Why spend money on a property management company you ask? Well, you’re not alone in wondering what the real benefits are to having someone manage your investment. It seems easy enough to find someone to live in your home, while saving on that property management fee, doesn’t it? Unfortunately, it’s not as simple as you may think. Here are six reasons why you should strongly consider using a property management company when renting your home:
1. First, how do you plan on finding a quality tenant to take care of your home? Property managers complete thorough background, credit and criminal background checks on each perspective tenant entering a home, so homeowners can rest assured that their home is in the best possible care. (more…)
Recently I was reflecting on one of the things I love most about my job as a property manager: the people. I so enjoy getting to know our owners and tenants on an individual basis and hearing about the new baby, a job promotion, family visiting, a new grandchild or other moments that make life special. I’m also inspired by customers who make me smile with simple gestures that mean a lot, like:
- One of my customers who lives in Washington State knows that I come from Philadelphia originally. I once told them one of the things I missed about Philadelphia was the first snow fall – not the day after, but when it’s actually snowing, and how beautiful and quiet it is. Those clients email me a picture of the first snow fall each year in Washington State and it’s all the reminder of snow I need!
- With another client who lives in Pennsylvania, I’ve chatted about the striking color change of the leaves in the Northeast each Autumn. This Fall, I opened a card from them and a bunch of different colored leaves fell out, with a note that said “Now you can enjoy Fall color, also”.
- Last week, I heard from a client who lives out of state and only gets to visit World Golf Village once a year. They called to say they wanted to take me to dinner when they’re in town to thank me for never having to worry about their property because they know it’s in good hands with the Davidson Property Management team.
These are just a couple of stories that make me as a property manager smile and make the job we do worth it. Have you touched someone and made them smile today? It can really make someone’s day and yours also.
Managing rental property is easy, even I can do it! Or can you? Legally you as an owner can manage your own rental property and save the management fees, but is this the best decision? Here are the top 10 concerns or situations to think about.
1. Who will prepare the lease? An attorney may charge you $100 or more to prepare it. You, of course, can use the services of a Property Management Company to secure a tenant for you. They will do this for a fee, which will include the lease.
2. If you do not use a Property Management Company to get the tenant then how will you “check them out?”
3. In the event the tenants don’t pay the rent on time or at all, can you “chase” them for it? Do you know the procedures and the Florida Laws for eviction?
4. If the rent is late you will be the one to confront the tenants for the late fees.
5. If you are managing the property, the tenant has access to you 24/7. Do you want to be contacted at all hours for even the most minor repairs?
6. What happens when a repair is really needed? Do you have a list of craftsman that you have investigated as to their competency, response time and fairness of fees? (more…)
What a wonderful time to buy real estate as an investment property! Just take a look around at the properties available right now AND their prices. Not only that, but the rental market is absolutely fantastic and it continues to get better and better! Four to five months ago the inventory for rentals was through the roof, you couldn’t even turn around without bumping into a “For Rent” sign. Now it’s the opposite, inventory is very low, especially for single family homes; condos have also started to rent much quicker. I recently had a property placed in MLS at 2 PM and it was rented by 9 PM THAT night! For an investor in real estate property I don’t believe the time can get any better than this to buy and rent out your investment property or to rent your home if it’s not selling. Here are 3 tips for someone renting their home:
1. I highly recommend using a property management company to manage your property with the tenant. But, in any event, KNOW what your lease says. Florida is a Landlord State, which means the laws of the state of Florida are there for protection of the owner/landlord. This makes Florida, in my opinion, one of the best states possible to own an investment/rental property.
2. Make sure there’s a paragraph on “Use of Premises” in your lease. This paragraph states what the tenant can and cannot do while living in your property (i.e. no trampolines, athletic equipment, etc.) It disallows any items or activities that can cause interference with the insurance coverage. Tenants cannot run a business, daycare center, etc. out of the property. (more…)