Rental Property Problems

Most Common Issues in Florida Landlording

Rental property problems tend to boil down to just two main issues:

Rent payments (late, nonpayment, NSF checks etc)
Property damage (repairs due to tenant negligence, hoarding, rodents/insects)

When you know the pitfalls to look out for, you can build your systems to proactively avoid most of these issues. Or at least minimize the expense you’ll incur when you do end up with issues! And if you’ve owned rental property for any length of time, issues are inevitable.

The systems you want to build as a Landlord

Where to promote your vacancy to find the highest quality tenants
Prepare a strong lease and all required addenda
Tenant screening to include credit, background, criminal and income
Repair request procedures and setting expectations
Notices, communications
Bookkeeping and keeping track of all your expenses income

There are just two most common disasters in owning rental property, and both can be prepared for and the risks, mitigated. Most everything else can be successfully addressed through strong tenant screening, a solid proactive lease and good tenant management.

What are the
two most common
possible rental
property pitfalls?

Nonpayment of rent

and

Property Damage!

Most common concerns landlords have when managing their own rental properties:

late rent
repair requests
noise complaints
unauthorized tenants or subleasing
unauthorized pets/animals
early terminations
security deposit claims
infestations (insects, rodents)

Hiring a rental property management company will help you sleep at night. Sounds funny, but ask anyone that’s managed their own rental properties for any length of time. Dealing with late rent, repair requests in the middle of the night, noise complaints, subleasing without permission, early terminations, unapproved pets, security deposit claims… so many issues involved with rental properties.

Professional property management firms have the structure in place to handle everything. They have their network of professionals to call upon. They’ve seen many evictions, and know how to help minimize the risks or have the attorney to call to handle it best. They know how to deal with negligence and subleasing and infestations.

Don’t let the cost of property management scare you. The costs associated with rental property are (in most cases) tax deductible. Did you purchase Landlord Liability Insurance? Tax deduction! Did you have to replace a toilet? Tax deduction! Did you pay a realtor commission to find your tenant? Tax deduction! And DID YOU HIRE A PROFESSIONAL PROPERTY MANAGER? TAX DEDUCTION!! [ALWAYS ask your tax preparer and seek out the correct information for your own tax situation.]

Many real estate agents will say they are property managers. But they don’t have enough experience, don’t know Florida landlord/tenant law well enough, don’t have a background in home improvement/repairs and costs, and don’t know enough about leases and addenda to proactively avoid rental pitfalls and how to save you (the landlord) money! Inexperienced agents will end up costing you money, we see it every single day. Even many property management firms that have popped up recently that seem big and impressive… BEWARE! They are best at charging fees, NOT at managing rentals!

Did you know?
For rental property, your expenses like
repair expenses, association dues, landlord insurance,
advertising, home warranties and even any Real Estate Agent and Property Management Fees… are most likely tax deductible? Help offset the taxes you’ll own on your rental income while hiring a professional to manage, win/win!*

(always seek the advice of a tax professional as every situation is unique