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South Florida Realty Management is a Full-Service Rental and Property Management Company with licensed professional Realtor® agents and licensed Community Association Managers (CAMs) serving Florida’s Treasure Coast including Hobe Sound, Stuart, Palm City, Jensen Beach, Sewalls Point, Hutchinson Island, and Port St. Lucie.

South Florida Realty Management is committed to being the recognized local leader in leasing and rental property management. We strive to provide exceptional service with a personal and professional approach!

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TREASURE COAST Property Management Blog

Rising rents pushing millennials to become homeowners

Christopher Lundstrom - Wednesday, April 04, 2018
SANTA CLARA, Calif. – April 2, 2018 – This year, the typical spring buyer is on the hunt for a three bedroom, two-bathroom home with a garage and up-to-date kitchen, according to a new survey released from realtor.com. The survey also found that family needs and rising rents are motivating millennials to get into the market, while 55+ buyers are looking for privacy and comfort in their new home.

"Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers' wish lists," says Danielle Hale, chief economist for realtor.com. "At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability and personal expression."

Based on an online survey of more than 1,000 active buyers conducted in early March by Toluna Research, the survey provides insight into both the most sought-after homes as well as the motivations underpinning what shoppers are looking for.

Majority of buyers want space, multiple bathrooms and a garage
The survey found that 44 percent of all respondents said they are looking for a three-bedroom home, and 93 percent of respondents want at least two bathrooms. Additionally, 27 percent of all buyers rate a garage as one of the most important home features, ahead of an updated kitchen (24 percent) and open floor plan (20 percent).

Older buyers want privacy & comfort; millennials favor family & self-expression
 More than 20 percent of buyers 55 years and older said that privacy – having a space solely of their own – was their main goal for purchasing a home. That was followed by their motivation for physical comforts (18 percent) and stability (5 percent).

Fulfilling family needs took the top spot for millennial buyers (17 percent), followed by stability (14 percent) and personal expression (13 percent); only 12 percent of buyers younger than 55 cited privacy as their chief priority. However, 9 percent of 35- to 54-year-old buyers and 6 percent of 55+ cited personal expression as a main goal for purchasing a home.

For millennials, the rent is too high
Twenty-three percent of buyers between 18 and 34 years old reported rising rent as a trigger for their desire to purchase a home – more than any other option. This corresponds with steep increases in rents across the country in recent years, especially in many high-cost urban areas that have become magnets for millennials. HUD data shows that rents were up in 85 of the top 100 metro areas, including 9 metros where rents rose by double-digit percentages from a year ago.

Millennials like contemporary and colonial homes; older buyers prefer ranches
Among millennials who expressed a home-style preference – 11 percent didn't – contemporary and colonial homes took the top spots, each favored by 10 percent of respondents. On the other hand, ranches are the most popular home style for buyers 55 and older, favored by 28 percent, followed distantly by contemporary homes at 12 percent. Only 6 percent of millennials favor ranch homes.

© 2018 Florida Realtors®

Why does my HOA need to buy liability Insurance??

Christopher Lundstrom - Saturday, March 10, 2018

As a member of your homeowners association you may ask, "Does my HOA need insurance?" The answer is a big yes! The more pertinent inquiry would be, "What type of insurance does our HOA need?" It is vital that your organization has the proper insurance coverage for all possible types of problems. 
The fact is insurance is one of the best investments an HOA can make. It is up to you and your board to make sure your Association is properly covered for all contingencies. 
There are insurance agents and agencies that specialize in HOA coverage. These professionals can work with you to tailor a plan that fits the unique needs of your homeowner’s association. There is no better peace of mind than knowing your organization has adequate insurance coverage in force.

What types of insurance do you need?

There are several types of insurance coverage that your homeowner’s association should carry. If you maintain this coverage your Association should be protected from almost all issues that may arise. Let's take a look at some specific coverage types:

Property Insurance

If your HOA owns property, especially structures, then it should protect it. This type of coverage does just what is says; insures the property. This policy will cover against vandalism, theft and damage from fires, storms and natural disasters.

Liability Insurance

This will cover things like accidents or injuries that take place on the property. Your HOA could be liable for actions it took, or did not take. Associations should take actions to correct any safety issues, especially in today's world where lawsuits are all too common.  

Directors and Officers Liability Insurance

This is more commonly known as "D&O" coverage. This protects officers and trustees from being held liable when performing their duties for the Association. The D&O policy helps fund this requirement. It protects officers and trustees when they err accidentally and without malice. It does not cover willful acts of wrongdoing.

Fidelity Insurance

This coverage protects the organization from theft committed by employees, contractors, Association members/volunteers, or even management companies. This should be part of your Association’s overall insurance package.

Worker’s Compensation

There is also worker's compensation insurance that should be considered if your HOA does not already have it. This insurance type will cover HOA volunteers, like Board members or other members that give of their time to do something positive for the Association without pay, like changing light bulbs for instance. HOA Worker’s Compensation will not take the place of the worker’s compensation insurance that any HOA maintenance contractors should carry; it is specific to HOA non-paid volunteers.

A View From the Board Member's Perspective

When a member of your association made a decision to represent their neighbor’s common interests in their Home Owner's Association and become a Board member, they made a basic promise to the Association: To serve the association including protecting it from future risk. A Board Member has a duty to ensure that the association has properly consulted with an insurance professional and adopted the appropriate kinds of insurance products at the appropriate insurable levels to protect the association and its membership from reasonably foreseeable risk.  If you doubt your Board is serving your association’s best interests by allocating some of your HOA funds to insurance purposes, don't.  Those Board members are prudently attempting in good faith to manage tomorrow's potential unknown risks with a purchasable insurance product today.
The types of coverage listed above should protect your homeowner’s association from most insurance issues it can run into. It is better to have more coverage than not enough.  Of course, you and your Board members may not be insurance experts. It is essential that you consult and get counsel from a licensed insurance agent, or agents, to help put your insurance plan in place. There is no substitute for proper insurance coverage!

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