Ten reasons to hire a Property Manager for your rental home in Florida.
1. Most owners of a few homes or condominiums don't have enough spare time to pay quick attention to details - the majority of non-owner occupied single family homes in Florida are owned by real estate investors that own less than five units.
2. A leasing agent is focused on maximizing rental income and minimizing vacancies, costs and liabilities for houses. Its a 24/7 job - competent property managers make sure to respond to all phone calls from prospective tenants.
3. Property Management fees are usually a tax deductible expense.
4. The same holds true for managers of apartment buildings and complexes. Professional apartment managers know the rental market and what comparable rental prices. They know which marketing channels work best, i.e. Internet Listing Services called ILS. They know how to screen tenants in order to minimize problems.
5. Property Managers that hold designations from appropriate trade organizations have continuing education requirements see below for Florida Property Management organizations.
6. A good manager will keep your rental property in good condition and save money with vendors.
7. Compliance with changing and sometimes confusing laws requires knowledge.
8. A strong property manager can make easy to read reports of income and expense.
9. Professional and responsible property managers are up to date on changing regulations and laws that you may not be familiar with. For example, not conforming to Fair Housing Act can result in expensive fines.
10. When evicting a tenant in Florida, it is important to keep close tabs on all the parties that touch the process, i.e. the county clerk, the judge, the sheriff, the lawyer. A property management specialist should be able to avoid lengthy evictions.
What Do I need to Know When Hiring A Rental Manager in Florida?
National Association of Residential Property Managers NARPM issues designations and educates property managers of single family residences.
How do you do background checks for prospective tenants?
What are the fees?
Do you offer any sort of rent insurance, i.e. if a tenant breaks a one year lease, will you insure me against rent loss for a period until its rented again?
How do you handle maintenance?
Do you keep up to date on property management issues such as fair housing laws, dos and donts regarding evictions and other Florida landlord tenant law?
Where will you list rentals?
Do you have a leasing manager or leasing agents on staff?
What hours will someone be available to answer calls from prospects?
Do you keep up to date on Florida Housing Code?
How do you make certain that every contractor that works at my property is licensed and insured?
Florida Property Management Associations - Single Family
NARPM members are rental managers that specialize in management of single family houses. NARPM educates property managers, issues designations and helps represent the industry in Tallahassee.
Attention is paid to proper leasing practices, tenant screening, tenant retention, maintaining properties, insurance issues, relevant precedents and changes in Florida law, Fair Housing Act, eviction process, financial reporting to homeowners and relationships with contractors.
NARPM members are in general well prepared to meet the demands of managing single family houses. A list of Florida chapters of National Association of Residential Property Managers: