Tuesday, October 25, 2016

Why Vacation Rental Homeowners need a Property Manage

MARATHON, Fla. - Sept. 26, 2016 - PRLog -- Per Brenda Alexander, Broker/Associate at Remax and owner of KeysIslandSales.com in Marathon Florida,"There are several reasons for hiring a property manager and all are beneficial to investment property owners. When you own an investment rental property, you want to keep operating costs low while maximizing your monthly revenue. That's easier said than done -- as most investment property owners learn at some point. A property manager takes a lot of the guesswork out of the equation and provides substantial peace of mind.Although a property manager charges a fee based on a percentage of the rental rate, the return on investment or ROI is much larger.

Here are more of the biggest benefits and reasons for hiring a property manager:

● Setting a true market-based rental rate. One of the biggest mistakes investment property owners make is over or under pricing their rental rates. Relying on anecdotal information and dubious marketing strategies is all too common. Set the rate too high and the vacancy period will extend far longer than it should. Set it too low and attract the wrong tenants.

● Collecting rents on-time. Speaking of rent, it's every investment property owner's dream to collect it on-time each and every month. Unfortunately, that's not a typical reality. But a property manager changes the entire situation.

● Advertising the property strategically. Marketing a rental property isn't as simple as most people believe. It's a combination of science and art, along with a healthy amount of experience.

● Screening prospective tenants. Another huge mistake all too many investment property owners commit is not fully vetting potential tenants. While it's an uncomfortable process and denying an application is the last thing you want to do, it's completely necessary.

● Properly managing tenants. Rental tenants can pose a number of problems these aren't limited to paying late or disturbing neighbors. A good property manager knows how to properly manage tenants to create a better situation.

● Dealing with contractors. Landscaping, electrical work, plumbing issues, roof leaks, and other common maintenance will be a reality. Having an experienced property manager makes it all the more smooth and owners don't have to deal with various contractors.

● Ability to manage long-distance rentals. Some rental property owners become landlords because they move away and do not sell their previous homes. A property manager makes managing a long-distance rental a cinch.

● Maximizing owner profitability. A good property manager is able to trim costs where possible and negotiate the best contractor rates. This helps to maximize the owner's profitability.

In addition, a property manager will ensure all applicable housing regulations and landlord-tenant laws are followed

For help buying or selling Middle Keys Real Estate, please see Brenda's website athttp://www.keysislandsales.com.

Keys Island Sales

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