With its growing business community, ideal climate and scenery, and an influx of out-of-state residents moving into the area, the Palm Beach real estate market is popular among investors. While there are several reasons to buy property in this area, those who plan to rent or lease will need to take steps to safeguard their investments. Here are some considerations about protecting your Palm Beach Real Estate rental market investment:
One way to ensure your Palm Beach rental is protected is by finding the right professionals for its care and maintenance. Often, investors will not live in the same community as their properties and will need to rely on management companies to attend to local matters. However, there can be significant differences between companies, and it’s essential to take time to select the right one for your needs. An excellent place to begin is by asking for local referrals. Your realtor should know which companies specialize in managing luxury and high-end commercial properties in the area.
Evaluate Management Company Processes
Once you have developed a shortlist, you will need to evaluate how your potential management companies advertise and select tenants. This typically includes having screening tools in place and an advertising strategy. You want to be sure your management company is carefully assessing those who will occupy your property and advertising to your target market.
Maintenance is Key
When you choose a property management company, you are entrusting it to handle vital maintenance and repair matters. Unfortunately, some companies will spend as little as possible for upkeep while charging property owners excessive amounts. You will want to be certain that you ask the property management company who they use for these services and what charges you will be incurring. If you intend to hire people to take care of the property yourself, you will want to use qualified professionals who come with excellent references.
Property inspections are a critical part of protecting your investment. Getting these evaluations done frequently, and by professional inspectors, is in the best interests of both owners and property management companies. If you are using a company, you should ask who will be performing the inspections and at what intervals. Again, if this is a matter you plan on attending to personally, make sure to scrutinize potential inspectors and talk with others about their experiences with their work.
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Palm Beach area Florida Board-Certified Real Estate Attorneys with extensive experience with commercial real estate. We have the expertise, and local knowledge you need to ensure that your Palm Beach are rental investment interests are protected. Contact Rabideau Klein today to discuss your real estate legal needs.