Choose a Property Management Company for Your South Florida Rental

Having a rental property in a desirable locale such as South Florida can be a fantastic source of income, but a lot of work goes into managing it. Whether you do short-term or long-term rentals, you’ll likely have to deal with a lot of legwork and even sudden emergencies. Having a professional property management company to take care of your rental unit will make being a landlord a lot easier. Here are some of the most important reasons why you should consider getting a property manager to take care of all of your rental units.

Advertise Vacancies

A good property manager will help you rent out a property as quickly as possible. He or she can help you get high-quality photographs of the unit’s interior as well as the exterior of the building and post listings on the best rental sites. If you’re unsure about what to charge for rent when you’re listing a unit, a property manager who is familiar with the rental market where your unit is located can advise you about how to set rents as competitively and profitably as possible.

Show Your Unit

Renting out a property will require going to the property to meet with prospective renters. If you don’t live in the same building as your rental unit, this can be a hassle to coordinate with people. A property manager can take care of showings for you so you won’t have to miss out on any of your busy workdays just to show a unit.

Screen Tenants Thoroughly

A property management company will have well-organized screening policies for accepting tenants. It can conduct a background check that includes a criminal history check and credit report. If you wish, a property manager can also check prior landlord references and research local court records to see if a person has had prior convictions. A property manager can help you make a well-informed decision about who you take on as a tenant and enable you to avoid unnecessary problems and turnovers.

Comply With Fair Housing Law

In Florida, Licensed Community Association Managers are very familiar with all applicable state and federal fair housing laws. Most people aren’t well-versed in this complex area of the law. Simple questions that may seem relevant to an interview with an applicant may in fact be a violation of fair housing law. Having an LCAM from a South Florida property management company to interact with prospective renters will spare you from inadvertently running afoul of fair housing regulations.

Collect Rents

A property manager will assume responsibility for collecting tenants’ rents, maintaining a detailed ledger, and issuing late notices. You won’t have to worry about collecting and depositing rents every month because your property management company can do all of the collections and accounting for you. Likewise, it will assume responsibility for renewing leases as well as sending notices about upcoming rent increases to month-to-month tenants or tenants at will.

Manage Security Deposits

There are a lot of statutory requirements about how landlords must handle tenants’ security deposits. They must be kept in a separate bank account and not commingled with a landlord’s personal funds. It is important to return security deposits within a specific timeframe to avoid liability issues. If it is necessary to withhold any portion of a security deposit, a property manager can provide a detailed account to the tenant of what funds are being withheld.

Coordinate Unit Turnover

When someone moves out, there are a lot of things that you may need to take care of. Tenants are supposed to leave units in “broom swept” condition, but this doesn’t necessarily mean that a unit will be ready for the next tenant to come in. Depending on how long a tenant occupied a unit, you may need to take care of things like painting, replacing carpeting, or updating appliances. A property manager like Michael Teys can help you take a good inventory of what needs to happen to make a unit rentable. He or she can also coordinate with in-house maintenance and cleaning staff or reach out to handymen or contractors if necessary. You won’t have to worry about who to call for help with a particular issue. A property management company that is experienced in serving clients in your area will have good working relationships with some of the best service providers in your community.

Respond to Emergencies

Any number of issues could happen at a rental unit that requires emergency assistance. Property managers are ready and willing to respond to your tenant’s most urgent problems. You may need to authorize some expenditures related to addressing an emergency, but the property manager will take charge of resolving them.

Ultimately, having a property manager’s help can make your rental unit a little more hands-off and even more profitable. Reach out to a company that is committed to providing high-quality service to its clients.   

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