As a rental property owner or real estate investor, your primary concern is collecting rent, but what happens when you expose yourself to easily avoidable rental property liabilities? It is just as crucial as collecting rent for your Orlando rental property. Landlords think that owning and operating a rental property is as simple as sticking a FOR RENT sign in your yard and collecting rental payments. As a property owner renting your home, having a second set of eyes or guidance can differentiate between a successful rental and a significant problem. Today, we'll be covering how an Orlando property manager reduces your rental property LIABILITIES & how you can SAFEGUARD your RENTAL ASSET.
Using Property Management Professionals in Orlando
Many professional property managers have years of experience managing rental properties. Rental property owners want to choose a property manager or property management company that is part of the National Association of Residential Property Managers and Orlando Regional Realtor Association. These associations have a rigorous qualification and education requirements. A well-rounded professional helps reduce your rental property liabilities by screening tenants, collecting rent, inspecting rental properties, maintaining and handling the daily activities that come with owning a rental home. You must make sure that your property manager is at the bare minimum a licensed realtor in Florida. Ensuring your property manager is Licensed, Aducated, and Experienced is the most critical aspect of reducing your rental property liabilities.
Quality Lease Agreement
A Florida Lease Agreement is sacred when it comes to reducing your rental property liabilities. Your lease will be everything and more (if you have the correct lease terms). A low-quality lease agreement will burden your rental property success and could even be very costly. We recommend using an attorney prepared lease agreement rather than a "Google Search Lease Agreement. In Orlando, many property management companies use their attorney drafted lease agreement, which has been fine-tuned and critiqued over property management years in business. All your lease terms will outline how the lease will operate and reduce you from your rental property liability.
Finding Quality Renters
Finding Qualified Tenants in Orlando is extremely important. Having quality tenants residing in your rental property can prevent and reduce the liability of potential Florida Evictions and rental property damage. An eviction in Orlando, Florida, can take a long time if contested by your tenant. Especially in the new Orange County Eviction Diversion, Covid Era. Your Orlando property managers will be providing excellent background checks, eviction checks, employment verifications, and previous rental history verifications. A QUALIFIED tenant will be a perfect fit for your Orlando rental home and will amount to a successful rental for years to come.
FL State & Local Regulations
Property managers in the Central Florida market will know state and local regulations. Is your rental property rent ready? Is your rental property up to Florida or Orlando County, Osceola County, Lake County, or Seminole County code? Rental property owners must keep their rental property up to code; otherwise, you will not comply with your lease agreement and expose yourself to Unwanted Liabilities.
Trouble tenants will know the ins and outs of local and state laws. As a landlord, this is a scary thought, especially if you are a newbie landlord. Tenants can use almost Florida Law or local code violation to withhold rent and cause a nightmare of liability issues. If you are considering using a professional property manager in Orlando with NARPM or ORRA, they are well versed. They can navigate a Successful Rental Property and keep you out of Legal Hot Water.
Rental Property Inspections
Conducting rental property inspections on your Orlando rental property is extraordinarily important. Documenting your rental property from top to bottom when your tenant moves in is a secure way to prove your home is safe for a renter. A rule of thumb is four rental property inspections during a year. Move-In rental property inspections are easily the most important, even more, important than move out inspections. When your tenant moves out, you will need to provide a security deposit claim form to your tenant's last known forwarding address (only if you are imposing a claim.)
- If you do not conduct regular inspections, your tenant and their attorney will request move out assessments and documentation of how the property was first inspected and rented. Many tenants will use the "that's how it was moved into." At which point, you'll need to provide them and their attorney with rental property inspection reports and documentation.
Rental Property Maintenance
Keeping your property in excellent condition and properly maintaining your real estate asset will significantly reduce your liabilities as a landlord. We've all heard the term "slum lord." These kinds of landlords expose themselves to easily avoidable rental property liabilities. It is as simple as accounting for rental property repairs and maintenance. If you know that a smoke alarm isn't working or the roof is in dire need of a repair, then it is time to repair. If your tenant goes to an attorney with rental property maintenance negligence, then it can be quite COSTLY.
Orlando property management companies have licensed and vetted vendors to provide all rental property repairs. We take a proactive approach to rental property maintenance and repairs. Our rental property maintenance technicians take documented pictures and descriptions of all repair requests and repairs (this is important to reduce Liabilities.)
Property Management Conclusion
Reducing your rental property liability is equally essential as generating income on your property. Rental property owners need to have a guide to lowering rental property liabilities because a lot can go wrong in the world of owning a rental property, and you need to be protected. Full-service property management companies in Orlando Florida will have your back and provide the clarity you need as a rental homeowner. As a property manager, we can't stress the importance of rental property liability reduction.
If you have any questions, Contact Us today for more information. Cheers!