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. 

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.

Real Estate Market on 2017-2018

The real estate market is the most stable one. It’s a fact that a real estate investment is a safe investment. But in order to make it safe, you have to make it right. From some time now there has been a lot of talk about a global economic recession estimated for 2017-2018. By that time, Miami Dade will be completing a lot of new buildings that are great investing opportunities.

So, you might be wondering how to act knowing about this possible recession. Well, prices are going down in all of Miami Dade County, so there will probably be a lot of good opportunities for investors by 2018 in the high-end market as the prices start to adjust and it’s prudent to wait and buy then. However, for 2017, we recommend investors to make small investments and buy $150K units, which they should rent with a long-term mindset.

A low income unit is a wise investment if there is a recession since these cheaper units may not go down in demand. In case of a recession, there may be more demand for rental if people are making less money in the next 3 years, which is why they’ll look for cheaper residences to live and renting is always more accessible than buying with a lower salary.

Therefore, be wise and invest wisely. The real estate market is a safe one if you play your cards well. Gables Riches offers all kind of assessment in this kind of matters. Don’t hesitate to contact us if you’re looking forward to go ahead on time and make right decisions for your money.