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Reasons Why Property Owners Choose Professional Management in Ocala

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Investing in residential or commercial properties is a great way to generate income, but it comes with responsibilities only some are prepared or equipped to handle. Managing property rentals entails a wide variety of different tasks to ensure that operations run smoothly. Just a few of these tasks include marketing the property, vetting tenants and ensuring there is always good communication with them, and conducting maintenance and property repairs. Hiring rental property management in Ocala, FL, liberates you from these tasks; a property manager, in effect, will do all the heavy lifting. This leaves you to focus on other pursuits, whether they are other investment opportunities, or simply improving your swing on the golf course.

Why Invest in Ocala Florida?

Ocala, FL, is located in northern Florida’s Marion County and has a population of about 65,500 though the greater metropolitan area has a much greater population of around 350,000. Over the past few decades, Ocala has transformed itself from a community of horse farms into a community ideal for retirees, young families, students, and professionals. It also has very high numbers of tourists visiting each year.

The city is known as the Horse Capital of the World and is home to lush natural features ideal for outdoor sports like golf and tennis. In addition to over 400 thoroughbred farms and world-class equestrian facilities, Ocala, FL, offers excellent education options, affordable yet comfortable lifestyles, and a strong and diverse economy.

Return on Your Investment

Over 50% of the occupied houses in Ocala are rented providing a large pool of potential renters for your property. The renting charges consistently yield greater returns than the national average, even though the median listing price of a home is considerably lower than the national average. In Ocala, FL you can expect on average returns of between $1,500 to $2,000 a month. While this is not as much as what could gain in cities like Miami where on average you may be able to charge in the region of $2,400, the median listing price of a home is half of that in Miami. You can invest more easily in Ocala, FL, and start making very good returns with less outlay.

The Tax Benefits

A large part of what makes investing in Florida so appealing is the very favorable tax benefits it provides its residents and the business community. Florida operates a no-income-tax policy. It’s not an accident that Florida is a preferred destination for retirees. As well as enjoying the sunshine and great amenities, those who have revenue from investments get to keep all of their incomings.

As a landlord, you also enjoy great tax benefits. If you have long-term tenants who are staying at your property for longer than 6 months, you are not required to pay tax on what income you make from these rentals. This is also true in the case of students renting out your property, as long as the tenant can provide a letter confirming full-time attendance at an institution, the landlord gets to keep all income made from rent. Likewise, military personnel on active duty also enable the landlord to be exempt from any sales tax.

Advantages of Hiring a Property Management Team

If you do decide to invest in rental or commercial property in Ocala, Florida then the question arises of whether you should opt to use a property manager. A good property manager has a comprehensive and updated understanding of landlord-tenant laws, allowing them to ensure your operations are compliant with all policies, rules, and regulations.

Hiring a local rental property management team in Ocala, FL, will not only make life considerably easier on your end but it could also significantly improve your bottom line. Here are some of the advantages you enjoy when you hire a property manager.

  • Property Maintenance and Repairs

    Maintenance and repairs are inevitable and a regular part of rental property management in Ocala, FL as well as any other place. When you hire an Ocala, FL, real estate manager, they help you track the maintenance and items for improvement within your home. Property managers often follow a maintenance or repair checklist to ensure your property remains in tip-top shape. They also schedule routine maintenance, address repair issues by priority order, and oversee renovations. Note that you always have the last say on what a property manager can do on your property. You determine what level of autonomy a property manager has to carry out any work needed on your rental property management in Ocala, FL.

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    Often, property managers have trusted contractors, cleaning teams, and real estate lawyers they work with, who can give them special rates and service quotes. A great management team takes maintenance routines and repair requirements seriously and efficiently. Your investment is better protected when you work with a property manager using a proactive approach to maintaining property value.

  • Strong Property Marketing

    Even fantastic properties need good marketing. It’s not enough to snap a few photos, write a two-sentence blurb, and post the ad. An in-depth knowledge of the local area, the community demographics, and the ability to price competitively are just some of the requisites to market effectively. A property management team can run a marketing campaign, targeting your particular market and if they are experienced, pretty much ensure that vacancy time is minimal.

  • Vetting For The Best Tenants

    One of the main reasons to hire an Ocala, FL, real estate property manager is for the high-quality tenant selection services. Whether you’re entertaining long or short-term stays, you’ll want to know that your guests or tenants are people who will respect your property. A thorough tenant screening process includes marketing, managing open houses, and document review (rental applications, criminal background, rental history, and credit report).

    Getting the screening right can and often saves a landlord from many tricky situations down the line. There may be issues concerning the ability to meet payments, or there may be questions about the good character of a tenant. While checks are always carried out during screening, an experienced property manager will normally have developed good intuition about potential tenants which adds a crucial layer of protection that’s often hard to quantify.

  • Strong Tenant Relations

    Getting the right people to take occupancy of your residential property is just the beginning. The importance of providing open channels and having good communication with guests and tenants should not be underestimated. You want the people who stay at your place to know that they can reach out to someone with their issues and that they will be addressed effectively and promptly. Emergency and maintenance calls are one of the most stressful parts of property management. Some services include round-the-clock availability for emergencies and maintenance issues, giving you peace of mind that whatever comes up, your team will handle the situation.

    Experienced managers are well-versed in customer service and maintaining high-quality, positive relationships with clients, in this case, tenants. They can even resolve delicate and difficult situations amicably to a resolution that maintains your interests.

    This not only helps to retain tenants as a satisfied occupant is far more likely to renew, but it will also mean your property will have a good reputation with potential tenants once it becomes vacant. A departing tenant may well recommend the property to another if they’ve had a good experience living in your property and enjoyed good relations with a property manager.

  • Access to Property Expertise and Market Knowledge

    Real estate professionals like property management teams often have years of experience managing rentals and investment properties. Property managers or someone on their team are often licensed real estate agents or brokers with real estate market knowledge, giving them critical local market knowledge.

    Also, working with experienced property management gives you access to a network of real estate and property professionals and resources.

  • Maximized Returns

    Look for a manager who keeps you updated regarding your rental and how it is performing compared to the rest of the market. This will allow you to strategize and ensure a maximum return on investment. For short-term renting, this could mean adjusting the price during the non-peak season to keep your property competitive and maintain occupancy. However, you’ll also want to know when there is strong demand so you don’t leave money on the table.

  • Legal Risk Mitigation

    Protect yourself and your investment by hiring a property management company that can help you stay compliant with all the legal aspects of rental property management in Ocala, FL With their expertise in handling lease agreements and eviction processes, they can help you navigate complex legal matters related to rental properties and reduce the risk of costly liabilities and even lawsuits.

    Professional real estate management teams provide detailed financial reports on your properties, including income and expenses, that aid in tax filings and future property investments. If you need assistance with tax returns and financial recording, choose a management team with accounting and bookkeeping services. This ensures you continuously comply with tax and accounting requirements.

    New regulations are commonly passed within the real estate industry, particularly those related to tenancy. At the very least, a good property management team in Ocala, FL, will be well-versed in local rental laws, regulations, and complex compliance agreements, and the better ones will have their ear to the ground and a good sense of any legislation that might impact the interests of landlords.

Do You Need a Property Manager?

Hiring a rental property manager is an excellent option if you have too much on your plate, simply lack the know-how to run a rental property, or simply prefer not to be involved in its running.

  1. You may have a full-time job: Running a rental real estate property is demanding, you’re often on-call with no structured hours. Though you may be able to have a full-time job and manage one property, the likelihood is that the quality of the service you provide to the tenant and how you maintain the property will be sub-optimal. This becomes even more of an issue the more properties you have.
  2. You don’t leave near your property: Managing an investment property often requires some hands-on, in-person presence, and if it takes too much time to drive to and from your property to address an issue, there is not only a cost in time, there is added stress. A typical example is having to issue a replacement key to a tenant who has lost theirs. This is easily and quickly done with a local property manager, a nightmare if you live out of state.
  3. Your property shows signs of neglect: If your real estate investment needs some work, improvements may mean long hours and coordination with contractors about things in which you have little expertise. In this scenario, a property manager may well get you a very favorable price without you having to oversee the project.
  4. You experience long-term vacancies: If your property is frequently vacant and for long periods, there’s something wrong and you’re losing money. It may be that the market is weak at the time and demand is not high, but as we’ve seen there is always a market in Ocala, FL. A property management team will see where you can fix any issues whether it is pricing competitively or making suggestions about improving a property to bring you in line with the market.
  5. You need paperwork and legislation assistance: There are several laws and regulations that protect both tenant and landlord rights. With a property management team, all the paperwork is done and there is no need to keep on top of any legislative changes.
  6. You’re having issues with tenants: One of the most delicate issues about rentals is dealing with late payments. You could exert a lot of energy following up, sending notifications, and filing for eviction. If you don’t have the inclination or time to manage these situations, a third-party manager might be the best thing.

Hire the Best Rental Property Management Firm in Ocala, FL

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Renting out your property has great financial benefits and in Ocala, FL there is a great opportunity to be a landlord. With a property management team supporting you, you can reap the benefits of a rental property without having to struggle with all the difficulties they entail.

If you’re looking for a rental management team to rent or sell your home in Ocala, FL, we’re here to go above and beyond to ensure you reach your goals. At Kellar Realty, we provide unparalleled customer service, in-depth market knowledge, and proven tenant and real estate sale strategies.

Whatever your goal, our team can help you buy, sell, or rent your home. If you have a rental property and need a professional rental property management firm in Ocala, FL, get in touch with us at Kellar Realty. Call us at 904.269.7253 or you can send us an email here.