Miami property management costs can vary depending on your property, the services you need, and the management company you choose. There are many different pricing structures, and when you compare property management fees, you also have to compare the value you’re receiving from the company you hire.
It’s tempting to choose the cheapest company. After all, this is your investment property, and you need to think about what’s going to provide the best value for you and your investment. Don’t forget to consider your tenants and the type of service they’ll receive.
There are, however, some serious pitfalls in choosing the cheapest Miami management team.
Measuring Miami Property Management Costs
When selecting a company to provide residential property management, price shouldn’t be the only factor when you’re making your decision. Think about having a good property manager the same way you think about your insurance policies. Any time you own a property, odds are there will be a problem at some point. When trouble comes up, you don’t want to find out that your insurance policy has some holes in it. You don’t want to discover – only too late – that your policy doesn’t provide the right coverage.
You want to know your investment property is fully covered.
This is the same reason you shouldn’t choose a low budget property manager. A good property manager will do the same thing that a good insurance policy does: protect you.
Property Management Fees and Experience
A good Miami property management company has experience. That’s a huge factor, and paying for experience is well worth the investment.
Let’s say the boiler goes out at your property, do you want to work with someone who doesn’t know how to handle it? Maybe you’ve saved some money on property management fees, but what will you do when that property manager has never dealt with a problem like that in a building?
You’ll want a property manager who has seen this type of situation over and over again. You want someone with the right connections to reliable vendors who can come out and resolve the situation without adding to your costs or your stress.
That sort of oversight and expertise comes with experience. Property management experience is huge, and it’s one of the most important things you can consider when you’re hiring a Miami property management company.
Can you put a dollar amount on that level of experience? Not when you consider the peace of mind it provides to you and your tenants-and the additional cost of not doing things right the first time.
Your rental property is an important investment. It’s a business. Don’t compromise on the level of service you’re getting. Be ready to pay for quality property management. We’ve found that the cheapest company will only end up costing you more in the long term.
Always choose full coverage when you buy insurance, and always choose experience when you’re partnering with a Miami property management company. We would love the opportunity to hear more about your property and share how we can protect your investment. Contact our team at Trident Management today!