One Conversation Can Change the Way You Look at Your Property
Yesterday, I had one of those conversations that reminded me exactly why I love what I do.
A customer called with a pretty simple question. She wanted to make sure she had the right insurance coverage and that she wasn't paying more than she needed to.
As we went through everything, we discovered two things: she was paying too much, and more importantly, she didn't have the coverage she thought she had.
But that wasn't where the conversation ended.
Sometimes the Real Question Isn't the First Question
As we talked, the conversation turned to her investment properties at the beach.
She told me she wasn't particularly happy with her current property management company. It wasn't necessarily that one terrible thing had happened. She simply felt like a number.
And that stuck with me.
Because whether you're buying a home, insuring one, investing in property, or trusting someone to manage it for you, there are a lot of places where the personal side of the business seems to have disappeared.
You shouldn't have to wonder who to call.
You shouldn't feel uncomfortable asking questions.
And you certainly shouldn't be paying for services or coverage without really understanding what you're getting in return.
Know What You Have — and What You're Paying For
I've said this many times about insurance: know what you have.
But the same principle applies to an investment property.
If you own a vacation rental or other investment property, do you know exactly what your management company is charging you?
Not just the management percentage.
What about reservation fees? Convenience fees? Cleaning charges? Maintenance markups? Guest fees? Additional services?
Which fees are paid by the guest? Which come out of your proceeds? What services are actually included in your management percentage?
And most importantly:
Do you feel like your property is being managed as an individual investment — or as one unit among hundreds?
A management company charging more isn't automatically doing something wrong. A lower-priced company isn't automatically a better value either.
The question is whether the service, communication, attention and results you're receiving justify what you're paying.
Your Home Is More Than an Address
One of the reasons I've built The Alabama Agent the way I have is because these parts of homeownership don't exist in separate little boxes.
Real estate affects insurance.
Insurance affects the cost of owning a property.
Management affects the performance of an investment.
Maintenance affects both value and insurability.
And sometimes a five-minute question about one of those things uncovers something important somewhere else.
That's why I believe in taking the time to actually have the conversation.
Not just completing the transaction.
If You Own Property on the Alabama Gulf Coast, Take a Second Look
You don't necessarily need to change anything.
But you should understand what you have.
Pull out your insurance policy.
Look at your property management statement.
Review your fees.
Look at what your property produced over the last 12 months.
Ask what you're receiving for the money you're paying.
And if something doesn't make sense, ask the question.
Sometimes one conversation is all it takes to discover that there's a better way to do something.
That's what happened yesterday.
And it's exactly why I still love what I do.
Teri Partridge Dyess, REALTOR®
The Alabama Agent
Real Estate • Insurance • Homeownership
Serving the Alabama Gulf Coast and communities across Alabama
251-51-AGENT
It starts here.
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