Rental Property Management Services is in our 11th year of serving landlords and investors throughout Miami-Dade county, with all of their rental property needs. Have rental property or looking at investing? Trying to decide whether to become a DIY Landlord, or hire a professional rental management company? If the property is located in a larger city, most likely you'll have a lot of options in hiring a professional company or a real estate agent that also handles property management. It might seem overwhelming... aren't they all the same? And then you might ask yourself... can't I just handle it myself?
An established rental property management company will have an industry standard bookkeeping system, and the best ones will offer 24/7 online landlord access to their own accounts. Also, they will have a system in place to handle 1099s for tax purposes. They will have business banking accounts with the ability to hold tenant's security legally, without being co-mingled with other funds. They will know landlord/tenant law and have great strong leases prepared by real estate attorneys, for you to use.
Did you know? For rental property, your expenses like property management fees, realtor commissions, repair expenses, association dues, landlord insurance, etc.. are tax deductible.
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... 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.
Don't let the cost of property management scare you. The costs associated with rental property are (in most cases) tax deductible. [ALWAYS ask your tax preparer and seek out the correct information for your own tax situation.] 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 what about
Many realtors 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 addendums 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!
DIY LANDLORD: Landlord leasing can be tricky and challenging, especially if you are inexperienced. Check out our 7 Steps of Landlording here:
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