Common Pitfalls in Hiring Naples Property Management

• Hiring only a real estate sales agent to manage your property
• Paying more than 7% of the Gross Lease as a leasing commission
• Paying more than a 10% management fee
• Signing a long-term, binding contract
• Using stock, dated leases
• Hiring managers who don't have the proper experience and education
• Hiring companies that only do leasing and not management
• Hiring companies that don't return your call in a timely manner

To maximize income and minimize losses, owners should consider the advice of local real-estate leasing professionals and be aware that rental rates are not a function of the owner’s mortgage payments, but one of supply and demand. This realization should ensure a better outcome in this very different market.

For Free Consultancy about Hiring Naples Rental Management pls visit this link

http://www.naplespropertymanagement.net/owners.html

SW Florida Rental Market

According to the US Department of Labor Statistics, the unemployment rate in Naples-Marco Island and Cape Coral-Fort Myers is presently 9.20% and 11.9% respectively. Furthermore, both sub-markets were located in the top 10 metro areas for foreclosure filings according to a study released earlier this year by Irvine, Calif.-based RealtyTrac. Consequently, this has created the proverbial perfect storm for renters.

Rental rates have dropped an estimated 20% to 25% depending on location and unit type. Single family homes and property closer to major linkages are on the lower end of the decline range. Whereas, condos and homes built away from major linkages have experienced the greatest adverse effects for the most part. Furthermore, some owners who are headed into foreclosure have completely abandoned screening and their efforts to secure at-market rental rates have lessened. This, in-turn is somewhat responsible for a part of the decline.

In addition to rental rate declines, rental concessions are still present. Based on leasing data at Synergy Real Estate we are maintaining an average 2 weeks free rent for the greater Naples-Marco Island markets. The Ft. Myers area is generally experiencing average concessions of 3-4 weeks. Additionally, it is worth noting that certain submarkets in Ft. Myers such as Gateway and Lehigh Acres have been hit the hardest. Foreclosures in these markets coupled with over-building and distance to major linkages has produced rental rates declines in excess of 40% and rental concessions approaching two months. For examples, a standard three bedroom single family home could be rented in Lehigh Acres for $700. The exact same home in a central Naples location could lease for $1,100. Qualified renters for these sub-markets are much more difficult to secure and nearly impossible to renew. In addition, many owners have begun to lower their tenant screening standards which have fueled the deterioration of these already declining rental submarkets.

For Free Consultancy about Hiring Naples Rental Management pls visit this link

http://www.naplespropertymanagement.net/owners.html

What We Do and Our Role

Naples Rental management is the operation of commercial, industrial and/or residential real estate. This is much akin to the role of management in any business

One important role of Naples Property management is that of liaison between the landlord and/or the management firm operating on the landlord's behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, landlord and provides a buffer for those landlords desiring to distance themselves from their tenant constituency.

There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices.

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