For those owners who are self managing or contemplating hiring a professional, we have put to together some bullet points we have come across while taking management of a previously self managed home.
Paying vendors and tax deductions: our company tracks and logs all maintenance requests and all transactions and payments to vendors. When tax time comes around, we send you a yearly cash flow statement that illustrates what you made in rent income, what you paid for repairs, etc.
- Let’s face it, no one likes paperwork. A DIY-er who pays vendors directly will have to hold on to A LOT of paperwork, receipts, check logs, etc. and will have to calculate the figures themselves.
Are your vendors really qualified? There are many websites to help you locate vendors for your projects, but are they licensed, bonded, insured? Do they have experience in doing this work? Are the employees trust worthy?
- We have come across a lot of home owners who are just tired of vendors giving them the run around and completing un-needed work or overcharging. We have worked tirelessly over the years to find the best vendors, who are highly skilled and have the qualifications.
Do you know all the legal rights of owners and tenants to follow for local, state and federal laws?
- There are some laws that all owners must follow, and there are some that all tenants must follow and you might be surprised to hear from of them. For example, in the state of Florida, all properties must have secure, and working window screens on all windows. If a tenant asks you to have them installed or to repair them, owners must do so.
- We have also come across some owners who want very specific renters for their properties. Renters are protected from being asked items such as medical history, ancestry, disability, marital status etc. There are also restrictions on what items you can deny a prospective renter for including bankruptcy, criminal history, etc.
Hiring a professional Property Manager is worth the money, because once you get in a “sticky situation” or no longer know who to proceed, it could end up costing you thousands of dollars in legal fees, or repairs etc.
If you are still unsure if you want a professional, please feel welcome to contact our office any time to ask any questions! 850-934-2588