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.

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.

Buy or Rent?

Without a doubt, choosing between buying or renting a home is one of the most difficult and important financial decisions you can make. Depending on which way you go, it will affect your finances in different ways.

 

In order to decide if renting is better than buying, or vice versa, it is necessary to evaluate our own circumstances, those of the market at that moment, and clearly understand the advantages and disadvantages of both.

 

Advantages of Renting

 

- You hardly need any savings to get started.

- The paperwork and steps to be taken are minimal.

- In case of a mistake, it is easier to make amends.

- You can have access to areas where you could not buy.

- It provides tax benefits to both the tenant and the owner, according to certain conditions.

- With the rent you have less expenses, since the taxes associated with the housing are assumed by the owner, unless different conditions are agreed upon in the contract.

 

Advantages of Buying

 

- The property is available for the purpose you want.

- It allows you to decorate and remodel it as you wish.

- In the long term it is usually revalued.

- It serves as a measure of future savings.

- Once paid, you no longer have a fixed monthly cost.

- Depending on the bank interest rate, it can be cheaper to live in your own property than renting.

 

No matter if you are looking for a property to buy or rent, our advisors are trained to help you throughout the process.

Thinking of buying a property in South Florida?

When we think about buying a property, we believe that we have to fill out a lot of paperwork. While this is true, it is best to be well counseled and consider a number of factors first.

We advise you to consider the following before investing:

1. Insurance

If you are thinking of buying an old house, with an old roof, it will be very difficult to get insurance for your home.

2. Property taxes

Taxes will vary depending on the area where the property is located and will also vary depending on the type of residence that you want to buy.

This expense can be very high, so it is important to evaluate it before buying the property.

3. Inspections

All inspections are mandatory. They should be, since you can discover all the imperfections that the property may have. In the inspections you will find the hidden damages that do not show in the sale photos of the property.

4. Visit the property at different times of the day

If you are thinking of buying a property, you should know that you will also have to live with the people who are around you, so it is very important to visit the house at different times to find out the habits of that population. We also recommend that you talk to the neighbors, since they can give you the best insights of the place where you want to invest.

5. Always check the documents before signing

Last but not least, always review the documents before signing. We recommend that you seek advice from a trusted lawyer and realtor to ensure that everything is perfect.

Source: http://actualidadradio.com/noticias/6-cosas-que-debe-saber-antes-de-comprar-una-propiedad-en-florida/

Don’t Underestimate Renters’ Insurance!

As with all insurance, renters’ insurance provides extra protection; this time, for your own home and belongings. Some tenants and landlords might think renters’ insurance is overrated. However, it might save you from the most catastrophic events. We never know when an accident may occur or how the weather can turn against us, so insurance can be the perfect lifeguard for our homes. 

Don’t underestimate it! They can help you save money if something happens to your home.  They are not only favorable for tenants, but for landlords too. Here are some benefits of renters’ insurance.

Benefits for Landlords

1)     Protection against incidents. Even if you have the most responsible and careful tenant and you trust him/her with your life, there’s always the possibility of your home getting damaged without being their fault. Your house could catch fire, for example, and as a landlord it would be your responsibility to pay for those damages if there’s no renters’ insurance.

2)     Healthy relationship with your tenants. If anything happens to your house, it is most likely to keep a peaceful relationship with your tenants if there’s a third party handling the case. You will not only avoid a fight, but you will also save time and energy.

3)     Not getting involved in your tenant’s arguments. In the case your tenant is involved in an argument with some other neighbor –for example, due to property damage– then you won’t have to take the responsibility for it. Renters’ insurance will take care of it, even if there’s any monetary argument over it. This means, one less headache a day!

Benefits for Tenants

1)     Home protection against natural disasters. Tornados, wildfire, and hail are real in the USA. If your home happens to get damaged by a natural disaster, sometimes landlords don’t cover that loss. Avoid losing all your belongings and property with renters’ insurance. You spend money on insurance now, but it will be completely worth it in the long run if anything happens to your home. (Remember, not all natural disasters are covered, for some of them you might have to get extra coverage. Ask about it before paying.)

2)     Home protection against theft. Burglary can happen anywhere and anytime, even if you live in what looks like a very safe neighborhood. There’s always a risk of someone breaking into your home and stealing your most valuable belongings. Renters’ insurance helps you protect most belongings if stolen.

3)     Home protection against injuries. We all have accidents, and renters’ insurance is a good way of keeping your home safe from them. If a guest or even yourself damage your home, a landlord will rarely (not to say never) pay for it. Avoid wasting more money than you should with renters’ insurance. They will take care of the expenses to repair or replace what has been unintentionally damaged.

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