March 15, 2021   Posted in Property Management Brevard County

Before you invest in a rental property, you need to consider what you need to earn for the investment to be worthwhile? You will want to earn a profit each month on your investment that covers more than the property’s expenses. Your time is valuable, and you need to consider paying for yourself as part of the return on investment or ROI of your Florida investment property. 

Before you can calculate the true ROI of a rental property, you have to factor in all the costs associated with holding that property, not just the purchase amount. You will need to know your rental income, total expenses, and the time spent managing the property.

Before we start the calculation, let’s define each term:

Rental Income: Rental income is any payment you receive for the use or occupation of a property. (IRS.gov)

Rental Expenses: Expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs. The IRS website has a long list of rental-specific expenditures that qualify for deductions you can review.

You may not deduct the cost of improvements. A rental property is improved only if the amounts paid are for a betterment or restoration or adaptation to a new or different use.

Cash Flow: In real estate, cash flow is the difference between a property’s income and expenses, including debts. (source)

Equity: The amount of money you’d receive after paying off the mortgage if you were to sell the home. (source)

Net Income: The income you receive from your rental property after deducted expenses associated with the home. (source)

How to Calculate ROI on Florida Investment Property

To calculate ROI on a rental property, use these 4 simple steps:

1.   Calculate your annual rental income
2.   Subtract your expenses from your annual rental income. This is your cash flow.
3.   Add your equity build to your cash flow. This is your net income.
4.   Divide your net income by your total investment to get your rental property return on investment.

All Brevard Property Management, in Indialantic, FL, understands that you need to maximize your ROI as an investment property owner. That’s why we carefully background check our rental applicants and conduct credit checks. We also conduct semi-annual inspections to ensure your property is well maintained. Contact us to learn more about why your property is in excellent management hands with All Brevard Property.

 January 5, 2021   Posted in Property Management Brevard County

Part of your responsibilities as a landlord is to make sure your property remains safe in the event of a hurricane or natural disaster. If your property is in Florida you will need to take extra care to prepare for hurricanes whereas in other parts of the country landlords reinforce properties for other natural disasters such as tornadoes. Landlords who maintain their properties will have an easier time retaining tenants and finding new ones. If you don’t have time to take care of the upkeep yourself you will want to hire a trusted property management company to ensure your investment property is in excellent condition heading into hurricane season.

Here are Four Ways to Prepare Your Property for Hurricane Season

Review Your Insurance Policies

In the ideal situation, your insurance will cover repairs to the property and replace anything that suffers damages beyond repair such as broken windows. You may consider looking into getting extended replacement cost coverage or a guaranteed replacement cost policy. Both policies are designed to cover you in the event of a major disaster. 

Hurricane and flood insurance is also important to consider, especially if you are in a flood zone. Flood insurance is not covered by standard homeowners or renters insurance policies but is available through FEMA’s National Flood Insurance Program. Hurricane deductibles only apply to damage caused by a hurricane, and typically vary from 1 percent to 5 percent of the insured value of a home.

Share Hurricane Safety Procedures with Tenants or Property Managers

As a landlord, it’s your responsibility to make sure your tenants or property manager are aware of safety procedures in the case of a hurricane. If you have tenants, make sure everyone is informed about storm-related preparations. Provide a hurricane checklist to help your tenants ensure their living space is secure against high winds. After the storm, check in with your tenants to make sure everyone is safe. You will want to make sure you connect with your property manager after they gather a property damage report and arrange to have an inspector check for damages that aren’t visible to the eye.

Prepare the Property Before a Hurricane

It’s a good idea to check the property at least once a year for any vulnerable trees that may break or fall and have them removed before the hurricane season. It’s your responsibility as the landlord to storm-guard your property and work to prevent potential hazards or injuries.

Document Everything with Photos

The quickest way to ensure the insurance companies will accurately appraise repairs is by filing photo documents ahead of time. If they know when you last replace windows, the roof, gutters, or other exterior fixtures it will be easier to know how to estimate the value of the damages.

At All Brevard Property Management, we understand it’s the details that set companies apart. We work with landlords to ensure that properties are in great shape before hurricane season so that they are safe for tenants. Contact us to learn more about our property management specialists.

 October 6, 2020   Posted in Property Management Brevard County

Property owner responsibilities include paying for repairs, paying taxes, and maintaining the property to keep it safe and orderly. A property manager can assist with daily tasks and oversee maintenance repairs. As a property owner you will need to carry the property insurance to cover any problems that arise at your property. You should also have an understanding of liability lawsuits risks and what to do when faced with property damages. 

Familiarize Yourself with Landlord Insurance Policies

Landlord insurance, or dwelling insurance, protects your property against accidents, natural disasters, and thefts. There are three levels of protection: basic, broad, and special dwelling insurance. As you consider different companies you will encounter a variety of types of coverages. Not all policies will include all types of coverage, so be careful when deciding which policy to purchase. 

Landlord insurance is important to have because it may cover any damages caused by a tenant. Accidental damage, such as accidental fires, is covered by all three types of insurance. When filing a claim you’ll still have to pay the deductible, but the tenant’s renters insurance may be able to reimburse you. Intentional damage may be covered by dwelling insurance, and this type of damage includes theft, such as stolen light fixtures, or spray painted walls. Basic wear and tear of the property are not covered, but in the event that this occurs you can keep the security deposit as payment for the damage caused.

How to Avoid Negligent Security Lawsuits

Insurance policies are a large part of protecting your property, but premises liability and negligent security should not be taken lightly. In Florida, property owners have the legal obligation to take steps to secure their premises and prevent any harm that may come to residents or tenants. Premises liability involves injuries caused by negligent conditions on the grounds of apartment complexes, office buildings, or shopping centers, to name just a few examples. If a property owner fails to make their property safe for tenants and someone suffers injury or is a victim of theft, it may be grounds for a Negligent Security Lawsuit. 

A Negligent Security Claim relies upon three elements: that the property owner had a legal obligation to provide security measures to their premise, that the injury sustained was due to the owner’s failure to provide the necessary security measures, and that the victim can prove the injury or damaged personal property is a result of the incident. Damage compensations can vary greatly, so make sure you take the necessary precautions to make your property safe, such as adding a gate or security cameras to your apartment complex. You don’t want to be caught in a liability lawsuit. 

All Brevard Property Management strives to ensure property owners are cared for in a timely and professional manner. If you have questions about the damages property owners are responsible for in Florida give us a call. We’re available to answer any questions you have about residential property rentals. 

 June 30, 2020   Posted in Property Management Brevard County

Renting 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 Managementin Indialantic, FL. 

 April 6, 2020   Posted in Property Management Brevard County

Owning commercial and residential properties comes with many responsibilities and obligations beyond paying insurance and the mortgage. The demands of a landlord takes a lot of time and energy year-round but can be especially busy at certain times of the calendar. 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 thecollection 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 incase 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 life 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 setsAll Brevard Property Managementapart give us a call today.

 December 17, 2019   Posted in Property Management Brevard County

Whether 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.

 September 17, 2019   Posted in Property Management Brevard County

One 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. 

 June 13, 2019   Posted in Property Management Brevard County

Who 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.

 March 14, 2019   Posted in Property Management Brevard County

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.

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 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.

 December 19, 2018   Posted in Property Management Brevard County

There 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.