There are many reasons for hiring a property management firm. Sometimes owners are called away for work or family and just need someone local to look after the home while they are away. Someone to ensure the grass is mowed and to do a checkup periodically on the interior to make sure things are all in order. Other clients cannot afford to let a property sit idle for an extended period of time and need it to be rented to help cover costs while they are away. We see this situation a lot when people find they must take on two or mortgages. This situation definitely requires a professional. The owner cannot afford to have the property sit idle for more than one or two months without serious financial problems. A stable tenant and timely rent payments are critical. Unfortunately we also receive cases where the owner has acted on their own and have run into serious problems. These are the toughest cases we get and we work hard to correct them as quickly as possible. However, cases where an owner has taken improper action acting as a property manager on their own behalf can sometimes take months to resolve. Finally, we have investors that want to maximize their income property cash flow. These are generally seasoned landlords and the easiest to service. For these clients we offer suggestions on how to improve properties they already own to increase their return on investment. We also notify them of new listings and properties about to come on the market which may interest them as an income property.
Before you go it alone,
Think about these issues you Will encounter as a landlord:
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Do you know....?
- What is the fair market rental -vs- sales value for your property?
- What constitutes discrimination against a tenant applicant?
- What is the Federal HUD standards for number of occupants in your property?
- Can you refuse tenants based on number of children or familial status?
- What is the law pertaining to service animals vs. pets?
- What notice do you serve your tenant for upaid rent?
- What notice do you serve your tenant for a breach of lease terms?
- What notice do you serve a month to month tenant for termination?
- How do you begin an eviction process?
- Your are responsibilities for holding a security deposit and advance rent?
- What repairs are required and not required under The Landlord Tenant Act?
- What is the time frame for an effective renewal or termination of an annual lease?
- The notice provisions are there for filing a claim against the security deposit?
- What laws apply to a claim of abandoned property? How soon can you re-key?
Finally, Are you familiar with...?
- The Federal Fair Housing Law?
- The Federal Americans with Disabilities Act?
- The Landlord Tenant Act (Florida Statute Chapter 83)?
- The transient tax requirements of state and local governments?
- The Federal Fair Credit Reporting Act?
- Your state and local ordinances pertaining to code violation?
Do you have...?
- An easily read and recognizable "For Rent" sign?
- A corporate rate for advertising in local papers?
- A Network of Internet Websites that attracts tenants?
- 24 hour answering service to page you with tenants inquiries?
- Qualified and licensed agents to show your property seven days a week?
- Access to list your property with the local MLS?
- Access to current sale market data if a tenant offers to purchase?
- Federal Lead Paint Disclosure Booklet and know how to use them?
- A 24 hour emergency line for the needs of your tenant?
- Web Portal for Tenant communications when needed?
- Vendors to service the needs of your property for fair market price?
- Vendors who are licensed and insured?
- Vendors that will respond within the time required by The Landlord Tenant Act?
- A staff available 24 hours a day 7 days a week?
- Access to an affordable attorney to process an eviction?
- Access to an attorney prepared lease at a reasonable cost?
- Access to an attorney for free legal advise during the term of the lease?
- Effective move-in and move-out forms and policy statement for tenants?
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