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. 

Investing is not only about profitability; it is also about comfort and lifestyle

Investing in South Florida real estate remains to be one of the safest and most profitable investments. Commercial and residential real estate deals offer excellent investment opportunities.

 

Investing in South Florida is profitable, there is demand and the economy in the area is one of the best in the US in terms of real estate. But in addition to that, real estate in the state offers different attractions for each lifestyle.

 

Modern designs. Regardless of the year of construction of the property, they tend to be modern and with a fresh new style. There are also many new properties with a modern design that offer luxury and comfort.

 

Most of the homes in the area offer luxury services. The condominiums may be simple, but they are accompanied by wonderful views, swimming pools, patios, luxurious kitchens, gymnasiums… a set of amenities that make life more comfortable, pleasant and add luxury to the life of the family.

 

No matter which area of ​​South Florida you decide to buy your property in, you will surely have a wonderful view: facing the sea, with an urban landscape worth admiring, in front of other luxurious buildings that make work or life easier, comfortable, and satisfying.

 

Invest in South Florida with us. Contact us.

South Florida Real Estate Market outlook in 2021.

 

A little over a year ago, residential brokers and developers expected sales to slow down as the market for single-family homes and condominiums cooled. And when the coronavirus rapidly spread from the northeastern U.S. to the Sunbelt in early March, the local residential sector prepared for a catastrophe.

 

Then a trend began to take shape; high net worth individuals residing in New York and other states subject to tighter government restrictions began fleeing to the less restrictive confines of South Florida.

 

Since early summer, the residential market has soared. In November, total home sales reached nearly $4.3 billion in Miami-Dade, Broward, and Palm Beach counties, according to the Miami Association of Realtors. Single-family home sales dollar volume led the way, increasing by over 50 percent in each county in November, compared to the same period in 2019, when real estate experts predicted a slowdown.

 

This will boost the residential sales market in 2021 as the current cycle enters the expansion phase, according to more than a half-dozen leading brokers and developers.

 

Some of those experts discussed their projections in interviews with The Real Deal:

 

Dora Puig, founder, and principal broker of Luxe Living Realty:

"I am confident that momentum will continue through 2021. I haven't heard of new condo developments, but I have heard of developers selling existing condo projects. I think we are at 60% near the peak of a cycle. We have a way to go in 2021. I see the peak in the first or second quarter of 2022."

 

Mike Pappas, CEO, and president of Keyes Company:

"The luxury market has never been stronger than it is right now. It's the strongest I've ever seen. The only submarket that is down is homes under $500,000. Indicators show that we will sell more units in 2021 than were sold at 2020 and prices will continue to appreciate."

 

Nathan Zeder, associate and principal broker of Coldwell Banker's The Jills Zeder Group:

"We've seen some pretty significant price increases and you can't raise prices forever. But it's hard to say there will be a slowdown. Covid-19 hampered the condo market in the short term, but the market has been stable since 2016. If the single-family market gets too expensive, condos represent value."

What to expect from the real estate market in 2021?

 

After a year as complicated as 2020, and with the rise of the COVID-19 pandemic, the real estate market has undergone some changes and there are some trends for 2021.

In 2021 there is more interest in buying homes rather than renting. More spacious homes with outdoor spaces, etc., will be sought after.

The consequences of COVID-19 may last throughout 2021, so the real estate sector will have to face new challenges to adapt to this situation.

 

1.    There will be stability in sales and purchases

November 2020 marked a turning point, recovering the downward trend in housing prices.

2.    Investing in housing

Buying a house as a safe and stable investment is still a good option. The most attractive properties to invest in are those in good condition and with a good location.

3.    Properties with offices

Properties with offices will be those most in demand. With the pandemic, and work at home, properties that have offices will be the most sought after, as for now it seems that the pandemic will not end soon.

People prefer buying rather than renting, this gives them more security.

In addition, they prefer properties with free spaces and offices where they can work from home.

Make a safe investment, insure your property

Home insurance is the best way for a person to protect his/her home from any possible eventuality that may occur. Any day, and as a consequence of an accident or other causes beyond our control, we could lose our home and everything in it.

 

From one day to the next, we could find ourselves in the street and have lost our home, and with it the savings of a lifetime. That is why it’s very important to have insurance, especially in South Florida, where many times of the year there are some weather phenomena that can lead to some unforeseen events.

 

If any eventuality happens, by having your home insurance, you will be able to sleep better. If there is any accident covered by the insurance policy, you can rest assured that those expenses will be covered by your insurance and not by you. Although having insurance for your home is not mandatory, like having insurance for your car, we recommend 100% that you insure your home, and that way you will be covered in case of any unforeseen event.

 

If you want to invest in South Florida, where there are beautiful places to live, having home insurance can be very important for you and your family in case of any eventuality. Don't think twice, insure your home, and that way, you won't have to worry if any unforeseen event or accident happens.

What you need to know if you are going to live in Florida

 

There are many reasons to move to Florida, and that is why the number of people who decide to move has been increasing over time.

Florida has a very pleasant weather; besides, it has beautiful beaches, many parks, spectacular natural parks, and an increasingly interesting educational offer for parents who want to give their children the best education.

However, if you are planning to move to Florida, we recommend you to take these tips into consideration:

1. Don't move to Florida during the summer

The weather in Florida can be very hot at this time of year. The temperature can reach up to 90 degrees F between the months of June and August. It is not the best idea to move to Florida during the warmer months.

2. You will see lots of wildlife, animals and creatures

When you move to Florida, you will see a lot of wildlife. It is one of the states in the USA with the most creatures, both large and small.

Alligators are common inhabitants of Florida. However, there are many more animals to see there. You can also find armadillos, pelicans, bald eagles, bears, and even American panthers.

3. Research the area where you will be moving

The entire state of Florida is built on limestone, a rock that causes sinking. If you move to Florida, you need to be 100% sure that the site is built in a non-sinking area.

4. Bring plenty of insect repellent with you

Since Florida is a state with a warm climate and high humidity, insects are a normal thing. There are at least 12,500 species of insects living in Florida.

But there's nothing that a little insect repellent can't solve! Buy some insect repellent to keep yourself safe.

Condos or single-family homes? How can you choose the best one for you?

 

Everyone thinks that buying a condo or apartment is a great option. Like any investment, it has its pros and cons. But most people also don't know that condos can't be bought with government help. These grants generally exclude condos and mobile homes. Another thing they don't know is that, for that reason, they must pay more money at the time of closing the purchase, since the type of loan that most people approve for that type of property is conventional. This type of loan generally requires a higher percentage than the FHA loan type.

 

First of all, apartment prices in Florida have gone up. Second, most condos will require the payment of the condo fee and the HOA fee. For that reason, the price that appears to be so affordable goes up when those two additional fees get added to the payment. Most people who buy apartments are investors who lease them, for example, as vacation villas.

 

In the case of houses, called single-family homes, it is the preferred alternative for people who want to have their own home. Also, they are energy efficient, making the owners save money.

Do you need to remodel your home?

 

Are you living in South Florida and would like to make some changes to your home? Here are some recommendations if you want to change some things.

There are several reasons why an owner may want to make changes to a property, some of them are:

- For pleasure

- To add value to the property

- Because new needs arise in the property

If you are going to remodel your property for any of the above reasons, we recommend the following:

1. Request a budget

2. Ask for the necessary documents to carry out the remodeling

3. Take into account the cost-benefit of the remodeling

4. Make a calculation of the necessary materials

5. Know what you want and how long the changes can take

6. Choose a professional and experienced team to carry out the remodeling

7. Evaluate the quality of the materials to be purchased

These are some steps that we recommend to follow in order to carry out a remodeling in South Florida. If you follow them, you can make the changes you need for your property in the best possible way.

Living in South Florida now is possible!

South Florida is one of the hottest vacation spots in the world, short-term rentals are now trending like never before. Investors are searching for opportunities in neighborhoods where people might want to rent for a month or two (even less than a month) during the summer, winter break, or spring break, and make a decent profit out of it.

Whether you are buying your first home or you are an experienced investor, South Florida Riches will assist you in everything you need. Buying, selling or renting a home on your own can be difficult, and it’s extremely easy to make a mistake.

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