If the thought of taking the leap from homeowner to landlord has occurred to you, you should consider hiring a good property management company if you have no experience. As a landlord, one of the biggest decisions you will ever make is hiring the ideal property management company to look after your property.
Management businesses are good at dealing with prospects and tenants directly, thus, they save you the time as well as the comfort of not having to worry about selling your rental property, handling maintenance, collecting rent, rental negotiations, property repair or any other related issues.
Management businesses function as the middle man between tenants and landlords to lessen the pressures that renting out a property can inevitably cause you. But to ensure that you are getting the best services, be sure to pick a management company that best serves your needs. Some property management businesses may have expensive fees. But make sure that in whichever company you invest, you get the complete services you paid for.
Whenever you contact any management company, observe their customer service. Because not only you, but also your tenants will be dealing with the company on a regular basis, so the customer service provided should always be good. A company that is tough to communicate with should never be your choice. Also, company history is another crucial factor that you should always take into consideration. Needless to say, a management company that lacks relevant experience may or may not be that proficient in its services.
While many landlords prefer to manage properties on their own, some choose to hire a resident manager. Hiring a property management company makes sense when a landlord wants to simplify this task considerably. Such businesses tend to be more proficient in the work that they do. Though they may not be cheap but they do come as a huge asset to your business.
Have you put your property up for rent but no one’s biting? Maybe you got a late start and are finally ready to make your home rentable. Even though the Florida summer season is upon us, you should still be preparing your home for renters. Whether you have a condo, a waterfront home, or a beach house, chances are you could be making a little extra money in that off-season down time. Read below to find out why your rental home is not budging and how to make it happen.
Poor Advertising
This is a no brainer but is often overlooked when it comes to renting your property. You may have put an ad on a local website or in the local newspaper at one time or another, but a constant update is more likely to get you leads than just a one-time ad. Visibility is everything these days, and 90% of renter’s find their homes on the internet. Local agents have the skills to list you in the appropriate section or category to get you the renter you need. Oftentimes, we assume that placing an ad in the FOR RENT section of the newspaper is going to put us right in front of the person that happens to be looking for your home. That isn’t always the case, so is it imperative to the value of your home to give these ads over to a professional that know the logistics of property rentals.
Pricing Too High
If you’re finding that you’re not getting any offers, then maybe it’s time to adjust the price of your rental. Depending on the season and the geographical location of the rental home, you will want to ask your local rental expert for advice on how to plan accordingly. While it may be time that the snow birds head north for the summer, it’s important to get a rental agency that knows the market so you can pick a decent price, albeit in or out of season. Choose a fair price that you all can agree on while balancing decent renters and making the money you need.
Poor Representation of Your Rental Property
Minor issues that can easily be fixed are usually the cause of why most rental units remain vacant. Easily resolved cosmetic issues such as grout cleaning, cracking flooring, and torn curtains are red flags to potential tenants and they may reject any further process of going forward. Don’t let your property fall victim of this situation. Show your tenants you care for all minor and major cosmetics in and around the home, from weeding the garden to swiping the gutters.
Agent Isn’t Doing Their Job
Lastly, if you have a rental agent that is looking out for your best interest, they are going to be sure that none of the above is happening to prevent you from renting your home. Get connected with agents who know the market, will return your every call right away, won’t turn away renters who may be a potential fit, and will give you the most for what you’re asking.
Are you ready to put the keys to your rental into the hands of an agency that cares? The Rental Experts are here to handle the job. We will get you in the face of solid tenants and build a lasting relationship with you and your tenants. Call us today for more information!
Renting out your home can be one of the most challenging aspects of property ownership. What’s more, marketing your property to reach the right candidates can be even more of a hassle. You already have the responsible of taking care of your rental home, making repairs when needed, and dealing with tenant issues when they arise. You may not even know how real estate marketing works. Real estate marketing is much more than just a few ads in the paper and updates to your Facebook page. You need reliable sources to authenticate your rental unit in a way that is enticing to your viewers. These sure-fire tips and tricks will help you get the real estate marketing you need to find the right people for your rental.
What Is Real Estate Marketing?
In a nutshell, real estate marketing uses concepts and strategies based on statistical property information for promotional use on a specific housing unit. Whether you’re looking to buy or sell, real estate marketing is much different than your average marketing strategies. It is an important element to add to your rental listings because of the type of exposure you are looking to receive. But it’s not a strategy that can be performed by just anyone; a real estate company that specializes in real estate marketing has the knowledge and expertise to conjure just the right materials for your rental property. You might say that they have a little magic up their sleeves, but rest assured, it’s the extensive training and hours of schooling that prepare them to know these details. According to the National Association of Realtors, 34 % of renters and homeowners sold their home through the help of a real estate agency.
Why Do I Need Real Estate Marketing?
Can you make sure that your social media advertisements, blogs, newspaper ads, and other forms of interaction with viewers will be up-to-date? Can you offer the most relevant information and keep in contact with everyone that responds to your posts? If you’ve answered “no” or “maybe” to at least one of these questions, you need an expert to get the job done right. Real estate marketing from a specialized agency will ensure that you are put in the forefront of potential prospects. The person viewing the ad may not need to rent but may know someone who fits what you’re looking for.
Where Do I Sign Up?
Before you open your Facebook page and start brainstorming ideas, it’s important to consider your reasoning behind what you’re about. There is nothing more frustrating to a viewer than finding unrelated content or your biased opinion about a subject. Stick to the reasons why you’re renting in the first place. The most efficient and time-saving way to achieve this is to sit down with your rental agent. They will help you determine what your goals are, how much time you’d like to spend on the project, the geographical area of the property, and any other bits of vital information for the viewer.
Ultimately, the goal is to positively market your property with little to no interaction on your part that might hinder you from finding the right renter. You are the landlord and the owner; your job is to make sure your property is looking its finest while you leave the more in-depth work to your rental professional.
If you want the rental aspect of your property to be handled correctly, you’re going to want to invest in efficient marketing; it’s that simple. The way to achieve this is to contact the local Rental Experts for thorough solutions and honest, no-fuss strategies.
Your rental property deserves the utmost attention, especially during the stormy seasons. You would normally care for the upkeep of your lawn, minor tenant issues related to plumbing, and maintain a safe structure for your renters. The same goes when preparing for a storm. You must keep a safe, secure, and well-manicured property at all times. Here are some tips to consider before a disaster strikes.
Tenant Preparation
Your tenants should already have knowledge of what category storm lies around the corner, and they will probably have a plan in action. But it’s still your job as the landlord to inform them about the safety rules. Even though we live in a relatively technical time period, you must inform your tenants that the storm could interfere with temporary outages for water and power. They will most likely be prepared with the food and water essentials, but it’s best to overly prepare should power outages be longer than expected. Throughout the duration of the storm, you’ll want to keep in contact with your tenants. Send text messages or emails or make phone calls, weather permitting.
Property Prep is in Order
As the owner of the property, even when you have a rental agency, you need to keep tabs on the safety of the grounds. This means paying attention to weak shutters, faulty structure, and any objects that can easily be swept up with gusts of strong winds. Your tenants need to be informed of the preparation, especially if it means they will experience minor set-backs such as lot blockage and elevator maintenance. Remove AC units from all buildings, bring in grills, potted plants, and out-door décor. Clear gutters and drains from debris and blockages, and check for broken or damaged hurricane shutters. Property preparation may be an inconvenience to your tenants, but it will benefit them in the long run. If they complain or seem uneasy to get along with during the prep, you and your rental agency can solve the problem by reassuring the facts around a safe and practical hurricane preparation.
Record your preparation
Most importantly, while you’re preparing and securing your property, back up any insurance claim files to a software program so they are not lost should an outage occur. All insurance records or forms should be safely stored to any backup computer drive to cover all property damages and tenants issues when the storm subsides.
Be Aware of Storm Zones
Each city within your area will have a flood zone and this can be found on a regional map in categories from 1 to 3, 3 being a high risk area. Some storm zones have housing properties that reside on a hill, which greatly reduces your risk of flooding. As the landlord, if flooding has been a problem in the past you can eliminate the problem by using sandbags to line the perimeter of your homes or building. Talk to your local rental management specialist to find out more about flood zones.
Generator Usage
Your tenants will need (and expect) to use the basic essentials during the storm- water, showers, bathroom, etc. It is important to get a backup generator for your building or rental home to prevent troubles with your tenants.
If you are considering renting your home or you need assistance with weather-proofing your property, the best resources lie with your rental management team. They not only handle the basics in and around your property; they will supply only essential information to get your property storm-ready. Contact your local management specialist today for details and legalities that will save you time and keep your tenants comfortable.
If you’ve refrained from using professional to assist with your rental home, you might be missing out on vital aspects of the rental process. Maybe you’re skeptical about hiring an agency because of concerns revolving around cost, requirements, and legality. Many common myths surround property management and its role in helping you rent your property. This article will bring you the answers to the most complexed concerns that stem from hiring a property management agency.
Myth 1: Property management is Easy
Property management has its up’s and down’s. You may think that you have all that you need to find a trusty renter but there’s a chance that you could be missing a major detail during the screening process. What if you aren’t prepared to deal with that angry tenant? How do you collect the rent from the late tenant? It’s important to express empathy with your tenants, but don’t allow this to come between you and the rental agreement. A property manager will respectively yet forcefully handle angry or late tenants in a legal fashion, all feelings aside.
Myth 2: Only I can take of my property
This is true. You have invested much time and money into your property, how can you trust someone to take care of it like you can? A property management company will help protect your assets and stick to the ground rules that you prefer. Since they are well-rounded in the property market, they may even suggest upgrades and additions that increase value to your home.
Myth 3: I can tell a bad renter from a good one
Sure, all renters would like to think that have the nose to sniff out the bad eggs, but what about the tiny cracks within the details of information? Renting property is a huge liability and can cost you much more than it’s worth if specific tenant details are missed. A property management company will take all legalities into consideration, focus on extensive background checks and thorough references, obtain employment history, and even set selection criteria for applicants that meet HUD housing and Section 8.
Myth 4: Property management is expensive
If you are investing hours a day in your property, stepping out of work or even sacrificing vacation time to tend to a tenant issue, it is costing you not only your time, but your hard-earned money as well. When you hire a property manager, you are leaving the troublesome details in their hands. Plus, you don’t have to leave work or cancel that vacation to be at the property. They are ready and equipped to handle any and all tenant requests and complaints.
Myth 5: I don’t trust renters
Bad renters have made it difficult to trust even the good ones nowadays. But that doesn’t mean the responsible tenants don’t exist. Reliable and trustworthy tenants are out there and looking for your specific place to call home but these tenants aren’t always easy to find. That is why a property management company can thoroughly sift through each renter that they feel will be a great fit for your property.
Myth 6: They are all the Same
No matter what you hear or how you view property management, not all companies are the same. There are many management firms that offer various services based on your type of property, where you’re located, and your surrounding area. Ultimately, you need to find a company that knows the ins and outs of your city or town. For example, should your home attract vacationers, your agency has the geographical details for interested parties.
Taking a house you own and converting it into a source of revenue is a dream for many. Whether it’s because you do not need the space anymore, you simply wish to move on but don’t want to let go of the property, or any other reason, renting can be a fantastic use of your property. Your house probably gave you years, even decades, of enjoyment and memories, and now it is time to let somebody else enjoy the peace and tranquility it once offered you.
However, as you well know, choosing to rent out your property puts additional burdens on your shoulders. If you are choosing to rent out the property, that means you are responsible for the maintenance of that property. Just as the tenant is responsible for keeping things clean and paying rent on time, you as the landlord are responsible for handling repairs, collecting rent, and otherwise managing the property. This article is meant to highlight the various duties that you have as a landlord when choosing to rent.
Provide a Habitable Home
The first duty of a landlord is the one that is most well-known – they must provide a habitable home for their tenant. This means that you have to maintain the property and respond to any complaints from the tenants pertaining to the living conditions. Such complaints can range from broken water heaters, to power failures, broken air conditioning, and more. You do not have to execute the repairs yourself of course, you can hire out a third-party contractor to handle repairs on your behalf, but you are responsible for the repair costs. You cannot pass these costs onto your tenant in the form of increased rent (unless you can legally prove the tenant caused the damage in violation of their lease agreement, but that happens, consult with a lawyer about options before eviction or demanding compensation).
Keeping the home habitable and well maintained is the responsibility of the landlord, and perhaps the most important. Not only are you legally bound to this, but also keeping the house in good order increases the chances that the tenant will renew their lease.
Give Notice When Inspecting Property and Respect Privacy
As landlord, you have the right to protect your property from harm or legal action through inspections. You can walk through the property, check for damages, evidence of illegal activity, and more. However, you are required to give notice when performing these inspections. You cannot just show up and demand to see what’s going on. Furthermore, when doing these inspections you must also respect the property of the tenant. Giving notice of inspection does not give you the right to rifle through the drawers of your tenant without permission.
Florida law requires you to give notice at least 12 hours in advance of an inspection before you or your representative can enter the property. Further terms should be laid out in the rental agreement. These terms include what hours you may enter for inspection (the law would frown upon demanding entry at 3am for a notice served at 3pm), and how frequently you can enter. Entering the property on a daily basis, even with notice, would be viewed as excessive unless ongoing work was being done.
Non-Retaliation Against a Tenant
It should go without saying, but when a tenant exercises their legal rights you have a duty to respond in a professional manner and not retaliate. Forms of retaliation can vary and include (but are not limited to) shutting off or intercepting utilities, raising rent, or refusing repairs. While it can be frustrating to deal with an unruly tenant who has taken legal action against you, it is your responsibility to be the professional in this case. You are not obligated to renew the lease at the end of the current lease’s term, but you are obligated to honor the terms of the existing lease regardless of your opinion of the tenant.
Related to this is your duty to be fair and impartial and to not discriminate. Non-discrimination of tenants is a central facet of both federal and Florida laws. You cannot retaliate, raise the rent on, or otherwise bar from entry a tenant based on race, gender, national origin, religion, and any other protected class.
Follow State Laws When Processing Eviction
You cannot just show up out of the blue one day and evict a tenant when it is convenient. Florida law offers certain protections to a tenant before you can commence eviction proceedings. For example: a tenant has three days to pay their rent before you can start the process. There are specific rules, policies, and procedures to follow in every eviction case and consulting with a lawyer would be prudent before eviction.
Failure to follow the law pertaining to evictions can lead to delays and high legal costs. This will drain your profit margins on that property as you are stuck waiting (sometimes without rent) for the home to be freed up for inspection and occupation by better tenants. Knowing and understanding the law and your obligations as a landlord is essential.
Ultimately, landlord duties when it comes to property management are many and varied. Understanding all of these responsibilities is too much for most people to handle. It often requires an understanding of the law, a lot of free time, and a willingness to make property management your full-time job. This is fine for some, but often renting out property is a way to make some side money after retiring. Property management agencies are available to take the burden of being the landlord off of the property owners and put it in the hands of experts who make property management their full-time job. These experts are well versed in marketing, law, and know where to find the best local contractors for repair work. This takes the burden of property management off your shoulders and places it in the hands of experts. As a result, you will be able to save time and avoid the hefty legal complications of renting out property.
