Fort Lauderdale Property Management
While I absolutely believe that owning real estate for investment purposes is a great idea, it isn't easy! A number of investors underestimate the difficulty and time commitment, that come with owning real estate investment properties. It is absolutely possible to own investment property in Fort Lauderdale, while living out of the state, or even outside of the country. One of the easiest ways to make ownership possible from a distance is to hire a property manager. After writing the post about Home Watch Services, it became clear that a number of my readers didn't know that we can also handle Fort Lauderdale Property Management. When I say "we" I mean Candace and myself.
Let me be blunt, property management isn't the worlds most fun activity. While you have plenty of pleasant interactions with tenants, you also get the phone calls when things aren't going well. Maybe you get a call at 3am from a tenant whose air conditioner just stopped working in the Florida summer. Possibly your property has a pipe that bursts in a unit and there's water everywhere. Maybe the tenant has not paid rent and you need to go post a notice on the door demanding payment. If you have a property manager these problems get routed to the property manager, not the owner. In the absence of a property manager you, the property owner, are stuck with the late night phone calls. This is why property managers cost money, but a good one can be worth their weight in gold.
What does a good property manager do?
- Responds to tenant requests in a timely manner
- Ensures vendors, such as landscapers and pool cleaners, are preforming the services they bill for
- Manages tenant late and slow pay issues
- Collects rent from tenants and deposits into property owner's account
- Provides monthly accounting statements to the property owner
What can a bad property manager do?
- Turn your property cash flow negative in 30 days
- Create code and compliance issues with the city by not responding to repair issues
- Misappropriate rental income
- Allow deferred maintenance issues to balloon bringing down the properties value
The point is that the actions of your property manager are the linchpin if your properties success.
My very important disclaimer is as follows:
Our property management company offers management and consulting services only. Our property management company is not a real estate brokerage and does not engage in the practice of the sale or leasing of properties. All sales and leasing activity is performed by Casey Prindle of Esslinger Wooten and Maxwell, a licensed real estate brokerage. What this means for my clients is something very unique. We operate in a hybrid model. Most property management companies will advertise their rental listings themselves. All properties that we manage are advertised by, and brokered through, EWM. This is a huge win for the homeowner who can leverage the marketing power of the brokerage I work for when there is a vacancy.
There are limitations on our Fort Lauderdale property management company. The first is geographical. I want to be 30 minutes, or less, from any property that I manage. This ensures a timely response to all property issues. Therefore I use the same boundaries for my property management business that I use for my real estate business. I cover an area south of Commercial Boulevard, east of 95, and north of the airport. That leaves an area that encompasses Fort Lauderdale, Wilton Manors, and Oakland Park. On an exception basis I am willing to go down to Dania and Hollywood. The second limitation is on the property type. We can manage multifamily properties, single family properties, condominiums, and townhomes. We will manage some commercial properties on an exception basis as well.
Real estate has changed a lot with the advent of technology. Property management should be evolving as quickly, but isn't. As an example, we have software so that tenants can make their rental payments online. I don't know of any other property management company in Fort Lauderdale that can offer that. Our Fort Lauderdale property management company has a heavy bend towards technology which allows us to manage properties smarter and more efficiently.
We have a very simple fee structure:
- Condo's: 10% of gross monthly rent, capped at $150 monthly
- Single Family Homes: 10% of gross rent monthly
- Multifamily: 8% of gross rent monthly for properties which have 4 or more units
If you would like more information, or to get a copy of our management agreement, please call or email me.
786-443-7203 / email@example.com
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Poinsettia Heights, Oakland Park, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays in order to accommodate those with busy schedules.
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Written By Casey Prindle