Running a rental business isn’t a no-brainer. It comes with certain challenges that the average person wouldn’t be able to deal with, and that even a seasoned landlord would still struggle with. That’s why many rental property owners in Florida opt to partner with a professional property manager. In this post, we discuss how a property management company can mitigate the challenges commonly faced by Palm Beach landlords.
#1 Tenant Turnover
Tenant turnover can cut your cash flow – after all, your tenants are the life force of your rental. Without them, you won’t be able to make money, pay your bills, and purchase more rental properties. What’s more, when you lose a tenant, you’ll have to spend time and money to advertise the property, screen applicants, etc. to fill the vacancy. If you don’t find a replacement tenant fast, your finances are sure to suffer.
How a Palm Springs Property Management Company Can Help:
To keep turnover rates low, Palm Beach property management companies have the task of making sure your tenants have everything they’d need. When a tenant has a complaint or concern, they act upon it immediately. Keep in mind that tenants who are taken seriously are more likely to renew. Plus, property management agents stay on top of their obligations in the rental contract by cleaning the property, conducting inspections, and so on. On top of that, they make sure that tenants can communicate with them at any time, even if it’s late in the evening.
#2 Late Rent Payments
Your property may be occupied, but if your tenants don’t pay their rent on time, you’ll still be in trouble. Tenants who don’t pay their rent by the due date will not only put a dent in your cash flow, but can also be draining to deal with. You’ll likely have to run after them (literally) to collect rent – that is, if you know where to look. The worst-case scenario is if the tenant leaves without prior notice so they don’t have to pay rent. You’ll have to track them down, which can be time-consuming not to mention costly.
How a Palm Springs Property Management Company Can Help:
By enlisting the services of a property management firm, you’ll be able to prevent your blood pressure from rising. Days before the due date, they’ll remind tenants that their rent is due soon. And if they fail to pay on time, they will follow up with the tenant ASAP. They’ll also offer payment plans (e.g. pay in installments) for tenants who are struggling to pay their rent, particularly for good tenants who’ve been renting with you for a long time. Most importantly, Palm Beach property managers conduct background checks to make sure the tenant can pay their rent on time.
#3 Violations
Even if you screen your tenants strictly, there will still be some “bad apples”. While most tenants will pay their rent on time and commit to the terms of their rental contract, others will commit violations whenever they can. To them, there’s no need to care for your rental – after all, it isn’t theirs – so they won’t mow the lawn, throw out the trash, and so on.
How a Palm Beach Property Management Company Can Help:
Contract violations are more likely to occur if you haven’t outlined any repercussions for violations. That’s precisely why you need to partner with a property management company with an in-house team of lawyers. They can draft a foolproof contract that clearly states that you can evict your tenant if they have violations. Or, if you want to give your tenants a second chance, your property manager can help you impose the proper penalties for minor violations.
#4 Evictions
Evictions can be costly, but as a landlord, you have to understand that they’re inevitable. It would be better to deal with a vacant rental than to rent to a troublesome tenant. Unfortunately, not all landlords are aware of the laws on evictions. As a result, the tables turn, and they end up being sued by the tenants they were going to evict.
How a Palm Beach Property Management Company Can Help:
If you aren’t well-versed in eviction laws, it would benefit you to find a reputable property management firm. That way, you can follow the correct procedure in evicting tenants, which involves a three-day notice to give them enough time to vacate the property.
Property managers in South Florida can help prevent evictions in the first place through the tenant screening process they’ve put together. With them by your side, you can rest assured that you’ll be renting to only responsible tenants.
#5 Maintenance
As the landlord, it is your duty to deal with maintenance matters. It seems like an easy task, but when you have more than one property to manage, it can take a toll on you. What’s more is that tenants can report problems at any time, including weekends when you’re supposed to be unwinding. Unfortunately, you can’t let repair-related concerns sit for too long, otherwise, they can worsen. A $20 repair job can become a full-blown project that’ll throw off your budget. Plus, your tenants won’t be happy that you’re taking your time, and as a result, will be less likely to renew.
You might find maintenance manageable, but what if you live far from your investment property? If that’s the case, you won’t be able to check the property’s condition in person. You’ll have to look for vendors online, and then relay your instructions to them via call or video conference at the risk of miscommunication.
How a Palm Beach Property Management Company Can Help:
Partnering with a local property management company means you’ll have someone to count on in case your tenant has any issues with the property. You’ll also be able to benefit from their vast network of vendors who can offer their services at reasonably lower rates.
Palm Beach Property Management You Can Rely On
Landlord duties can take a toll on you, not to mention consume your time. If you want to be as hands-free (and as stress-free) as possible, it would be best to get a property manager in Palm Beach. Property management companies such as Luxury Property Care are pros in the rental industry and can run your rental blindfolded. They’ve been in the business longer than you have, and have gained the experience needed to run your rental with reduced risk.
For the best property management money can buy in Palm Beach, call us at (561) 944 – 2992 or fill out our contact form for more information.
