4 Reasons You Should Hire a Property Manager

 

While for some people, the “do-it-yourself” approach is the best, having someone who can handle property management might be handy 

Managing a rental property can be a financially rewarding task. But it can also be tricky if you’re just getting started. That’s why sometimes you should hand over that part of the business to property managers. But, what do they do? 

 

What’s a property manager? 

 

According to Investopedia, a property manager is “an individual or company that is hired to oversee the day-to-day operations of a unit of real estate.” This means that if you can’t oversee this part of the deal or you’re not available to handle the property, you could hire them to help you during the process. Easy, right? 

 

Now that you know the basic definition, here are some reasons why you should have a property manager around to help you: 

 

1. 1. It’ll help you find, vet, and secure tenants. 

 

Your property manager will have the knowledge to find, vet, and secure the best tenants. And which skills do they need? They should know how to properly advertise your property, find potential tenants, and manage inspections. 

 

After these inspections, a property manager will have all the applicants’ information and advise which is the best choice. 

 

2. 2. Manage inspections, repairs, and maintenance 

 

The property manager will regularly inspect to make sure the tenants are taking care of the property. If tenants request any repairs or maintenance, the manager will also coordinate with the right team to fix any inconvenience. 

 

3. 3. Property managers know their paperwork and the law. 

 

Probably the best advantage is that having a property manager means that you don’t have to handle all the legal paperwork, since that’s something they know like the back of their hands. They have a better understanding of state and federal laws around tenant selection, possible eviction, and more, while keeping a professional relationship with your tenants. 

 

4. 4. They’ll give you market advice. 

 

Since the real estate market is constantly changing, the property manager will pay attention to updates around it. It means that they’ll give you proper guidance on matters like increasing rental fees, the best time to rent, etc. All to ensure a more significant investment return. 

 

When it comes to finding the best professionals in the area, you can call South Florida Riches. We’ll be helping you before, during, and after the process. 

Why condos instead of houses?

If you decide to work with Gables Riches you should know that our job as realtors doesn’t end the moment we finally sell your home or help you find and buy a new one. We offer our advice and guidance to each and every one of our clients, even after our business together is done. In this particular article, we would like to talk about one of the most common questions we get: “Should I buy a house or a condo?” There’s no definitive answer to this question, but at Gable Riches, with the current Real Estate market, we recommend condos to most of our clients… Why? Keep reading below!

It will always depend on your taste and your particular situation, but here are our top reasons why we prefer Condos over Houses in South Florida:

1.    The main reason why we recommend Condos at Gables Riches (especially for young investors and first-timers) is because they cost less, and we are not just talking about the buying price. Monthly fees and maintenance can become a headache for house owners, particularly for newbies. Condos, on the other hand, don’t usually require that much maintenance, and since monthly fees are distributed among all the other condos in the building, prices are much better optimized and therefore lower.

2.    It’s much easier to take care of a condo. A question every investor needs to ask itself is “how much time do I have to take care of things around the house?” Young investors usually have much less time to spare because of their jobs, school or other commitments, and houses are much more demanding than condos. Houses require outside maintenance (painting, facade, lawn, mailbox, etc.) while with condos you only need to worry about the inside.

3.  Many investors eventually decide to get a condo instead of a house because they fall in love with the amenities included in the building. Having a pool, gym, concierge, valet, bike room or conference room is a strong incentive, and it adds some important points to any home anywhere in the world.

Condos usually have better locations, and that’s another attraction for investors. If you want to be able to go shopping or eating without having to use your car, a condo is much more likely to be close to populated areas where all these activities can be found. If you are more of a Downtown/Midtown kind of person, a condo is definitely the best choice for you. On the other hand, if you would like a quiet place and you don’t mind driving a few minutes to get to places, a house close to the city would be our recommendation.