How well do you know your local real estate market?
Whether you’re a local investor in Florida or you own properties here while living out-of-state, there are a number of local resources that can help you have a better investment experience. Real estate investing, as you know, is a terrific way to expand your financial strength and build a foundation for wealth, but a failure to know and understand all of the variables within the market where you own rental homes can lead to expensive mistakes and erode your potential.
By gathering a knowledgeable network and leveraging the expertise of experts in the local market, you can more easily stay up to date on the trends and topics in the local community. You’ll know where sales prices are shifting, what occupancy rates look like, and whether lease renewals are coming with large rent increases.
You count on local resources to stay up to date with trends, to understand where potential new opportunities may exist, and to keep up with sales prices, rental rates, and the value of your current portfolio.
The shifts in today’s real estate investing climate makes accurate and relevant information an important component to your success. If you don’t know how to access the best and most helpful resources, you could be in serious trouble.
Work with a mentor. Expand your professional circle. Get to know the people who are good at analyzing current market conditions. You’ll better understand the market and your place in it.
Here are some of the top local resources that we believe every property investor in Florida should know.
NARPM Florida: The Importance of Professional Associations and Networks
Every real estate investor can benefit from learning more about best practices in the property management industry. Whether you’re new to investing, an experienced landlord, or looking for ways to learn more about what your property manager already does for you, joining local professional associations is a great starting point.
The most important organization in the residential property management field is undoubtedly the National Association of Residential Property Managers (NARPM). Look for your local NARPM group in whatever area of Florida you happen to be. There’s also a state organization which links members with some of the smartest and most innovative property managers in our state. You don’t have to be a property manager to join. You’ll find networking opportunities with other investors, vendors, tech providers, and professionals in service industries that impact and support real estate investing.
Florida REALTORS: Access and Education
There are also groups that can help with education and professional development such as the Florida Realtors and the Florida Association of Realtors. The Florida Apartment Association can also be a great resource for anyone renting out a property and looking for a lease template, security deposit guidelines, or some advice on tenant screening.
Make sure you’re joining investment groups, as well. Joining a local investing group is a good idea for your current investment goals and those you may have in the future. You’ll network. You’ll gain some good experience. You’ll even make some deals, especially if you stick around long enough and show a willingness to participate. Some of the local investment groups that we believe might be a good resource for you include:
- Florida Real Estate Investors Group
- Central Florida Realty Investors Association
- Distressed Real Estate Investors
- Florida Landlord Network
- Wealth Builders REEA
- Wholesaling Homes Mastermind Group
- The Millionaires Real Estate Group
Many investment organizations have hyper-local chapters. If you’re investing in Sarasota or Tampa, look for organizations in the Bay area. If you’re in Jacksonville, you’ll find plenty of local resources in North Florida. Miami has dozens of investing circles and groups. Talk to different investors and get yourself invited to meetings and events. You’ll find there’s a lot of momentum as you begin to network and learn more about who is doing what in your local market.
Invaluable Resources: Maintenance Vendors and Contractors
When you think about the resources you need as a real estate investor, you might not think about maintenance resources until you’re desperate for a plumber or an HVAC technician.
Have a list of preferred vendors ready to go – and relationships established with those vendors – before you need them.
If you’re working with a local property manager already, you have less to worry about when it comes to maintenance. Your management company will handle the repairs, the preventative check-ups, and the immediate emergencies. But, if you are managing your own property or investing in a property and you expect to manage it on your own, remember that you’re also going to have to maintain it. You need those vendors.
A good maintenance team is essential when you invest in Florida real estate. There are going to be repairs that are needed, and those repairs will occur while a tenant is in place and between the tenants who are leaving and arriving. You’ll have repairs after tropical storms, you’ll find your air conditioning is working overtime, and you’ll need landscapers and cleaners to help during turnovers. If your rental property has a pool, you’ll need pool cleaners.
Things will inevitably break at your rental property, no matter how new the home is, and no matter how great your unit’s condition is. There will always be normal wear and tear and general deterioration that occurs during your tenancies.
There’s maintenance and then there are also improvements. This is another great reason you need to have a team of vendors you can trust. These will be valuable resources for you as an investor because they can make recommendations on what might need to be replaced rather than repaired. They can tell you how long you have before your water heater or roof needs to be replaced.
Think about your vendors as a resource for renovations, too. Those renovations will increase the rental value of your property and help you attract good tenants. They may also be necessary to compete with other rentals in the local market.
Insurance Agents as Resources for Rental Property Owners
You’ll need an excellent insurance agent who can ensure you have a landlord policy that fully covers you for both structural repairs or rebuilds and liability.
Because this is Florida, we also have to think about hurricanes and floods.
Hurricane insurance does not exist as its own product, but your coverage against hurricanes and tropical storms is likely part of your policy and bundled into your landlord insurance. When you purchase an insurance policy in Florida, it will likely already include windstorm insurance.
Flood insurance is growing more complicated in Florida. This is why you need an insurance agent as a resource when you’re investing here. If you don’t have an insurance agent already who can help you, ask your property manager for a referral.
Anchor Down Real Estate & Rentals
We are not shy about offering our own expertise as a resource for anyone who is investing in Florida, specifically Anna Maria Island, Bradenton, or Bradenton Beach. We can help you identify a great investment property and we can also take care of the leasing, management, and maintenance of that investment.
As you think about maximizing your investment potential, you need to think about the partnerships that can help you succeed. As you’re thinking about your long term and your short term investment goals, smart investors will tell you that the best way to strengthen and protect your investment portfolio is with the help of a local property manager.
Here’s why property managers are such an invaluable resource:
- You’ll earn more money in the short term and the long term
Are you thinking about acquiring new properties? Local property managers can be a great resource in telling you how much rent you’re likely to earn, how long it will take to prepare the property for the market, and what kinds of maintenance expenses you can expect. A great property management resource can also help you increase the size and strength of your portfolio by increasing the value of your current properties.
Professional property management helps you earn more rent. This starts with pricing your property both competitively and profitably. It requires a deep market knowledge and access to detailed data. Property managers know the market better than you do as an independent investor. We have unique strategies for understanding the rental values and evaluating the competing properties. We follow the changing demands and preferences of residents.
- Property managers can better protect your investment
We’re not just managing properties; we’re protecting them. Property managers are also a great resource for investors because of the asset protection that’s provided.
A good property manager will keep your costs down during the investment process. We will ensure there you’re saving money on costly mistakes and inflated maintenance charges. We’ll protect your property from bad tenants. Protecting you from risk and liability is an important part of a property manager’s role in helping you succeed as an investor.
These are some of the best resources we can offer you as expert property managers. Contact us at Anchor Down Real Estate & Rentals. We’ll make sure you have access to all the tools and resources you need to invest successfully in the Sunshine State.
