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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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Some potential sources of leaks that owners need to be aware of…

Some potential sources of leaks that owners need to be aware of…

If you begin to notice consistent, elevated monthly charges without any changes in household showering, dishwashing or laundry habits, there may be a cause for concern.

Below are some potential sources of leaks that homeowners need to be aware of to ensure they are not being unnecessarily charged for excessive water usage within their homes.

• Toilet Leak(s). Regardless of how nominal, a leaking toilet can significantly increase your water bill on a monthly basis. In fact, a continuously filling toilet can waste up to 200 gallons of water in a day! Check for toilet leaks by listening for running water after a toilet is done flushing and filling. To visibly check for small leaks, place food coloring into the water tank and if the coloring appears in your toilet water, you have a leak that requires attention.

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What you can’t see is often more important than what you can.

What you can’t see is often more important than what you can.

When talking about people we often say it’s what is on the inside that counts, well the same can be said for condominiums. What you can’t see is often more important than what you can.

Many associations came about when developers converted apartment buildings into condos. Others in south Florida are just getting old and while it might not always be obvious on the outside a look inside the walls, under the slab or in the elevator equipment room will give you a better picture of the problems that lurk beneath the surface. All of these things have useful life’s and tend to wear out over time.

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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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Become a Successful Property Manager in Florida

Become a Successful Property Manager in Florida

Property Management Education – Become a Property Manager

As the number of Floridians renting properties continues to increase at record rates, so has the demand for property managers.  Whether you are interested in purchasing your first investment property, or are looking to become a professional property manager, the basics are the same.

The Gold Coast Schools property management course will help you understand the responsibilities, functions, and skills involved in property management.  Included with your course is a detailed workbook that will serve as a practical reference guide covering how to handle everyday situations that you will encounter out in the field.

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