Florida has become a bit of a hotspot state for many different kinds of Americans, especially in recent years. Southwest Florida is one of the most popular destinations of all of the regions in the Sunshine State. Whether people are coming here to retire, seek new employment opportunities, or visit for vacation, Sarasota is in a prime location for all.
If you own a rental property of any kind here, you’re bound to have plenty of potential tenants seeking you out. But the secret to staying ahead of the healthy competition here is having the right team to make your rental property stand out. Lucky for you, a property manager will come ready with a fully staffed team to handle any and all rental properties you own.
You might be wondering why you should take on the extra cost of a property manager. So we’re here to answer the question. Why should you hire a property manager in Sarasota?
Sarasota’s Rental Market
The real estate market in Sarasota presents a rich opportunity for investors looking to expand their portfolio or just generate reliable passive income. The inventory of housing units in Sarasota and Manatee counties is ever-expanding to meet demand, with single-family homes growing 64.6% in Q1 of 2024. Pair this with an average rental price well above the national median and you have an environment ripe for investors.
Motivating factors are diverse here as well. Tourism, snowbirding, retirement, and job seeking bring constant influxes of new tenants. This means the rental market is equally diverse with needs for annual, short-term, commercial, and vacation rentals. With lots of opportunity though comes lots of competition. That paired with the unique environmental concerns of Florida means you need everything on your side you can get to flourish.
Sarasota Property Management: Expert Knowledge and Experience
Property management is the edge that the most successful property investors employ. If you have a larger property or more doors than you can handle, it’s a must. No one person can become a master of everything that goes into running a successful rental. But with a team of experts on your side, your tenants and property will always be handled with care.
Being a landlord, even with just one or two households to manage, can quickly become a full-time job. A Sarasota property manager can take that load off your back while maximizing the returns on your investment. It’s worth the cost.
Here are just a few of the biggest ways property management can make your life easier and your investment better.
Time-Saving Benefits
Managing a rental is a 24/7 job. There are daily, weekly, and monthly needs for your tenants and property. Your tenants also need to be able to contact someone at any time of the day and night in case of an emergency. Securing tenants through marketing and screening applicants means even when your property is vacant, it still needs constant attention.
This takes time away from your family and other business ventures. With a property manager on your side, suddenly your schedule becomes wide open. With a team on call to handle your rental on your behalf, you’re able to truly reap the benefits of passive rental income.
Tenant Screening and Retention
Some landlords might be nervous about letting someone else decide their tenants for them. However, a property manager will use superior tools and software to thoroughly screen your tenants for you. Securing good tenants also pairs with improving tenant relations. With a property manager, your property will get more lease renewals leading to better financial performance.
Effective Marketing Strategies
One of the more difficult aspects of managing a property for landlords is marketing. Without proper experience and education, it can be easy to fall behind your competition here. A Sarasota property manager will market your property for you, using only the best avenues to present your property to prospective tenants.
For instance, at Gulf Coast Property Management, we deploy a full team of leasing agents whose only responsibility is to secure tenants for your rental, seven days a week. We also utilize Zillow, Trulia, the MLS, and the most popular rental sites where we have premium listing status. You’re not marketing your rental correctly without a marketing team on your side.
Maintenance and Repairs Management
Property maintenance, especially when done incorrectly, can be the most expensive part of property management in Sarasota. But when you fight the right property manager, the long-term gains for your property value climb steadily upwards. With maintenance management, your property will have proactive care, emergency response protocols, and cost-effective maintenance timelines.
Financial Management and Reporting
The financial performance of your rental is going to be your biggest concern. After all, it is an investment property. Every part of how you handle transactions on your property will impact how efficiently you’re tracking this. With a Sarasota property manager, everything from the way you collect rent to filing your taxes will be easily accounted for.
Any property manager worth their salt will have a fully automated web-based accounting system. This makes it easy to track how your property is performing financially. This also makes it easy for your tenants to pay rent; they will have multiple avenues to provide their monthly rent payments.
Legal Compliance and Risk Management
While Florida is known for being a state with fewer regulations, there are still rules you have to follow with your property and lease agreements. This can be a minefield to navigate, with heavy consequences for mistakes. A property manager will be well-versed in the legalities of rentals, protecting you and your investment.
For instance, did you know that if you do not send a written notice within 30 days detailing charges to a security deposit, then you forfeit your right to make claims on the deposit? Or that tenants have a right to withhold rent if a landlord does not make timely repairs to the property? The list goes on and a property manager can cover you on all of it.
Should You Hire a Property Manager? Yes!
If you’re a property investor in Sarasota or elsewhere in Southwest Florida, it’s clear that the benefits to your time and wallet make hiring a property manager here more than worth it. When you’re making that decision, we’ll hope you consider Gulf Coast Property Management and all that we can offer you.
We’ve been managing properties successfully for over two decades in both Manatee and Sarasota counties. We take pride in property management of residential, vacation, and HOAs being our sole focus in business. With us on your side, you’ll know your property and tenants are receiving the care and devotion they deserve.
Learn more about our services by reaching out to our team.
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