Ethics Standards for Investment Property Managers

Ethics Standards for Investment Property ManagersFinding the right space for your business can be a massive undertaking. There are many details to consider including the size, location, and cost of your potential office or storefront. Once you’ve finally found the perfect location, you shouldn’t have to worry whether the property manager will treat you fairly. Unfortunately, not all experiences with property managers are the same. A tense situation can add unnecessary stress.

A property manager’s job includes making sure repairs are completed promptly and the building stays up to code. They will keep your information confidential and look out for your best interest. When trying to determine if you will be working with an ethical property manager, there are several questions you can ask in addition to requesting references.

The National Association of Residential Property Managers (NARPM) has outlined a clear code of ethics for property managers. We’re highlighting several sections below to help further explain the roles and boundaries expected of all property managers.

Ethics Standards for Investment Property Managers

Look Out for Client’s Best Interest

In addition to keeping the property maintained, a property manager is a primary communicator between the landlord and tenant. You might wonder who the property manager will advocate for if a difference of opinion develops.

The NARPM is clear that a Realtor’s code of ethics extends to all real-estate related roles including managing a property. This means that an ethical real estate agent will treat all parties honestly even though their obligation is first to their client. You can always trust communications you receive are truthful and accurate.

Confidentiality

An ethical property manager will uphold the law as it applies to confidentiality. This confidentiality will continue after the business relationship ends. The NARPM ethics code highlights two ways confidentiality applies. First, a client’s confidential information cannot be disclosed. Secondly, the client’s confidential information cannot be used against them to the client’s disadvantage.

Confidentiality does not extend to conceal a criminal act or when compelled by a court.

Due Diligence to Protect Funds

An ethical property manager will protect the finances of the properties to the best of their ability. This does not mean they will meet the financial difference for an unpaid bill. You can expect that money is reserved for upkeep and repairs as needed and that a paper trail recording rental payments are easily obtainable.

Clear Contracts

Another aspect of the code of ethics states that a property manager will ensure that all parties understand the contract presented. You should expect that all your questions regarding your lease are answered before you are asked to sign.

One of the best ways to ensure you are partnering with an ethical property manager is to choose a corporation established in your area with an excellent reputation. Since 1996, All Brevard Property Management has been representing commercial and residential property managers and tenants with fair and ethical property management services. Contact us to learn more about our services and how our experienced property management team can help you.

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Most Common Repairs a Landlord Will Deal With

Most Common Repairs a Landlord Will Deal WithBeing a landlord is an important responsibility. Whether your rental properties are occupied or vacant, it’s possible the home or commercial building you own will require an emergency repair at some point. Even if you are lucky enough to avoid emergency repairs, however, there are also maintenance issues that will routinely need your attention.

Whether you choose to complete repairs and maintenance yourself or hire someone else to do the work, having an idea of the different problems that might come up with your properties will help you estimate how much money to set aside to pay for materials or labor.

Here is our list of the most common repairs a landlord will deal with in Brevard County, FL

Exterior:

A lease condition for your rental properties might include that your tenants are responsible for taking care of basic yard maintenance, but it’s ultimately the landlord’s responsibility to maintain habitable properties. The most common exterior issues arise with roofs, landscaping and pest control.

Roof and Gutters

Roofs have a long lifespan, but eventually a replacement is needed even with a superbly maintained exterior. In Florida, roof and gutter damage also develops from hurricane debris or fungus and mold overgrowth.

Overgrown Landscaping

If your property is unoccupied it is especially important to tend to the landscaping. Keeping the exterior of a home looking its best will help attract renters, and it will also keep the neighbors happy. The easiest way to maintain a rental property’s landscaping is to keep things simple.

Pest Control

Mosquitoes, termites and bed bugs are all pests that are more than annoying. Terminates can harm your property, and mosquitoes and bed bugs pose health risks to tenants. While the responsibility lays with the tenant to keep pests away, once an infestation occurs you may need to step in and make sure you eliminate the pests.

Interior:

Normal wear and tear on a rental property should be expected, especially with long-term tenants. When a tenant moves out it’s common to have to repaint walls or replace carpet which has exceeded its lifespan. There are other interior repairs that may not come up as often, but if left unattended will be expensive to fix.

Drywall Patching

Occasionally a wall will need more than a fresh coat of paint. Drywall patching requires several steps with time for the materials to dry between step, but it isn’t a large expense. If a tenant or former tenant creates a hole in the wall, it’s their responsibility to pay for the repair. However, as a landlord, if they have moved out you will still need to address the repair.

Appliances

Depending on the lease you agree to it may be the tenant’s responsibility to provide appliances. If this is the case, as a landlord you still need to make sure the outlets and/or gas line are up to code and working properly. If the lease includes appliances and something breaks it is your responsibility to repair or replace the broken item.

Electrical

Older homes may require you to update electrical wiring or outlets to comply with local rental property laws. A property that has up to date electrical wiring can still develop a problem. A faulty outlet or accidentally overloading an outlet can cause a short leading to a necessary repair.

HVAC and Water Heaters

Similarly to roofs, HVAC systems and water heaters eventually require replacement or part repair. As a landlord you may want to consider an HVAC maintenance plan for your rental properties to help ensure the units last as long as possible. This is an unavoidable cost if you expect to own the rental property for a long time, so putting away a little money each month for this larger expense is a good idea.

Plumbing

Clogged pipes or toilets are generally the tenant’s responsibility, but a larger issue that requires a plumber often falls to the landlord to fix. Additionally, sewer issues, as well as leaky faucets or pipes, are things a landlord needs to address.

The right rental property company can make all the difference when it comes to dealing with common property repairs. At All Brevard Property, we specialize in Brevard County, FL rental properties. Whether commercial or residential, we will maintain and repair your properties saving you money and time. Contact us to learn more about our services.  

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Property Owners: Read This Before Renting Out Your Home

Property Owners Read This Before Renting Out Your HomeThe housing market has yet to recover from 2008’s big crash, and it’s leaving many homeowners in the lurch when they are looking to sell their houses and move on. When your home has been on the market forever with no progress towards a sale, the idea of renting it out becomes very appealing.

While renting out your home isn’t a terrible idea, it’s not something to take lightly. It isn’t as simple as putting an ad on the internet and collecting the money. Here are a few things you should know before you begin renting out your home.

Save Yourself Some Trouble and Find A Good Tenant

You should never just rent your home out to the first person who shows interest. Make sure you screen potential tenants by having them fill out an application and performing a background check. It may be a bit more work up front but trust us; it will save you a lot of work in the long run.

Be Realistic About Rent

You need to be realistic when deciding how much you should charge for rent. Start by researching other properties in the area to find out how much they are charging. Rent prices in your area may end up being lower than what you’d like, but if you don’t set rent at a fair market price, then you’ll never find a tenant.

Be Prepared to be “The Bad Guy”

Even with great tenants and an airtight lease agreement things can sour. Maybe your otherwise excellent tenant loses their job and can’t make rent payments for several months.

The point is that you should be prepared to put your foot down if your tenant is not living up to their side of the agreement. Sometimes this is your only option for resolving an issue.

Hire A Property Management Company

Experience is paramount to success in the real estate market. By partnering with a property management company, you greatly increase the odds that you will achieve your goals.

At All Brevard Property Management, we give our clients individualized property management services. Our years of experience in the local real estate market will ensure that you get the most out of your rental property. Contact us to learn more about our property management services.

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Commercial Lease Tips for Tenants

Commercial Lease Tips for TenantsGetting the right terms on your commercial lease is very important, as this is something you could be stuck with for many years.When renting from a good landlord, the terms of a lease will protect both parties. But how do you know you are in the right contract for your commercial property needs? Here are a few tips for tenants looking to lease commercial property.

Choose the Right Commerical Lease Length

Before you settle on a lease, it’s important to have an idea in mind of the length you want. Is this a permanent move? Is your choice temporary while you search for a better location? If you don’t plan on staying there long, you should negotiate a shorter lease of one to two years.

If on the other hand, your business is very dependent upon being the right location (for example, a restaurant) you would want to negotiate a longer lease, perhaps five to ten years.

Research Comparable Properties

The cost of rent is one of the most important considerations when it comes to looking for a commercial lease. Think of signing a lease as a negotiation, the more you know about similar properties in the area, the better equipped you are to negotiate favorable terms for your lease.

If you are aware that other similar properties in the area rent at a certain price, you can use this to counter landlords who are looking to get more than the fair market value. This research can be time-consuming and require an in-depth knowledge of the local commercial real estate market, which leads us into our final tip.

Find a Property Manager

Negotiating a commercial lease is not something you have to do alone. When you are in the process of growing and expanding your business the last thing you want to do is be bogged down with small details and time-consuming research.

A property manager with experience in the commercial real estate market will know how to find suitable properties and negotiate a lease that is in your best interest, freeing you up to focus on the important work of growing your business.

When renting commercial property, you will interact with the property manager more than the owner. If there are repairs to be made or negotiations, later on, having a good relationship with the property manager will be substantial.

At All Brevard Property Management, we are the right size to be able to give our clients individualized property management services.  We will leverage our years of experience in the local Space Coast property market to get you the lease you want.

Please contact us to learn more about our property management services in Brevard County, Florida, and how we can help you grow your business to new heights.

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5 Signs You’ve Found the Perfect Rental Home

5 Signs You've Found the Perfect Rental HomeFinding a place to rent can be a hassle. Just when you think you’ve found the right place something comes up and it’s back to the drawing board. So what are some signs that you’ve finally found the perfect rental home for you and your family?

5 Signs Youv’e Found The Perfect Rental Home

A Good Neighborhood

The location of your rental is key. The one thing you can never change about a home is its location. If you want a clean, safe neighborhood where your children can play outside without worry then don’t settle for less. A rental property in a safe neighborhood doesn’t have to break the bank and the wait will be worth it. You’ll benefit greatly from the peace of mind. 

There’s No Pressure To Sign

If a landlord is pressuring you to sign something immediately that’s a bad sign. It could mean they’re trying to hide something big and hoping you won’t notice it until the deal is done, it could mean they’re impatient and insensitive, or it could mean they desperately need the money. Whatever it is one thing is certain: that’s not the kind of person you want to rent from. 

It’s Well Taken Care Of

Pay close attention to the state of the home when looking at rental properties and make sure everything is in working order. If the landlord isn’t taking care of his property now, can you really trust him to do it once you move in? If you find a home that’s clean and well maintained, even when no one is living there, then odds are you’ve found a landlord who really cares about his tenants and his property.

The Landlord Is Experienced

A landlord who has been around the block is usually going to be easier to deal with. Someone who is just dipping their toes into renting or thinks it’s just a way to make a quick buck is probably going to end up causing you some headaches down the line.

Your Family Loves It

Moving into a new place can be a big change so if you’ve found a place that your kids immediately love, you know you’ve got something special. You’re all in this together and it’s important that everyone is happy.

At All Brevard Property Management, we know how important it is to find the perfect rental home. We’ve been representing both property owners and tenants for over 20 years. Contact us today to take one more step towards finding the rental home of your dreams in Brevard County, FL.

Wondering if Brevard County, Florida is the right place for your family? Check out our post on why it’s a great place for investment properties here. You’ll find these same reasons make it a wonderful place to live.

 

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Brevard County Florida is a Great Place to Own an Investment Property

Brevard County FL A Great Place to own Investment Property

Florida is known as a popular tourist destination because of its sunny beaches and family-friendly theme parks. But tourism isn’t the only thing it has going for it. Floridians enjoy a high quality of life due to the affordability, pleasant weather, and varied activities that are available. Brevard County is located just east of Orlando along the Space Coast. If you’re interested in investment property, Brevard County is a great location for a few key reasons.

Ideally Located

Brevard County is in close proximity to Orlando and all its family fun making it a great place to raise a family. Equally appealing are the fantastic beaches that are enjoyed nearly year-round. The convenience of this location translates to more jobs, more people renting, and an overall higher quality of life for residents.

Local Activities

Brevard County offers activities for families that allow for a fun day out while staying close to home. The Brevard Zoo, riverboat tours, parks and the Foosnar Art museum are all great places to explore. Whether visiting or renting long-term the culture of Brevard County is varied and full.

The Next Big Tech Hub

Thanks to the Kennedy Space Center and the nearby Cape Canaveral air force base, the two locations where NASA launches manned spaceflights, Brevard County is quickly becoming a center for cutting-edge science and technology that rivals even Silicon Valley in California. Many young people with science and engineering degrees move to Brevard County for work, making it a great area to rent out property.

These are just a few of the things that make Brevard County a great choice for your real estate investment property. Any time you invest in property it pays to have the experts on your side, and at All Brevard Property Management, we will take the work out of owning a rental property. You can contact us anytime to learn more about our property management services and how we can help you with your investment property.

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Residential Property Management: Saying Yes or No to Pets

residential property management with petsThere are a few decisions to be made with residential property management. Finding just the right tenants for your property can sometimes be a difficult task. One question that many owners face is whether or not they should allow pets. Allowing pets can attract a wider group of potential tenants. There are a few risks that come with allowing pets, but there are also steps your property management team can take to minimize potential issues.

An Educated Decision

It’s important to take a survey of each property first. Determine what kind of pet is appropriate for each property. If you have a large yard with a fence, a dog will be safe and contained. However, if the property has a small outdoor area or a yard with no fence, allowing a cat may be a better option.

You’ll also want to consider the amount of carpet in the home or apartment. Obviously, tile and wood floors are better for removing evidence of the presence of pets, but claws can scratch some wood floors. Another important consideration should be the neighbors of your property. In an effort to be considerate to neighbors, you will want to make sure that a quiet environment is maintained.

Cover All The Bases

Including a pet policy and pet deposit in the rental agreement is essential for effective property management. The policy should outline the expectations of both parties and assign responsibility. Most commonly, this agreement gives the pet owner the responsibility for any costs that are related to the pet. You may want to place a limit on the number of pets allowed. Also, this agreement may include conditions that need to be met upon vacating the property such as a thorough cleaning of carpets and upholstery. You may want to consider taking pictures of the property before renters move in. If there is a dispute regarding whether or not damage occurred while the pet was occupying the property, these photos can be used for reference.

If you are feeling unsure about renting your property on your own, a property management company can assist you. A professional property management agency will have the skills and knowledge to help both owners and tenants meet their goals. That includes creating a rental agreement with a pet policy.

When it comes to property management on the Space Coast of Florida, look no further than All Brevard Property Management. If you’re in need of real estate or property management services in Brevard County, including Merritt Island, Rockledge, Melbourne, Suntree, Viera, Palm Bay, Satellite Beach, Indialantic and Melbourne Beach, we have you covered.

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Why a Property Management Company Is a Real Estate Investor’s Best Friend

Property Management Company Brevard County, FLSometimes there aren’t enough hours in the day to do it all. If you are a real estate investor, you probably know this all too well, especially if you own several rental properties. With all the responsibilities that come with owning and renting out multiple properties, it can be very overwhelming at times. This is where a property management company can be your best friend and allow you to focus on other areas of your business, or to just have a normal life outside of business.

What A Property Management Company Can Do For You

  • Collect rent. A property manager will collect rent from your tenants for you, saving you time. The management company will deal with renters who are behind on their payments and assess late fees. Rent and any other fees collected are then deposited into your account.
  • Handle legal matters. Having to go to court to evict a tenant or seek restitution for damage to your property is time-consuming. A property management company will handle all the legal paperwork and act as your representative in court. They will also take care of creating and enforcing lease agreements.
  • Arrange repairs. Do you want phone calls in the middle of the night from a tenant when something breaks? A management company will field these calls for you and ensure that repairs are made in a timely manner. They often have a vetted group of contractors to call for repairs. This saves you the hassle of trying to find a plumber, electrician or handyman at a moment’s notice.

There are many benefits to hiring a property management company. They can oversee your properties and help you maintain better control over your real estate investments. It can be a cost-effective approach to maintaining your properties and cut down on the time you would spend if you did everything yourself.

Contact us at All Brevard Property Management to learn more about our property management services in Brevard County, FL.

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5 Benefits of Hiring a Property Management Company

property managementOwning rental properties can be a huge nightmare if you aren’t prepared for all of the responsibilities and obligations. Hiring a property management company is a cost-effective and time-efficient way to handle your property management needs. Below are some of the main responsibilities of a property manager.

Rent Collection

A property management company will collect the rent and make sure that reminder notices are sent out to individuals who fall behind in their payments. They will collect late fees as well as any other charges that may apply and deposit them into an account.

Takes Care of Repairs

Management companies will also take care of any repairs that need to be made to rental properties. Most companies have a list of plumbers, electricians or repairmen they can contact when repairs are needed. The work is performed in a timely fashion and the repairs are paid for out of an account that has been established for that purpose.

Assists with Legal Matters

Property management teams also handle any legal matters involving rental properties. This includes eviction notices, rental and lease agreements and filing suit when the property has been damaged by renters. The property manager for each unit is responsible for making sure all legal notices are filed in a timely fashion and ensuring that all cases are followed through to completion.

Solicits New Tenants

When vacancies occur, a property management company will advertise the opening and work with prospective tenants to finalize the legal paperwork needed to get them moved into the property.

Communicates with Tenants

Tenants work directly with the property management company for any issues they may have. A property manager is assigned to each property and will work with the tenants at the location when it comes to collecting the rent, ordering repairs and making sure the property is in excellent condition. The property manager also relays any concerns to the owner of the property and takes any action that they deem necessary.

Property managers handle all of the responsibilities associated with owning any type of rental property. Hiring the right company will put your mind at ease and allow you to focus on other parts of your life. Take a look at the services we offer. If you’re searching for a property management company in Brevard County, FL, contact us to see how All Brevard Property Management can assist with your property management needs.

 

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