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Find Blog Articles for Florida’s Condo, HOA and the Management Industry. 

It’s time to begin thinking about and planning for summer.

It’s time to begin thinking about and planning for summer.

There are a few things that you can do as a property manager to prepare now for a smooth-running summer.

Now is a great time to begin formulating a newsletter for your tenants that describes all of the things that you will be doing for them as well as what they can do to make their summers as cool and uneventful as possible. Communication is key to setting expectations about what your tenant is expected to do. Open communication with your community is Key for solving problems, Tenants and Owners are your eyes and ears. They live in the buildings they see things that may need to be repaired before you. With this with everyone working together you can get things done and stay on top of repairs in your buildings.

Tenants can help you help themselves by notifying you of any maintenance issues that may best be taken care of now rather than later. Things such as leaky faucets, stuck windows, and appliances that seem to be working a little less effectively than before are key items to look for.

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The short-term rental market is one of the hottest segments in real estate and property management

The short-term rental market is one of the hottest segments in real estate and property management

1.Hidden Costs – Short-term rentals are a different breed; they have many costs that traditional long-term rentals don’t have. These behind-the-scenes costs can include everything from replacing furniture to landscaping the lawn to supplying toilet paper. In essence, they’re more like hotels than rental properties. Here’s a quick list of common unforeseen costs:

  • Maintenance – garden and lawn irrigation, pool maintenance, pest control, HVAC maintenance
  • Utilities – cable, electricity, Internet, telephone, etc
  • Upkeep – housecleaning, toiletries, replacing appliances, carpet cleaning
  • Annual fees – taxes, insurance, property management fees, license fees

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Mobile Leasing: The transition to mobile-based marketing, leasing and resident management in 2017

Mobile Leasing: The transition to mobile-based marketing, leasing and resident management in 2017

The buzz in the property management industry right now about the transition to mobile-based marketing, leasing and resident management, with the expectation that the pervasive tech obsession sweeping America will leave no process unturned.

The reality may be a little closer to the current standard practices of renting an apartment—with a couple of notable exceptions.

Industry insiders tell us that while things are going to change a lot for some high-end apartment communities and their tenants, many of us will still be filling out paper applications. But we may get to pay our rent and submit maintenance requests, online. And while searching for that great new place, expect to be courted with apps and mobile-friendly websites.

Here’s a step-by-step look at the apartment rental process and what’s changing—or, perhaps, staying the same.

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Tenant Screening: A Must for your Property!

Tenant Screening: A Must for your Property!

  • Posted: Oct 12, 2016
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If you want to minimize the risk in your property investment business, you should understand that a key to your success isn’t just buying the right investment property.

it’s finding the right property management–whether that’s you, or someone you hire. And a critical component of property management is finding the right tenant for your real estate investment property, which means tenant screening should be at the top of your priority list. Here are five things you can do to ensure that your tenant screening process helps you identify the best tenants and weed out the bad ones.

 

1. Let applicants know that tenant screening is mandatory.

Just hearing the words “screening process” will make some potentially bad renters self-filter and save you time.

2. Use your tenant screening process consistently.

A systematic and comprehensive screening process that you apply objectively to every applicant will protect you if someone claims you violated the Fair Housing Act. It will also help you to screen out bad renters.

3. Decide what your minimum qualifications will be, and stick to them.

Will you have income requirements so you have some assurance that your tenants can make their rental payments? Will you accept tenants with criminal records? What if they haven’t had any arrests for more than ten years and a steady job? Think about these issues, make a decision, and apply them consistently.

4. Run a credit check.

Credit checks are critical. You can find out applicants’ debt-to-income ratios and whether they pay their bills on time. Learn how to read a credit report. And never accept a credit report that a potential renter brings to you; get them directly from a credit reporting company.

5. Check references.

Always call present and past landlords. A present landlord may give a good reference to get rid of a bad tenant; a past landlord may be more forthcoming. Ask about evictions, complaints from other tenants, pets, major maintenance issues, if rent was paid on time, and if the landlord would rent to the tenant again. Also consider getting and checking employment and personal references.

 

Find Tenant Screening Companies on our Directory>>

 

If you don’t have the time or the desire to do tenant screening, don’t cut corners–consider hiring a property manager to help you. Alternatively, All Property Management has partnered with leading businesses, including TransUnion, to offer services to our clients. TransUnion offers a tenant screening service called MySmartMove that provides credit and criminal records checks, leasing recommendations, and suggested deposit amounts to independent property managers and residential real estate investors.

Have you screened tenants before? What methods did you use? Have you used social media sites, such as Facebook and Twitter. Do you think that’s a good idea?

 

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Tips on Property Management Rental Income, Deductions and Record keeping.

Tips on Property Management Rental Income, Deductions and Record keeping.

If you own rental real estate, you should be aware of your tax responsibilities.

All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.

If you are a cash basis taxpayer, you report rental income on your return for the year you receive it, regardless of when it was earned. As a cash basis taxpayer you generally deduct your rental expenses in the year you pay them. If you use an accrual method, you generally report income when you earn it, rather than when you receive it and you deduct your expenses when you incur them, rather than when you pay them. Most individuals use the cash method of accounting.

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a “TRIM Notice,” the notice reflects what the property taxes are likely to be on the November property tax bill.

a “TRIM Notice,” the notice reflects what the property taxes are likely to be on the November property tax bill.

Every August, the Office of the Property Appraiser mails a Notice of Proposed Property Taxes to all property owners. Also known as a “TRIM Notice,” the notice reflects what the property taxes are likely to be on the November property tax bill.

A number of factors can come into play when it comes to determining if the proposed taxes are a fair estimate. For example, failure to recognize the recent slowdown in the real estate market could mean the tax estimate is higher than it should be. To ward against paying more than their fair share of taxes, property owners have the option to petition for an appeal. And condo owners have a unique opportunity where tax appeals are concerned.

Florida law allows condominium association Boards to file a joint petition for property tax appeal to cover all units in the building. In theory, if one unit in the building receives a TRIM Notice with unfairly high property taxes, then chances are the other units did also. Thus, filing a single petition is an efficient way for associations to ensure their owners are not overpaying property taxes. For those unit owners that do not wish to participate, Florida law provides a simple process for opting out of the joint tax appeal.

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Pest Control for Construction Projects

Pest Control for Construction Projects

Whether you’re renovating an older-style building, or constructing entirely new, redesigning your building’s structure can be exciting. However, if the right precautions aren’t taken, new construction can also attract unwanted attention from pests.

To help prevent pest issues during construction and ensure your facility does not become home to pests once construction is complete, our member Scott Cooksey, Owner of Bug Thugs Pest Protection. Pest Control Specialist, explains how you can build pest management into your construction plans.

There are a variety of proactive measures your facility can take before, during and after the construction process to accomplish this, Let us explain:

BEFORE

hire-an-insect-control-service“Before construction even begins, it’s important to get two people on board: your pest management provider and your contractor. An experienced pest management provider can do more than prevent and manage pest infestations that pop up during construction….

“When involved from day one, he/she can also provide feedback on building materials and locations that will be the least attractive to pests, and help you build measures into your construction plan that will lead to a successful pest management program when the doors to your new facility finally open,” He Said.

 

Several tips your pest management professional may provide include:

  • Use non-cellulose building materials to deter termites.
  • Consider applying a preventive termite barrier to the property.
  • Use pest monitors to assess pest populations in the surrounding area.
  • Understanding which pest species will be a threat will help you determine what steps you need to take to deter them.
  • Understand geographic conditions.
  • Selecting a location for your facility near a water source might create additional pest pressures.
  • Sufficiently grade the property to prevent puddles from forming around the foundation.

Remember, moisture attracts pests like mosquitoes and termites. Even though your management team may be the ultimate decision maker, it will be up to your contractor to take the lead on pest management during his/her work.

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The Falcon Group Acquires Maxim Management Group

The Falcon Group Acquires Maxim Management Group

MIAMI–In July 2016, The Falcon Group completed its acquisition of Maxim Management Group, an industry-leading project management and owner’s representation firm in Miami, Florida. The recent acquisition advances The Falcon Group’s mission of providing full-service engineering, architectural and project management solutions to the multi-family residential, commercial and hospitality market sectors.

 

News The Falcon GroupAs part of said acquisition, Max Sadik joins The Falcon Group as a Restoration Specialist. He is an experienced business operator and certified general contractor in the State of Florida. “I am excited to bring my sales and management experience to The Falcon Group,” says Sadik. “And believe there is going to be great synergy between myself, the team and our clients moving forward.”

 

The combination of the two companies will increase the value The Falcon Group delivers to its client base. “We are very excited about our recent business venture, said Principal William Pyznar. “Adding the local project management and general contracting background to our already strong restoration engineering and management team will bring a deeper level of insight and service to our clients in Southeast Florida. We look forward to providing a focus on clear, constant, transparent project communication and value engineering to exceed the expectations of our clients, with long-term durability in mind.” 

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If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

Vacation Management managers can be found on SFPMA.com

Vacation listing websites help you book renters but they can take up to 30 percent in commissions. While this may seem high, remember that each booking can involve dozens of inquiries for each renter. If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

You probably don’t want to rely on a listing website alone for your marketing. If you do, you may be costing yourself a lot of rented nights each year. Here are some relevant facts from the Vacation Rental Property Marketing Blog about vacation rental owners’ marketing expenses:

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Vacation rental owners spent an average of $1,150 per year marketing their properties in 2011.

Half of all vacation rental owners only use listing sites to market their properties. This group experiences annual average occupancy rates of 54 percent.
Vacation rental owners who combine listing sites with their own websites bump their occupancy rates up to 76 percent, on average.
94 percent of all vacation rental owners believe they could be doing more to promote their properties.

Let us help by listing your Vacation Rental Company with us: 

SFPMA has a Directory used by Thousands of Clients looking for the management services you provide.

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