Know Your Market

It goes without saying, you must thoroughly know the markets in which you operate. As an experienced Miami property manager, I can confidently say that each zip code, each neighborhood, each street requires a different approach.

How do you get to know your market? Research the rents, demographics, age of housing stock, economic indicators, schools, access to amenities, etc…. These are generally details that can be found on the internet (knowing how to interpret and action this information is another skill entirely).

But, most importantly you must go there. Walk the area. Talk to the neighbors. Do this regularly in order to get a general understanding of the area.

We do this in order to more effectively place prospective tenants as well as meet the needs of current tenants. Yes, it’s a time consuming task…but so are most worthwhile investments.

- Strozier Management, Miami Property Management