Pros and Cons of Renting Out Your Future Retirement Home

Pros and Cons of Renting Out Your Future Retirement HomeRenting out a home can be very enticing, especially if your house has been on the market for a while with no sign of finding a buyer, or if you’re looking for extra income during your retirement years. The prospect of making a few hundred dollars each month might be the financial safety net you’re looking for, but there are extra steps to take to research the pros and cons of owning rental property before making such an important decision.

 

The Pros of Owning Rental Property

At first glance, there are many positive things about owning rental property. Having a passive income stream helps pay off your mortgage on your rental property and the home you live in more rapidly. There are also tax advantages to renting out properties, such as claiming all of the mortgage interest you pay against the income you earn from your rental property. Property values appreciate over time. The longer you rent out a property, the more flexibility you have once you retire. 

The Downsides to Being a Landlord

Renting a property is a great way to supplement income, but it has challenges as well. Rental properties are riskier to purchase in the eyes of banks and often require a larger down payment. You can also anticipate the bank will charge a higher interest rate for rental property than the home you live in. You need to make sure you thoroughly research loans as well as the average cost of rent in the area. It’s a good idea to work with a property manager to help you accurately estimate monthly costs for maintenance fees, insurance, and taxes in addition to rent.

Finding the perfect tenant is also difficult if you have a property that’s for rent at the wrong time of year. You don’t want to be stuck with the hassle of trying to evict a tenant who won’t pay rent. Empty units can cause financial stress if you haven’t planned properly or there are repairs that require the unit to remain uninhabited for longer than you prefer. 

Landlords are also required to maintain their rental properties. These costs can add up if they aren’t spread out. If you choose to manage the property yourself you should also be prepared to answer emergency phone calls for when that older HVAC system finally breaks. 

Reduce the Stress of Renting Out Your Future Retirement Home

Hiring a property manager can save you a lot of headaches when surprises arise on your rental property. When you hire a property manager you will have the assurance that your retirement home is well maintained. Every time tenants move in and out a property manager will perform maintenance checks. They will also ensure tenants who live in your future home receive proper background checks before signing a lease. For more information about the role of a property manager contact All Brevard Property Management in Indialantic, FL. 

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Why You Need a Property Manager

Why You Need a Property ManagerOwning commercial and residential properties comes with many responsibilities and obligations beyond paying insurance and the mortgage. The demands of a landlord take a lot of time and energy year-round but can be especially busy at certain times of the calendar year. Juggling property maintenance needs can be a lot to balance, especially if you own multiple properties. To ensure your tenants’ needs are handled properly and in a timely manner, you might consider delegating your role to someone with years of experience supervising properties and working with tenants. Hiring a property manager is a cost-effective approach to maintaining an investment property

Here is Why You Need To Hire A Property Manager in Brevard County, FL

Direct Communication with Tenants

Property managers take on many responsibilities, most importantly communicating with your tenants on your behalf and collecting rent payments. Property management companies will represent you professionally as they interact with tenants and take care of various property issues that arise. They are responsible for communicating with tenants, directly handling the collection of rent payments, and sending late notices. Property managers are also knowledgeable of the area and will place strategic advertising to find the best new tenants. This can save you a lot of time, especially if you have multiple properties.

Assist with Legal Responsibility

Property managers also assist with legal matters. They conduct credit and background checks on potential tenants, send eviction notices and help file suits in case of damages to the property. You won’t need to worry about spending extra time following up on rent or filing paperwork. When you hire a property management company, you hire a partner to help protect your investment.

Manage Property Repairs

Property managers also order all repairs necessary to maintain the property and ensure it stays in great condition. This is particularly helpful if you live far from the properties. Having local representation will reduce miscommunication in an emergency. For example, if a pipe bursts you don’t want to deal with the stress of a fixing problem from a long distance. Property managers know which trustworthy local plumbers, electricians, or repairmen to contact. You can be sure you are paying a fair price and a manager can view repairs in person to confirm they are complete before you pay any invoices.

When you hire a property manager you aren’t only hiring someone to help maintain your investments, you’re reducing your workload and gaining an experienced partner to ensure your properties have good tenants. For more information about hiring a property manager and what sets All Brevard Property Management apart give us a call today.

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Easy Ways to Get Your Property Ready to Rent

Easy Ways to Get Your Property Ready to RentWhether you are looking to rent your property for the first time or the tenth, part of finding a great renter starts with getting your property rent-ready. A “rent-ready” property is clean, has completed repairs, and is available for the new tenants to move in when they sign the lease. We are highlighting six things you can do to make your rental property more appealing to renters and also reduce your maintenance expenses along the way. Some of these items are a little more costly than others, but they are all worth considering as you try to find the best renters for your Brevard County, FL rental properties.

Easy Ways to Get Your Property Ready to Rent in Brevard County

Clean Thoroughly and Check for Mold

New lessees are attracted to rentals that are “move-in ready” clean. Many property owners have their rental professionally cleaned which includes everything from scrubbing the baseboards to cleaning out the appliances.

A clean property also includes changing the air filters. Instead of reusable ones that tenants have to clean, replace the air filters with disposable ones. Make sure to tend to the inside and out of cabinets and vanities, light fixtures, window sills, toilets, and appliances, including the dryer vent. Note and complete repairs along the way.

Professional carpet cleaning is also a necessity as well since their shampoo and steam machines do not leave behind a residue like rental and personal machines. Some landlords include this as a checkout requirement of the previous tenants.

Sometimes previous tenants don’t “keep house” as well as you’d like and this can leave a home in need of deodorizing from mold and mildew. While cleaning, make sure to check for mold especially in dark corners of the laundry room as well as in the bathroom around fixtures and in showers.

Scrub mold with soap and water off surfaces, except drywall, which will require replacement if found.

Check, Service, or Upgrade Appliances and Light Fixtures

Making sure the appliances are working and in good repair is a crucial part of getting your property ready to rent. In general, people tend to take care of nicer things, so the nicer your appliances, the better the chance that new tenants will take care of the items you upgrade or replace.

Appliances to check include turning on the oven to check the temperature on the dial and a thermometer inside is the same. Check the water heater pilot light to make sure it’s steady and blue. Wash a load in the washing machine and dry it in the dryer. Service any appliances that are not working properly.

Check to make sure all light fixtures are in working order. Replace any broken or missing light bulbs; consider putting in energy-efficient bulbs. This kind of bulb reduces energy costs and doesn’t need to be replaced as often. Sometimes a simple upgrade in lighting fixtures refreshes a room, making it seem less dated.

Re-key or Change Locks

Re-keying and recoding locks make old keys your previous tenants may still have unusable. You never know who may have a copy of a key or know codes to your property. Make sure to change the garage door and any security alarm codes. Re-key all outside doors, remembering outdoor locks such as mailboxes, side gates, and outdoor sheds. 

If you are part of an HOA, make sure you have all the codes to any community buildings, fitness centers, swimming pools, or community gates. It’s also a good idea to let your HOA know there will be new tenants occupying the property and the old tenants should not be allowed access to any of the community facilities attached to your Brevard County, FL rental. 

Painting Walls and Trim

Tenants want a property that is or looks like it is, freshly painted. Repainting every time you have a new tenant is the most costly and aggravating expense for property owners. Professional painting costs vary depending on the size and difficulty of the job as well as where you live in the country. You can reduce this cost greatly by doing the work yourself.

Fix any holes in the walls from pictures or decor your previous tenants hung before applying a fresh new coat of paint. If you plan to rent for more than one year, it’s most cost-effective to paint the entire house.  Using a neutral color allows the chance that it can be touched up, if needed, at a much lower cost than totally repainting every wall in the future.

Exterior Refresh and Landscaping

If you have spent considerable time and or money to improve and maintain the exterior and landscaping of the property, consider a lawn and landscaping service to provide most of the care. You can include the cost of the monthly rent.

Depending on how well your previous tenants maintain the property while living in the rental, you may need to put time into repairs and paint any wood on the exterior. This includes having gutters cleaned, check trees for any potential hazards, and pressure wash siding, sidewalks, decks, and driveways. If your rental property is in an area that pays an HOA fee for pressure washing some things may be included in the annual work.

Clean and Replace Windows and Screens

Remove window screens, and wash them. You should replace them if they are torn or the frames are bent. Torn screens allow pests in the rental property. Repairing or replacing them saves you money in the long run since you will have fewer visits from the pest control company. 

Consider having the windows professionally cleaned to bring light into the house. Repair any broken windows or windows that are difficult to open. Inoperable windows are both a safety hazard and a visual blight on the property.

The amount of time and money you have to invest in getting a unit ready to rent in Brevard County, FL depends on the current market and the condition of the unit. Finding the best tenants often depends on ensuring your property is “rent-ready” when a unit is open. If you don’t have the time consider, hiring a property manager.

At All Brevard Property Management, we specialize in property management services.  Our full-time property managers represent the owners’ interests while watching out for the tenants’ rights and obligations as well. Contact us to learn more about our services or view our properties.

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Don’t Skip the Move-In or Move-Out Inspection

Don't Skip the Move In or Move Out InspectionOne process you want to get right with managing and maintaining properties is the move-in and move-out process. A few things are obvious, such as collecting a deposit and the space is clean before new tenants move in; and making sure the space is clean and in good repair when tenants move out. The move-in and move-out inspections are key processes that protect the property owner from having to pay for damages out of pocket. All Brevard Property Management explains more about this important process for property managers.

What’s the Most Important Step for Florida Space Coast Property Management?

One dangerous mistake property owners make, is to assume their tenants will treat the space they are renting with the same care and respect the owners would. You shouldn’t assume the worst in tenants, but it’s wise to take a few steps to protect your property and business. 

Don’t skip the move-in inspection

Time fades the memory, but pictures help remind. Take photos of every room that show the condition of the space before your new tenant moves in. Document all repairs and upgrades you make before they move in. 

Photos are helpful if legal disputes arise. However, the most common use of photos is to settle discrepancies in memories. Pictures also serve as a way of creating a checklist before tenants receive their deposit when they move out, as well as evidence the property manager needs to justify deductions for damages.

Document requests and repairs while the tenants are in the space

This log not only provides history on when you completed maintenance on your property but also shows patterns. It is helpful in considering an increase in the rent when it’s time to renew the contract if the tenant generated more upgrades than you anticipated.

Don’t skip the move-out inspection

Tenants move onto new spaces for several reasons and sometimes it’s because they outgrow the space. It’s important to closely inspect a space after a tenant moves out so you can catch all repairs. A good property manager knows the value of inspecting and documenting the condition of a property. They know when it’s time to replace items due to normal wear and tear or whether property damage is due to the tenant’s misuse.

Handling move-in and move-out inspections take time and attention to detail. As a property owner, if you are looking to delegate important tasks like these, contact All Brevard Property Management. Our staff understands the importance of protecting your rights as a property manager and properly maintaining your residential and commercial properties on Florida’s Space Coast. Call us today to learn more. 

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Decorating Tips for Your Palm Bay, FL Rental

Decorating Tips for Your Palm Bay FL RentalWho doesn’t love the beach house life? It may seem easy to decorate with the beautiful outdoor views, but it’s harder than what you might expect. Rental properties are competitive in Palm Bay, Florida and decorative appeal makes a huge difference in the rental price. Here are nine types of decorating styles and tips that we love for rentals in Palm Bay, Florida.

 

 

Check out these ideas for adorable tips for decorating your Palm Bay, FL rental home

Coastal Living adores HIVE and you will too with bamboo decor, floral prints, tropical artwork, and bold colors. This store breaths inspiration!

Check out Coastal Living’s adorable decorating ideas

 

Consider these coastal paint colors from The Lily Pad Cottage before you start painting.

Coastal Paint Colors

Turquoise has become a popular color to decorate with, but do you know how to use the color? Learn tips from A Blissful Nest.

 

Learn how to bring parts of the beach into your decor, including sailboats, shells, and driftwood from Homely Smart.

 

Looking for a more bohemian look? Or farmhouse chic? Dark blue accents or traditional and elegant? Citizen Decor has 25 beach house decor ideas to try.

 

Learn how to decorate with white from Southern Hospitality Blog.

 

The Prudent Penny Pincher offers 100 cheap and easy coastal decorating tips that will transform your rental property.

 

Wooden beach signs have become quite popular and they are an easy way to put a final touch on any room in your rental home.

Looking for the farmhouse beach look? Mommy Thrives has tons of ideas for every room in your home. Use a great mix of natural tones and beachy colors for a calming and welcoming feel.

This is just a small gathering of the adorable ideas out there for decorating your Palm Bay, FL rental home on a budget. We hope you feel inspired to add your own creative spin to your home after seeing all these fun options.

Are you looking for a rental home on Florida’s Space Coast? Contact All Brevard Property Management to see what homes we have available.

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Reduce Stress by Hiring the Right Property Manager

Reduce Stress by Hiring the Right Property Manager in Brevard County, FL

Having even one rental property can be more time consuming than anticipated. The demands can overwhelm you at times, especially if you have multiple tenants. You may find yourself taking calls 24/7 with an endless to-do list. If your goal is to continue to add properties to your holdings your work will only increase. Work smart and reduce stress by hiring the right property manager. All Brevard Property Management helps clients manage repairs, communicate with tenants, and take care of daily property management activities. Here are six resources to help you hire the right Brevard County property manager or property management company.

 

20 Questions to Ask A Property Manager

Wondering what to ask a property manager? These questions will help you determine the cost involved and understand the level of commitment you need.

20 Questions to Ask A Property Manager

 

5 Benefits to Hiring a Brevard County Property Management Company

Still not convinced? Here are five more reasons why hiring a property management company in Brevard County is the next right step for your business.

property management

 

Property Management Do’s and Don’ts

Learn what to do and what to avoid when managing your property so you can hire someone with the same approach.

 

80 Questions to Consider When Hiring Your Next Property Manager

What if you have multiple qualified candidates? Learn more detailed information about your property management candidates!

 

 

Advantages of Hiring a Property Manager

Hiring a property manager can lighten your workload, but do you also know that they can help prevent legal issues by understanding the local and state tenant laws?

 

Investing in Rental Properties: What You Should Know About Property Management

Brevard County property management goes beyond building maintenance. It includes finding good tenants, marketing the property, and managing payments from tenants.

When you are ready to hire a property manager for your Brevard County, FL properties contact All Brevard Property Management. We specialize in both residential rental properties as well as commercial rental properties. Contact us today to learn more.

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Common Mistakes Commercial Real Estate Investors Make

Common Mistakes Commercial Real Estate Investors MakeThere are countless lessons to learn with investing, regardless of how long you have been a Florida real estate investor. Some lessons are more painful and financially devastating than others, but many are preventable. The experts from All Brevard Property Management are here to share their knowledge about commercial investments. Here are three common mistakes that commercial real estate investors make to avoid.

 

Commercial Real Estate Mistake #1: Buying without Doing Your Due Diligence

A property may seem nice on the outside and even cosmetically throughout the home, but don’t sign on the dotted line until you do more research. It’s important to hire an inspector to walk through the home and look at the HVAC system, foundation, windows, doors, roof, plumbing, and electrical systems. These are the areas where you can’t see potential problems on the surface. They need an expert eye. These hidden issues are also often the most costly to upgrade and bring up to code.

Commercial Real Estate Mistake #2: Not Hiring a Property Manager

Are you eager to save money? Don’t try to achieve this by trying to manage multiple properties on your own. Some updates you will likely complete yourself, but there are still a number of daily tasks for a property manager to handle. A property manager will make sure all parties comply with the lease agreement and ensure someone is available to handle requests and meet with vendors.

Commercial Real Estate Mistake #3: Not Signing a Contract when Working with Partners

Investing as a group of real estate investors has huge benefits. You have more resources to pool together and more people to divide out the responsibilities. Problems arise when investors do not take the time to define clear responsibilities and expectations for all parties. Who is in charge of ongoing maintenance? Paying taxes? Collecting rent? Sign a contract up front to avoid huge headaches and potential legal issues later.

At All Brevard Property Management, we specialize in property management services throughout Brevard County, FL. We are available to manage both residential and commercial properties on Florida’s Space Coast. Give us a call to speak with one of our full-time property managers and learn more.

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Roles of a Property Manager Vs. a Property Owner

Roles of a Property Manager vs a Property Owner

When deciding whether to purchase an investment property, it is important to weigh the responsibilities involved. As a property owner, you are responsible for property upkeep, paying taxes, and dealing with tenants. Perhaps this is what you envision or maybe you plan on hiring someone to handle this for you. Let’s take a close look at the roles of a property manager versus a property owner from the experts in Brevard County.

 

Roles of a Property Manager

A property manager handles a lengthy list of the day-to-day responsibilities of the properties owned by someone else. This often includes handling tenants , such as renters in an apartment complex. Managers also collect rent, take care of repairs and maintenance, manage the budget, keep accurate records, and pay bills associated with the property. A property manager is responsible to make sure the building spaces are occupied and rent is collected on time.

Here is a list of common repairs property managers have to deal with. Sometimes a property owner hires a manager to oversee all their properties, including vacant ones. Other times, individual property managers supervise each property, such as with a large apartment complex.

Roles of a Property Owner

By law, there are responsibilities that property owners must take care of, including keeping a property in safe order and paying taxes. The property owner is responsible for covering the cost of repairs, but the property manager often oversees the work. Some property owners like to be involved in the daily operations, while others entrust everything to the property manager.

Property Manager vs. Property Owner

Can a property owner also be the property manager? Yes, it’s possible, but there are some aspects to consider before taking on the role. As the owner, can you be available at all hours of the day and night for emergencies or maintenance requests? Do you have the time to adequately take care of the number of units and properties you own? Is there a backup person who is available to step in when you go on vacation or have other responsibilities to attend to?

As you consider purchasing an investment property in Brevard, FL it’s also important to consider whether you will take on the responsibilities of managing your property or hire someone else for day to day management.

All Brevard Property Management specializes in property management. We will lease your property for you, providing owner representation while keeping you advised on property changes, maintain and repair the property as well as perform other property management duties. To learn more contact us to schedule an appointment.

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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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