Indialantic is a town in Brevard County, Florida, United States. The name is a portmanteau derived from the town’s location between the Indian River Lagoon and the Atlantic Ocean. The population of Indialantic was 2,720 at the 2010 census. It is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area. The seldom-used official name of the incorporated town is “Indialantic-By-The-Sea.”Read More
Category Property Management Brevard County
A service is an intangible commodity. More specifically, services are an intangible equivalent of economic goods. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyer’s willingness to pay for it.Read More
Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business. Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables.Read More
Merritt Island is a census-designated place in Brevard County, Florida, United States. It is located on the east coast of the state on the Atlantic Ocean. As of the 2010 census, the population was 34,743. It is part of the Palm Bay – Melbourne – Titusville, Florida Metropolitan Statistical Area. The name “Merritt Island” also refers to the extent of the former island, which is now a peninsula. Merritt Island National Wildlife Refuge and NASA’s John F.Read More
Palm Bay is a city in Brevard County, Florida, United States. The city’s population was 103,190 at the 2010 census, making it the most populous city in the county. Palm Bay is a principal city of the Palm Bay−Melbourne−Titusville Metropolitan Statistical Area, which had a population of 543,376 at the 2010 census.Read More
Brevard County is a county in the U.S. state of Florida, along the coast of the Atlantic Ocean. As of the 2010 census, the population was 543,376, making it the 9th most populous county in the state. Influenced by the presence of the John F. Kennedy Space Center, Brevard County is also known as the Space Coast. As such, it was designated with the telephone area code 321, as in 3-2-1 liftoff.Read More
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.
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.Read More
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.Read More