Davidson Realty, Inc.

Top 10 Concerns When Renting Your Property

March 28, 2011

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Posted by in Rentals

Managing rental property is easy, even I can do it! Or can you? Legally you as an owner can manage your own rental property and save the management fees, but is this the best decision? Here are the top 10 concerns or situations to think about.

1. Who will prepare the lease? An attorney may charge you $100 or more to prepare it. You, of course, can use the services of a Property Management Company to secure a tenant for you. They will do this for a fee, which will include the lease.

2. If you do not use a Property Management Company to get the tenant then how will you “check them out?”

3. In the event the tenants don’t pay the rent on time or at all, can you “chase” them for it? Do you know the procedures and the Florida Laws for eviction?

4. If the rent is late you will be the one to confront the tenants for the late fees.

5. If you are managing the property, the tenant has access to you 24/7. Do you want to be contacted at all hours for even the most minor repairs?

6. What happens when a repair is really needed? Do you have a list of craftsman that you have investigated as to their competency, response time and fairness of fees?

7. Are you an absentee owner? Do you know the rules for the security deposit? By Florida Statute it must be in a Florida Bank. Interest bearing or non. What are the rules? If the rent is not paid how do you collect? How do you evict from another state?

8. You said no pets. Did they sneak one in? Do you inspect or drive by on a regular basis?

9. This is your property. You have an emotional attachment to the property. Sometimes it is hard to view a situation fairly and squarely when you have such an attachment.

10. What happens if they continue to violate a rule of the HOA, such as neglected lawns. Do you have the time and willingness to confront this issue?

By trying to save a small amount of money on the management fee, it could cost several times more, not only in dollars, but in time as well. Management fees are really a small price to pay to have the confidence that your property is being maintained.

If you have any questions please call Elsie Evans, Vice President of Davidson Property Management at 904-484-2170

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