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.