After writing the post about the benefits of hiring a property management service, it occurred to me that I hadn't included the actual services that property managers perform.  So here goes:

1. Inspect the property and determine a market rental rate
   1. write up detailed documentation, including photos of the property, with interior and exterior shots
   2. make suggestions as to appropriate repairs that will maximize potential rental rates
   3. provide comps for market rental rates in the area
   4. establish (with the owner) the rental policies such as pets, smoking etc.
2. Market the Property to perspective renters
   1. thoroughly clean the home, mow grass and touch up landscaping
   2. provide signage in the yard
   3. write ads that are tailored to the property through appropriate advertising venues
   4. make other realtors aware that the property is available
   5. field calls and questions regarding the property
   6. meet potential tenants and show the property
   7. provide all necessary documents for leasing and collection of rent compliant with existing law
3. Tenant Screening
   1. background check etc to verify information on the rental documents
4. Tenant Move In
   1. provide the move in inspection
   2. collect 1st and last months rent and security deposit
5. Rent Collection and Eviction
    

    

   1. Insure that rents are paid in full and on time
   2. In the event of missed payments, begin eviction proceedings in accordance with the law
6. Inspections
   1. Perform scheduled inspections periodically to insure that the renter is taking appropriate care of the property
7. Maintenance and Repairs
   1. utilize an established maintenance schedule to identify any potential repair issues
   2. provide and maintain a network of home repair professionals
   3. outdoor maintenance
   4. make recommendations for larger repair issues
8. Accounting and Reporting
   1. Provide accounting procedures and services
   2. amke payments on behalf of property owner
   3. insure proper record keeping
   4. provide monthly reporting on cash flow
9. Legal
   1. Maintain a network of attorneys who can assist in the event of legal issues
   2. insure thorough record keeping procedures are followed for documentation
   3. knowledge of up-to-date local, state and federal regulations to ensure that none are violated
10. Tenant Move Out
    1. Inspect and record the property's condition
    2. provide the tenant with a copy of estimates in case of damage

This list may not be complete but is a good starting place for all the services that property managers perform.  Most home owners or investors don't have the time, the software, or the people to make sure that all the steps are followed to protect both the property and owner but also to increase the ROI of the unit.

If you'd like more information on our services you you can return to the home page:  Jacksonville Property Management

A good property management company can prove to be an asset to the continued success of your business.  Many investors will say that the value added of a great property management company is like finding a pot of gold.  We're a little biased but we have seen the proof over and over in our business because by freeing the owners from the day to day operations of the property, they have more time to explore other opportunities and think more strategically of how they want to manage all their investments.  The result is a much better ROI, even with our fees.

Let's look at some specifics as to what a good property management company can do for you:

Higher Quality Tenants

Screening potential renters is a process that many investors simply don't have the time to go through.  Rather than getting a bad tenant out of your home, the better scenario is to never let them rent in the first place.  A thorough screening process results in reliable renters and can:

1. put less wear and tear on the unit
2. have better and easier on time rent collection
3. will generally attract tenants who will rent for longer periods of time
4. eliminate renters who are likely to cause problems over the term of their lease.

We do this by spending the time necessary to determine all the information potentially available for a client and analyzing that information for proven warning signs.  A good property management company, not only finds reliable renters but also protects the owner from potential scams.

Shorter Vacancy Cycles

A property management firm should be able to decrease your vacancy cycles by:

1. Maintaining or improving property for rent
2. Knowing the market
3. Effective marketing for tenants

We know what potential renters are looking for because we do this everyday.  We suggest improvements that can increase the value of the property to the renter and maximize the rent which we can charge.

By knowing the market, we are knowledgeable in what like properties are renting for.  Rather than decrease profitability, we often find that individual investors or home owners are actually charging LESS for the property than they could get.

We write hundreds of ads and know what copy sells.  Our experience in attracting tenants is based on how successful each of these ads has been.  Practice does make perfect.

Fewer Legal Problems

We spend a significant amount of time keeping on top of changes in legislation that can affect the legalities of a landlord-tenant relationship.  Legal problems are expensive and time consuming and sometimes emotionally draining.  Making sure these problems don't happen to our clients is what we do best.

Tighter Rent Collections

The process you use for rent collection and late payments is often the best indicator for success or failure as a landlord.  If tenants don't have consequences for late or missed payments, they will pay late or not at all!  Property managers have the process for handling these situations and also act as a buffer between the tenant and the owner.  It's a classic good guy/bad guy routine but it works and takes alot of the headaches out of rent collection for the property owners.

Increase the Value of the Investment

We have a process that allows us to "catch" maintenance and repair issues before the renter complains.  Repair problems can turn into rent collection problems and general headaches.  By fixing or catching maintenance issues before the tenant, we can add to the renter's positive experience which, in turn, can lead to better referrals.

If you'd like more information on our services you you can return to the home page:  Florida Property Management