Just under 40% of Fort Walton Beach residents rent their homes. That means that there are quite a few landlord-owned properties in the area-and not all of them are managed by the owner.
Some homeowners become landlords after inheriting a property. Others become landlords because they're building up their investment portfolios. Property managers can help both types of landlords to maintain their properties and keep tenants happy.
How can you pick the right property management company for your Fort Walton Beach property? Pay close attention to property manager skills.
Read on for four important skills your property manager should have for the best results.
1. Knowledge of State Laws
Many landlord and tenant rights are governed at the state level. For example, Florida has its own set of laws regarding tenant screening. Local governments may enact additional laws that are more specific than state laws.
Because property managers take care of everything from tenant relations to maintenance, they need to have updated knowledge of state and local laws. Failure to comply can expose you to legal liabilities.
2. Knowledge of Federal Laws
Some tenant rights are guaranteed at the federal level. For example, the Fair Housing Act is a piece of federal legislation that protects tenants from undue discrimination. This act also requires landlords to make reasonable accommodations for disabled tenants, including allowing tenants to have service or support animals.
Once again, failure to follow federal laws can expose you to legal liabilities. The last thing you want is to face a court case or fines when trying to build a real estate investment portfolio.
3. Tenant Relations Experience
Building a real estate portfolio isn't just about buying suitable properties. Tenant retention is a key aspect of turning a profit on any rental property investment.
A good property manager will handle everything from tenant screening to move-in inspections to ongoing maintenance. The more satisfied your tenant is with the attention and service they receive, the more likely they are to stay.
4. A Mind for Maintenance
Property maintenance is one of the biggest ongoing expenses for property owners. In many cases, you are required to pay for emergency maintenance services. Preventative maintenance can keep your property in good condition.
When hiring a property manager, make sure that they take care of maintenance and have a strong track record. They should field all maintenance requests and emergency calls. They should have a list of local contractors that provide high-quality services at a reasonable rate.
Call All American Realty for Great Property Managers
If you own a Fort Walton Beach rental property but don't want to act as a hands-on landlord, property managers are the way to go. Use this guide to ensure that you're hiring the best property management for the job.
All American Realty is a veteran-owned real estate brokerage and property management company serving the Emerald Coast. We're proud to help real estate investors build quality portfolios with high ROIs. Request a free rental analysis today and get started with our full-service property management today.
