Best ways to US Florida Property Management
Managing US property is the most daunting factor for potential Aussie investors. There are plenty of horror stories about rent not being paid, houses being looted, and maintenance nightmares. These problems, while real, are also easily avoidable. Read on to learn about special tips for managing your property and avoiding common pitfalls…
The first key to successful property management is choosing the right place to buy your property. When choosing an area there are specific elements to look out for.this content
First and foremost, you need to look for property in a state with a strong economy. California, a popular investment property area has a horrible economic climate. Even though the property is selling for cheap, tenant demand is low as well as the investment returns. On the other hand, many communities in Florida and Atlanta are experiencing a surge in economic growth and a decrease in unemployment. In these areas tenant demand is high and returns are expected to be anywhere from 10 to 13 percent.
It is also important to choose property in safe communities with low crime rates. A city’s crime rate is a good indicator of the quality of its tenants. Places like Las Vegas and Detroit have extremely low property prices, but they also have crime rates that are well above the national mean. Las Vegas has a crime rate of 38 per thousand residents and Detroit’s is 91 per thousand residents. Would you want to rent property in a community where 10 percent of the population are criminals? On the other hand, places like South Florida share a low cost market but with a lower crime rate. High quality tenants means less problems with property damage and rent collection.
Finally, it is important to deal with the right property management company. Working with reliable property managers can mean the difference between fortune and failure. Many investment property companies on the internet offer property management as part of their sales package. So what is the difference between the right property manager and the wrong one? Before buying a membership to a property consulting company, make sure they offer property management as part of the deal.
Once you confirm that the service is provided, ask additional questions like:
“Who is the property manager?”- Know who your dealing with and make sure that they are reliable!
“Is the Property Manager included in the flat rate, or is there an additional fee?- Scam companies hide fees that will come back to haunt investors
“Does the service provide tenants?”- Good investment companies will offer properties that already have tenants, making your life a whole lot easier!
Don’t let fears of property management stop you from making money! If you take your time to shop around and do your research then investing in US Property can a safe and profitable experience!