RENTAL RISK – HIRE A PROFESSIONAL
Many owners of rental property choose to manage their rentals themselves. This usually works out if they are lucky enough to find a good tenant and have relatively few maintenance issues. If there are problems, legal hassles, or vacancies, the experience can be a nightmare. A licensed professional management company can take the headaches of owning rental units away and make it a trouble free and profitable experience. Professional Management Companies that charge a fee for their management services are required to be licensed Florida Real Estate Companies.
Screening prospective tenants is the most important function a professional property manager does for an owner of rental property. Most professional companies are members of credit reporting agencies that allow them to perform credit checks on prospective tenants. They also share rental histories of tenants with one another and can access criminal records. Managers can also verify income and employment information to make the screening process more comprehensive. A manager’s experience screening tenants can often catch a potential problem and eliminate headaches later.
REALTORS who are property managers offer greater exposure of your rental when trying to find a potential tenant. As members of the MLS, the listing information is available through all member Real Estate Offices and through the internet at: REALTOR.com. Many professional management companies also belong to professional organizations and use software that list properties on multiple internet rental sites and the Military Base Housing rental system AHRN. Most renters look for property on the internet in the comfort of their home. Successful management companies must stay current with modern technology to access these clients and direct them to their property inventory on a company website.
Professional property managers make sure you are operating within the law. They provide legal leases and insure the rules of the lease are enforced. A manager collects the rent and disperses it to the owner in a timely manner and provides detailed accounting statements to track all income and expenses. If there is a maintenance problem, the manager usually has competent service personnel to take care of the problem or will obtain estimates for the owner.
Experienced professionals can do a market analysis to determine the optimum rent for a rental unit. They can also compute earnings ratios for investment properties and keep owners advised of market conditions. Professional organizations such as the National Association of Residential Property Managers help keep members up-to-date with industry trends and offer continued education opportunities.
Management companies can offer a variety of rental services to owners. Some specialize in long-term or short-term rentals and some only deal with commercial property. Fees or commissions are negotiable depending on type, rent, and number of properties managed and they are tax deductible. Various services are usually available and most professional managers will allow an owner to choose how involved they want to be in the management process. Hiring a professional management company is insurance for an owner reducing the risk of owning investment property. Visit Sundance-rentals.com for leasing information help.
J. Matthew Scheel
Owner | Broker
Sundance Rental Management