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5 Tips for Choosing a Turnkey Property Management Company

5 Tips for Choosing a Turnkey Property Management Company

Jacksonville, Florida is one of the hottest real estate markets in the country. The housing heat index ranks Jacksonville in the top 15 out of 212 metros nationwide.

For investors, Jacksonville is an attractive location. Warm weather and low taxes make the city in northeast Florida appealing to Americans in the northern part of the country.

In the wake of Covid-19, Florida was ranked as one of the nation's biggest "boomtowns." Its population increased by more than 5% from 2019 to 2021.

Many real estate investors want to take advantage of the Jacksonville market. Read on to learn how to choose a turnkey property management company.

1. Experience

Investors rely on property managers to do all the hard work involved with rental homes. This way, they can reap the benefits of passive income without taking any time out of their day.

This can only occur if the property management company has the proper experience. You want to hire a company that has been operating in the Jacksonville market for a long time. They should have experience dealing with rental laws, evictions, collections, and more.

2. Reputation

It is important to hire a property management company with a positive reputation. Upfront research can help you avoid issues experienced by other real estate investors.

For example, property managers should have a good track record of responding to maintenance calls. You do not want to hire a company if online reviews frequently cite a delayed response to maintenance and repair.

A poor reputation can negatively impact your revenue stream. Some tenants may not want to stay in homes managed by a company with a poor reputation.

3. Fee

Of course, you want to understand the company's fee structure before hiring them. Before hiring someone, ask how they calculate their fee.

A good property management company is going to be clear and upfront about what they charge. There should not be any hidden fees or other costs that erode your profit margin.

4. Proper Credentials

A reputable property management company will possess all necessary licenses and certifications. A real estate license is not enough to establish credibility.

The property manager should have a real estate broker's license. They should also have professional certification from the National Association of Residential Property Managers (NARPM).

With experience, property managers achieve designations that boost their credibility. A Master Property Manager (MPM) or Preferred Residential Management Company (PRMC) designation carries a lot of weight.

5. Insurance

Sometimes things go wrong in the real estate industry. Perhaps an appliance gets damaged during repair or a tenant is improperly evicted from a home.

You need to make sure the property management company is properly insured. This way, you are protected in the rare event that something goes wrong.

Are You Looking for a Turnkey Property Management Company You Can Trust?

You are now ready to hire a property manager. They are going to make your life a lot easier as passive income continues to stream in.

If you are looking for a turnkey property management company near Jacksonville, contact us today to speak with a professional.