What is Property Management?
Achievers Realty is an excellent real estate company, but did you know that we specialize in obtaining and managing investment properties for our clients? Achievers Realty manages all sorts of property; and we are especially proud of our skill in finding ways to help clients get started in commercial investment property.
Rental prices in Naples and Fort Myers, Florida continue to rise. According to Numbeo.com, the average rental price for a three bedroom apartment in Naples Florida (outside of the city center) is $2,625. That is a gold mine for a savvy investor. However, how does one purchase an investment property, and once an investor purchases property, how can the asset be managed properly to maintain it, collect rents, and comply with all legal requirements without spending countless hours, hiring a lawyer and bearing the burden of increasing costs?
It is wise to hire a property management team.
What is Property Management?
What is property management? Property management is the operation, control, and oversight of real estate, to ensure that the investment is cared for, monitored and preserved in good condition to extend its useful life. This is much akin to the role of management in any business.
Property management duties and responsibilities
The role of property management is to handle the day to day responsibilities of managing investment property, whether it is commercial, residential, industrial or retail real estate property. The property manager will advertise rentals, screen potential tenants, sign rental contracts, carry out routine maintenance and repairs, and collect rent and deposits. The property manager will also notify the owner of necessary projects and repairs that need to be done from time to time, such as parking lot striping and repair, roof replacement, and so on. Very importantly, the property manager must keep abreast of state laws and regulations regarding tenancy, property maintenance requirements, and more; and ensure that all of these requirements are met. These services save the owner money and a great deal of headache.
There are differences in property management companies. Some specialize in specific types of properties. Costs can be different for some property management companies than others.
Achievers Realty – Property Management Expertise.
Achiever Realty offers top of the line property management services. As a leading real estate company, Achievers Realty brings years of real estate expertise to the task of keeping your real estate investment sound. Once you sign up with Achievers Realty we become your property managers and take on all responsibilities of managing the property.
Finding qualified renters:
Achievers Realty will find qualified renters for your property and screen them carefully to maximize your rental revenue while minimizing turnover, a significant expense for rental property. As a real estate company, we are contacted daily by individuals who are looking for a new home. These potential renters are a great resource for your available rental property.
Don’t quit your day job. Achievers Realty can handle the daily oversight and maintenance tasks of your rental house or apartment (or commercial property!). We handle such tasks as scheduling and paying utilities and garbage collection, answering maintenance calls, and enforcing tenant rules, all time consuming details that owners can do without. Most important, we know what to look for when it comes to bad tenant behavior such as property abuse, abandonment, and more.
Professional Budgeting, Accounting and Reporting:
Achievers Realty maintains a professional business standard for your real estate accounting, rental contract and other records for easy reference and to ensure that your property complies with all state and local laws. For instance, did you know that in Florida, details must be disclosed to a tenant regarding the holding of deposits and who is authorized to act on behalf of the property owner?
Property management agreement:
Every property management company will provide a property management agreement. This agreement should meet the general standards of property management, but it should also cover the specifics of your property requirements, such as, do you have a large landscaping requirement, or pool maintenance and repairs; or do you have specific structural needs or repairs to be done? What will they do under this contract, and what are their fees?
The property manager will spell out their rights to collect rents, screen tenants, supervise the property, serve notices and evictions on your behalf, and generally manage and maintain the property.
In addition, the property manager will agree to be your fiduciary with regard to handling rents, deposits and all of your financial details related to collecting and depositing rent.
The contract will spell out their procedure when notifying you of special circumstances that may occur, such as tenant issues, and their latitude in handling such issues and when they are required to notify you.
Commercial vs Residential property management:
Commercial tenants generally require a greater degree of professionalism and responsiveness. In addition, commercial properties generally require more in terms of maintenance and upkeep to keep them pristinely attractive to renters. In return, the revenues generated are generally greater and tenant retention is good. Commercial tenants generally sign long term leases, renewable every few years.
Residential properties are partly maintained by the tenants; for instance, tenants will often do their own yard work and maintenance. This alleviates some cost, but tenant occupancy rates are also lower, because renters tend to move every few years, at which time there is no revenue while preparing the unit for new renters. Good planning can cover these contingencies.
Residential properties also appreciate in value, which is a major way that an investment repays the investor.
Why to use Achievers-Realty for property management:
Achievers Realty is both a real estate agency and full service property management company. We specialize in helping first time commercial investors. Our company provides a full property management agreement which spells out all of our services and responsibilities, as well as the rights and benefits you enjoy when you sign up for property management services with Achiever Realty. Whether it is residential or commercial property, or specialized real estate acquisitions, we can streamline the process of buying and maintaining your real estate investment. We have the resources to keep all of your transactions “in house,” streamlining your investment purchase and management experience by finding your perfect investment, helping you find funding, negotiating and closing the sale; and signing contracts with new or existing tenants.