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SFPMA Industry Articles | news, legal updates, events & education! 

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

Entering the Gate at The Broward County Condo & HOA Expo, Ready to meet Leading Companies working in Florida’s Property Management Industry.

Entering the Gate at The Broward County Condo & HOA Expo, Ready to meet Leading Companies working in Florida’s Property Management Industry.

The Broward County Condo & HOA Expo
Special thanks goes out to L&L Exhibition Management, Nick Vetter and his Team for putting on this event.

I stopped in to meet with many of our SFPMA (South Florida Property Management Association) Members. Starting with Multi-Housing Team Bob and Sergio with Aaxon Laundry Systems, Rodger Kopp III of Commercial Laundries, Rudy Silva and James Friedman with Sherwin-Williams, Introducing myself to Buster Cash with Coast to Coast General Contractors, Proper Introductions to Steven J Weil Owner of RMS Accounting and Royal Management Services, Getting to meet more team members Ana Echeverri and Pedro Diez with The Falcon Group and SFPMA Legal Experts for Community Associations Kaye,Bender,Rembaum Attorneys At Law where Michael Bender Pompano Beach Office was giving a “Seminar on Legal and Legislative Changes and how it affects your Communities”. Among other attorneys present was my pleasure to finally meet Lisa Magill Esq. who brings her Expertise in Community Association Laws to one of Florida’s Leading Law Firm.

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I made new sales by going to Condo & HOA Board meetings!

I made new sales by going to Condo & HOA Board meetings!

With the numbers of service companies that are competing for work in the Property Management Industry I get these questions asked almost every day. How can my company increase sales?  How can I get in front of the decision makers? 

Both are great questions, So you want to get in front of the decision makers letting them know what your company does and how your services can help them. We feel strongly about joining with others in an Industry Organization or Association, one that is committed to the industry you are trying to get work from.

First Look at how much they charge. There are so many that charge from 400 up to over 700 per year to be listed on their directory. We ask you to understand that many of these organizations and associations charge service companies more than other members, why would that be. Well they know that you want to join and get noticed they charge you more because there are more service companies looking to do this. We think this is unfair taking money out of the pockets of hard working companies. The property managers, property owners, landlords, should be the ones paying more to find the Top Professionals that are listed and ready to help save them on the services they provide.

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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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  • Comments: Comments Off on Tenant Screening: A Must for your Property!

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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