAR/BAR the lease is provided to Realtors by the Florida Association of Realtors. Without an Attorney, this is the only lease a Realtor is licensed to use. This lease is very generic and limited. You know, one size fits all. This can and does cost landlords a lot of income.
Now, what to do? It is simple. First, look for a full-time Property Manager with experience. Lots of experience. Next look for a Property Manager that limits his or her business to a local area. And do not get overly impressed with various awards, certifications, advanced education certificates, etc. I get contacted by many of these various organizations just like every other PM. Basically, for a fee, I can purchase a certificate, or an educational course to use in my marketing. That doesn’t mean I know anything more. But, if I had any, it might make up for some shortcomings.
Small businesses and investment properties have a lot in common, i.e., income and expenses, products and services, warranties and obligations, contracts, legal requirements, multiple phone calls at all hours of the day and night, and so on. This can be an extremely time-consuming process. Additionally, you must stay abreast of all landlord/tenant legal requirements relating to rental properties. A property manager (PM) can give you your life back for a very few dollars per month ($200). I will make you a lot more money than I cost you. And my charge is the same for everybody. I do not pay less attention to properties with smaller monthly rents than larger ones. And I do not pay more attention to properties with higher rents. Everybody gets the same “professional” property management services.
Dealing with hundreds of transactions and as many people I have noticed time and time again investment property owners are making bad calls. “Metal roofs, granite countertops, hurricane-rated windows, etc.” These are all items that can make a rental property more desirable and more valuable. Unfortunately, that does not necessarily mean more rent.
Looking to rent faster and for more monthly rent? The number one thing you can do to a rental property to make it more valuable to a prospective tenant is to put up a chain-link fence and welcome pets. Do you have any idea how hard it is to find a decent home for rent that welcomes a dog? Do you have any idea how important a dog is to most dog owners? Of course, you must be careful about the breed, and size and make sure the tenant has the proper insurance. And do not ever listen to the prospective tenant tell you how well-behaved the pet is. And do not buy into that “service animal” story either. Verify, verify, and then, verify.
What you should know about me is I am better than a well-qualified Property Manager. To me, you will not become a number. I get to know each of my owners and treat each one like a person and a friend. I work as your fiduciary and take care of your rental property accordingly. I have been involved with almost every kind of real estate transaction there is on a near-daily basis since being licensed in 1997. I have restricted my real estate practice to property management
I welcome the opportunity to become your PM. Thank you for your time today.
H. Robby Robertson
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