When it comes to rentals, property managers are essential. They look after the operations of rental properties to make sure that everything runs smoothly and efficiently.
The specific responsibilities and roles of a property manager vary according to the type of property they manage.
TYPES OF PROPERTY MANAGERS
There are six types of property managers:
- Residential property managers
Residential property managers look after the management and operation of rentals like condominiums, apartments, single-family homes, multi-family homes, townhouses, and manufactured homes.
Their duties include:
- Making sure the property is fully rented at market rates
- Overseeing maintenance and repairs
- Dealing with tenant concerns
- Screening tenants
- Marketing the property
Residential property managers also need to comply and be on top of landlord-tenant laws and regulations.
- Commercial property managers
In contrast to residential property managers, commercial property managers are in charge of office spaces, retail stores, and warehouses, as well as apartment buildings with over four units, which are considered both commercial and residential.
On top of duties ascribed to residential property managers, commercial property managers must also:
- Deal with concerns such as shared utilities and security, and parking
- Work with business tenants to meet their requirements, depending upon the industry they’re in
- Be aware of market conditions and economic trends
- Preserve good relationships with tenants, especially long-term tenants in order to keep their business
- Property managers for vacation rentals
If you’re looking to invest in Jacksonville vacation rental property, there are plenty of opportunities to explore around the area’s top beaches.
These property managers are experts in short-term vacation rentals. They:
- Know the ins and outs of booking guests
- Ensure the safety and comfort of guests to warrant repeat visits and/or positive reviews
- Deal with problems that arise from time to time
- Are knowledgeable about building codes and local zoning restrictions
- Inform their guests about house rules
At high-end vacation rental properties, guests usually expect the equivalent of hotel-like perks. Thus, managing expectations via marketing materials or tailoring services and amenities accordingly is a must.
- HOA managers
HOAs or homeowner associations are another type of property manager. They’re around to:
- Enhance the quality of life of residents
- Protect property values
- Ensure the smooth operation of the community
They do this by:
- Collecting HOA dues to undertake repairs, improvements, and maintain common areas
- Enforcing rules and covenants to maintain a certain standard of living and appearance
- Helping HOA members resolve disputes
- Organizing socials and neighborhood events
- Industrial property managers
Industrial property managers oversee heavy manufacturing facilities like steel mills and automotive plants. They can manage warehouses, distribution facilities, and light manufacturing factories such as food packaging.
A good industrial property manager should know the kind of industries and/or leaseholders suitable for the facility they manage.
They are also tasked with:
- Marketing the property
- Maintaining the property
- Retaining tenants
- Ensuring compliance with lease terms
- Complying with relevant laws, codes, and regulations
- Securing the appropriate insurance coverage to help mitigate risks
- Improving the functionality of the property
- Special-purpose property managers
There are special-purpose properties that don’t fall under the categories we’ve already discussed, yet also need to be managed. These include resorts, theaters and sports arenas, as well as senior care facilities, places of worship, and schools and universities.
Like industrial property managers, special-purpose property managers need to be experts in their chosen field. They also need to be cognizant of any laws or regulations that apply to their specific sector.
DO YOU NEED TO HIRE A PROPERTY MANAGER?
Do you need to hire a property manager? If you are a landlord, you might want to hire a property manager if you have multiple properties and don’t have enough time or technical knowledge to oversee your properties and deal with all your tenants.
Some people would love to own rental properties and make a profit, but don’t actually want to deal with the operational nitty-gritty. If so, then it’s best to hire a property manager.
In Florida, property managers are required to have a broker’s license.
COST OF HIRING A PROPERTY MANAGER
Before you hire a property manager, you should be aware of the cost of doing so. Working with a property manager can cost anywhere from 6-12% of your property’s total monthly rental income, due to:
- Management fees
Instead of a percentage, some companies or managers might prefer to charge a flat fee. The cost will depend on the company and your property’s location. Before hiring a property manager make sure to ask what type of fee they prefer.
- Leasing fees
The costs of working with a property manager don’t end with a management fee. They might also charge a leasing fee, which includes marketing and move-in costs as well as fees for managing applications and tenants. A leasing fee can either be a percentage of your property’s monthly rent or a flat fee.
- Lease renewal fees
This isn’t common, but be aware that some property managers will also charge you if a tenant would like to renew their lease. This fee will compensate the manager for the time and effort they expend to get the tenant’s signature and renew the lease. However, many property managers waive this fee.
Before selecting a property manager, sit down with them to make sure that you’re aware of their fees. Look for an experienced manager with a management style and fees that fit your kind of property and budget.
THE BENEFITS OF HIRING A JACKSONVILLE PROPERTY MANAGER
If you’ve decided to invest in Jacksonville, FL real estate, you need to ensure that you hire a reputable Jacksonville property manager. There are many benefits of hiring a good property manager, including the following:
- Hands-on marketing
The key to having a successful vacation rental begins with hands-on marketing. An effective Jacksonville property manager will know what marketing and advertising strategies to use in order to get the best renters. Why worry about marketing your vacation rental when you can hire a professional to do it for you?
- Correct pricing
If the price for your rental property is too high, you’ll fail to find tenants. Too low, and you’ll lose money. Avoid these problems by hiring an experienced property manager. They will know what price to set for your rental properties based on their experience, industry knowledge, and current market conditions. They have access to property market data, and use this, along with your rental’s amenities, location, and surrounding area averages to set competitive rates for your rental.
- Tenant screening
The tenant screening process can be tedious and complex. But a good property manager will know their due diligence. They’ll conduct credit card and background checks, and verify potential tenants’ employment and references. They’ll also be in charge of ensuring that tenants take care of your property and pay rent on time.
An experienced property manager will be able to spot red flags and avoid renting to tenants who could create financial or legal issues. They’ll also do their best to retain tenants who pay the rent in full and on time, do not damage the property, and follow the rules.
- Overseeing maintenance and repairs
The more rental properties you have, the more maintenance and repairs you’ll need to stay on top of. But you can avoid this recurring headache by hiring a reputable property manager to handle your rentals’ repairs and maintenance. These include emergency problems like broken water lines and pipes and routine maintenance like fixing leaks.
Often, property managers have a network of tradespeople like electricians, plumbers, and carpenters whom they can rely on for quick fixes.
Tenants will know to contact your property manager to address these problems.
- Collecting rent
Some tenants are old school and have probably issued post-dated checks at the start of their lease. Others might prefer transacting online. A good property manager will be able to ensure that tenants are able to pay their rent smoothly and on time.
Property managers are also responsible for checking on and following up with tenants who are late in paying their rent. In addition, they are responsible for ensuring that the financial records of your rental properties are correct and up to date.
A good property manager will also work with you to come up with a budget for your rental property. This fund can be used for improving the property, marketing, or events like open houses.
- Compliance with housing laws
There are national, federal, and local laws that concern property management. These include laws that deal with property safety standards, tenants’ rights, eviction processes, and fair housing laws.
It bears repeating that the Federal Fair Housing Act prohibits discrimination against . tenants based on protected characteristics like race, color, national origin, religion, sex, familial status, disability, sexual orientation, gender identity, and marital status.
Make sure that you hire a property manager who is cognizant of all relevant laws and regulations to ensure that all of your rental properties are legally compliant.
- Less stress
Owning rental properties can come with a host of issues, especially if you have multiple rental properties. But an efficient property manager can shield you from the stress caused by repair and maintenance problems or tenant problems.. Your property manager will simply provide you with regular reports that detail any issues and how they were resolved.
- More free time
Owning a rental can cut into your free time. That’s why employing a property manager improves the quality of your life. You’ll have more time to devote to your family, your leisure time, or even your other businesses, secure in the knowledge that your property manager has everything under control.
WHY WORK WITH KELLAR REALTY FOR YOUR PROPERTY MANAGEMENT NEEDS
If you have rental property in Jacksonville, FL, and you’re looking for a property manager, you’ve come to the right place. Here are some of the reasons why you should work with Kellar Properties:
- 100% occupancy rate
Our team has decades of experience in managing rented properties. We conduct a comprehensive market analysis for the properties we manage to ensure that we establish a fair market price. We also provide expert tips to our clients to increase their property’s marketability. Thanks to our dedicated team, we’re also able to market your property through a comprehensive local and internet marketing program to ensure that you reach your target tenants.
In addition, we screen prospective tenants and demonstrate your property to potential tenants. To ensure high-caliber tenants, we diligently process background and credit reports. We also prepare all the necessary paperwork, including the lease agreement, rules and regulations, and required addendums.
To ensure that your rental properties remain in top shape for prospective tenants, we inspect the exterior of your property on a regular basis and conduct interior inspections twice a year to make sure that your property is well maintained.
Furthermore, we provide 24/7 maintenance services for all our clients and tenants. Thanks to our online work order request system, your tenants can easily report any issues and trust that their problems will be quickly addressed.
All of these efforts make the properties we manage attractive for a variety of renters. We are proud to say that we have a 100% rate for many of the properties we manage. We can help you if you’re having problems finding and keeping quality tenants. Our systematic, fine-tuned process has been developed over many years of providing residential services. You can trust us to do the grunt work for you.
- Highest yield for sellers
If you decide to sell your rental property, we can help you get the best price. Our extensive local knowledge means that we can advise you on the best time to sell and what to do to ensure that you get the maximum price for your home. Our wide network also ensures that you get financially capable buyers who are serious about purchasing a home and ready to meet your price.
- Best ROI for owners
Savvy investors won’t invest their hard-earned cash unless they believe that they’ll be getting a good return on investment. Once you become a client, you can expect a monthly report on your investment, along with regular reports from your assigned property manager.
- Reliable Jacksonville property manager
Owning property doesn’t have to be a pain, as long as you hire the right property manager. Once you’ve invested in Jacksonville, FL real estate, you’ll want to make sure that you have a reliable Jacksonville property manager looking after your rental properties. We at Kellar Realty are here to do that.
Kellar Realty & Property Management is a leading full-service real estate firm that delivers a range of solutions, including property management, seller representation, and investment services. We seek to make your real estate journey as personalized and as efficient as possible.
Our seamless leasing and management process makes owning residential investment property easy and profitable.
Let us help you manage your real estate properties in Jacksonville, FL. Call Kellar Realty & Property Management at 904.269.7253 or contact us here to get started.