If you’re like a lot of landlords, you may be wondering whether you need a professional Volusia County property management company or if you can do all the leasing, maintenance, and management on your own.
It’s certainly possible to manage your own rental home. But, that doesn’t mean you should.
We believe it’s safer and more profitable to work with a professional management company. You’ll earn more and spend less, and you can avoid all the legal liabilities and expensive mistakes that often plague self-managing landlords.
Tenant Placement in Your Volusia County Rental Property
The tenant you place really defines whether your investment experience will be profitable or stressful. Good tenants lead to on-time rent collections, prompt reporting of maintenance issues, and easy communication. Bad tenants lead to late or missing rent payments, property damage, and the potential for eviction.
Many self-managing landlords do a good job of placing terrific tenants. But, there’s always a chance that you’ll have a tenant who doesn’t pay rent on time, damages your home, and moves in unauthorized pets or people. You’ll end up spending a lot of time and a lot of money chasing down late rent, sending notices, and threatening eviction.
A professional property manager has the tools and resources that are required to conduct a thorough screening. Before approving a tenant, credit and criminal backgrounds will be checked. Employment and income will be verified, and prior landlords will be contacted. You can be sure you’re getting a tenant who hasn’t been evicted in the past and doesn’t owe former landlords thousands of dollars.
Maintaining and Protecting Your Volusia County Rental Property
Let’s say you do decide to self-manage your rental property. Do you know who to call in the middle of the night if a water tank explodes or a sewer line starts leaking? Your tenants will need access to you 24 hours a day and seven days a week. You’ll need to put together a list of vendors you can trust; professionals who are licensed, insured, affordable, and willing to make late night and weekend visits when necessary.
When you work with a management company, you’ll be kept informed about the repairs that are needed at your property, but your managers will already have outstanding vendor and contractor relationships in place. You’ll also have an experienced professional keeping an eye on your investment, ensuring its condition is preserved and its value is always increasing.
State, Local, and Federal Landlord and Tenant Laws
Compared to other states, Florida is fairly landlord-friendly. But, there are still federal laws that need your attention. The Fair Housing Act dictates how you market your property, screen your tenants, and lease your home. You’ll need to know the difference between a pet and a support animal. If the term disparate impact means nothing to you, it’s probably important that you let a professional Volusia County property management company handle your screening and tenant placement.
Keeping up with the constantly changing legal landscape is important. If you don’t return the security deposit properly, you can expect a lawsuit from your tenant. If you try to evict a tenant by changing the locks or turning off the water, you’re going to be in a lot of legal trouble. Self-managing landlords make a lot of costly errors without intending to. Your property management company can protect you from these mistakes and ensure you and your property are in full compliance.
These are only a few of the reasons you should work with a professional property manager. If you’d like to hear more about the benefits of working with a great local management company, please contact us at Oceans Luxury Realty.