Property Management- Do it Yourself or Hire a Professional?

By
Real Estate Broker/Owner with St.Cloud Homes

Property Management has boomed at least in my area of St. Cloud Florida, where seasonal tenants are common, and tourism is the mainstay of the economy.  Investors looking to monetize their investments often resort to renting their Florida vacation homes to supplement income and offset running expenses. 

There are several types of rentals.  There are the short term rentals which are for less than one year and there are month to month rentals. There are also annual leases.  The terms and conditions vary greatly depending upon which type of rental one is looking for.  Home owners looking to rent their property benefit greatly by utilizing the services of a property managements firm. 

These firms will charge a fee for finding a qualified tenant to rent your property. They will advise you as to any repairs which need to be made and often have a list of service vendors to make those repairs.  They collect rent, and issue the correct documents in the event rent has not been paid. They also will go through the eviction process in the event a tenant must be removed.  The fees range from agency to agency.  Typically there is a larger fee up front and then a monthly percentage thereafter. In addition many do require a working fund for repairs.

When weighing ones options as to whether or not Property Management is a good fit for a do-it-yourself person; keep in mind that there are certain laws in Florida which apply to directly to landlords. 

Keep in mind, that a lease is a contract. It must outline the duties and responsibilities of all parties.  Once a property is rented, the landlord waives certain rights to that property.  They must give notice to the tenant before entering the premises for example.  Even when vacated, there is a waiting period before abandoned property can be discarded. 

If you are considering managing your own property, get familiar with local laws pertaining to Real Estate and seek the opinion of a Real Estate Attorney. 

 

 

Posted by

St.Cloud Homes

Allison Stewart Broker, SFR, CDPE 

407-616-9904www.kissimmee-stcloudflhomes.com

                                                                                                       

    St. Cloud Homes YOUR Local Real Estate Experts serving Home Buyers/Sellers in Kissimee, St. Cloud Fl, Harmony, Lake Nona, Anthem Park, Bay Lake Ranch, Lake Lizzie, Reunion, Celebration, Lakepointe, Steven Plantation, Acadia Estates, East Lake, Windermere, Bay Hill. Our unparalleled service begins with YOU.

   For a free consultation call us 407-616-9904 or visit our website or  email us

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Topic:
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Florida Osceola County
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Tags:
property management
florida rental homes
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Rainmaker
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David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Allison good tips for landlords and property managers, if out of town best to hire a PM.

Nov 12, 2013 10:34 PM #1
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Rainmaker
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Allison Stewart

St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904
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