Property management
Self-manage vs professional operators.
Leasing, maintenance, and owner reporting.
Property managers handle leasing, maintenance, tenant relations, and owner reporting. Underwrite management at 8–12% of collected rent plus leasing fees — often one month rent per new tenant.
KPIs
Track days-on-market, turnover cost, maintenance response time, and delinquency rates quarterly. Institutional partnerships should receive monthly statements with rent roll and work-order status.
Self-management
Self-management saves margin but requires local vendor relationships, association compliance, and 24/7 storm response. Out-of-state owners often underestimate turnover and hurricane logistics.
Vendor network depth
Managers with established HVAC, plumbing, and storm-response vendors reduce downtime after hurricanes. Ask for average work-order close times and after-hours protocols before you sign management agreements.
Reporting for partners
JV partners should receive rent roll, delinquency, and capex summaries monthly — not quarterly summaries after issues compound. Define reporting format in the operating agreement.