Property Management – A Detailed Explanation

According to, property management can be defined as “the administration of residential, commercial, and industrial real estate including apartments, detached houses, condominium units and shopping centers.” In general, property management is the management of a property by someone other than the owner of the property. The manager works to protect and preserve the property on behalf of the owner. There are many reasons someone may need a property manager, some of the top reasons being:

  1. Lack of time
  2. Not enough experience/expertise
  3. Location – if your rental property is not within regular travel distance
  4. Disinterest in dealing with tenants/renters

These are just a few reasons you may want to hire a property management company for your property. Coral Ridge Real Estate provides property management starting at the most basic level of simply listing your property on their site. They also provide property management where they take care of everything regarding the property for you. By providing both basic and intensive property management, Coral Ridge Real Estate is able to help you fulfill your needs to the best of their ability.

Property Management Companies

As mentioned before, the list goes on and on when it comes to the things a property management company can do for you. The services that we are providing for your property are 100% up to you and how you want your property managed. It is important that you choose a company that knows how to be a property manager successfully. Below we will discuss the services you may want for your property.

Services Provided

This is just a brief description of each service, visit for a more in-depth look and more.

Are You in Need of a Certified Property Manager?

Property management can save you a lot of time and money. You may be thinking to yourself, “But isn’t hiring a property management company expensive?” It can be, but it certainly does not have to be. Choosing the right property management company, fee structure, and more you can ensure that your rental property is profitable. Property management accounting services is an easy way to make sure that all of your numbers are being run correctly.

Property Management Fees

The types of fees you pay to a property management can be different depending on the company you are working with. There are two main fee models that vacation rental property managers usually use.

Types of Fees

Depending on the property management company they may use any one of these fee models alone or in combination and allow you to choose. Contact Coral Ridge to find a plan that’s right for you.

Added Benefits of a Rental Property

property management benefits

Owning and maintaining rental properties can be a handful when you factor in renters, maintenance, and more. The extra income from rent can be nice and even better yet rental properties have some very beneficial tax deductions. IRS Publication 527 states that there are many fees that can be claimed as deductions to your rental property income.

(Download here: IRS_Pub_527)

Deductible Expenses

The property owner must pay taxes on the rent that you collect from your property during the year. However, you can offset this amount with the expenses from that year in addition to the depreciation of the property.  There are also other clauses for vacation homes, such as homes that are mostly for personal. If you rent these homes out for fewer than 14 days a year there are tax breaks. In this case, you would not owe taxes on that rental income. It is important to know your rights as a property owner so that your property can be profitable. Hiring a property manager can save you the hassle of determining the relevance of these numbers to your income. You will receive a detailed report of your earnings and expenses from Coral Ridge.

Contact Coral Ridge Realty to get started with renting your vacation property today!