Here is a list of responsibilities your property management company should be capable of handling for you. Some companies will offer more services, some less, but this is a good starting place when searching for a professional company that can fulfill all of your property management needs.
Assess the property and present a detailed management plan with accurate rental rates.
Provide detailed property management proposal that covers management fees, services, and any other goals you have for your property.
Offer recommendations on cosmetic enhancements and repairs to maximize rental income.
Use knowledge of the local Miami Beach market to determine rental rate and marketing strategy.
Discuss policies such as smoking, pets, etc. to decide what best suits your property and expectations.
Accurately market the property for rent.
Prepare home for future tenants.
Optimize interior and curb appeal.
Utilize marketing strategies that are best suited for your property and the Miami Beach market such as rental listing websites, signs, fliers, MLS, and other print/web publications.
Find appropriate tenants with screening and background checks to verify income, rental history, credit history, etc.
Tenant Move-In
Provide leasing agreement, then oversee its execution.
Review all leasing guidelines and restrictions with tenant including rental payment, maintenance, etc.
Perform move-in inspection with tenant and have them sign off on the condition of the property prior to move-in date.
Collect security deposit, first month's rent, and any other balances that have been agreed upon.
Handle rent collection, late payments and fees, notices, evictions, and all paperwork relating to the property and tenant.
Understand and abide by the latest local, state and federal legislation that applies to the renting and maintaining of rental properties.
Inspections
Complete periodic inspections (inside and outside) on a predefined schedule.
Hire vendors or contact appropriate authorities for all repair needs, safety hazards, code violations, lease violations, etc.
Send owner reports on updates and status of the property.
Financial
Provide accounting services for your property's needs.
Make payments both to, and on the behalf of, owner.
Provide documentation of expenses.
Provide annual reporting.
Maintain all records such as leases, inspection reports, paid invoices, etc.
Coordinate all maintenance and repairs.
Vet all vendors to ensure they are licensed, bonded, and insured contractors that provide excellent work at an affordable price.
Delegate all projects and tasks that are needed to the appropriate parties.
Landscaping, improvement of outdoor areas including trash removal.
Oversee all work done by outside contractors.
Tenant Move Out
Perform move out inspection and provide detailed report on property's condition after move out date.
Provide tenant with a copy of move out report and an invoice for any damages.
Deliver balance of security deposit to tenant.
Provide owner with any portion of the security deposit that is needed for repairs.
Clean home, have all necessary repairs and upgrades completed.
Place property back on market for rent.
While this isn't a comprehensive list of property management services, it should give you a better idea of what to look for in a Miami Beach property management company. If you have decided it is time to hire someone to handle your properties' needs, we would love to hear from you! At JMK Property Investment, we offer all of the above services and more, along with exceptional customer service that can't be beat. To learn more, please give us a call at (305) 850-6445 or contact us here.
