3 Legal Lessons For Military Landlords
Serving as a member of the military as well as a landlord can get complicated. So we spoke with attorney Robert Jameson of Woolsey Morcom about three things military property owners need to be careful about when leasing their property.
1. Get a proper rental agreement in place.
A legal rental agreement is critical to ensure that all parties are aware of their duties and that your rental agreement meets Florida law. You can obtain a rental agreement through an attorney or a reputable property management company.
2. Get the right type of homeowners insurance.
As a military homeowner, you want to ensure that there are provisions within your homeowners insurance policy that cover you in case the property gets damaged. Additionally, if there’s a break in the lease agreement, you want to be fully aware of any potential coverage issues that may exist as a result of being a military homeowner.
3. Work with a reputable property management company.
Life in the military means deployments around the world. The last thing you want is for something to happen at your property and your tenant not able to reach you. In the event of an emergency, you want your tenant to have a point of contact to whom they can report the issue. Having a property management company will save you a lot of time, money, and frustration in the long run.
Perks of working with a property management company
Working with a property management company offers several perks and benefits for property owners and landlords:
-
Expertise and Experience: Property management companies have expertise and experience in managing rental properties, including marketing, leasing, maintenance, tenant relations, and financial management. They can leverage their knowledge and skills to maximize the profitability of your investment property and handle day-to-day operations efficiently.
-
Tenant Screening and Placement: Property management companies can help you find and screen qualified tenants for your rental property. They conduct thorough background checks, credit checks, and rental history verification to ensure that tenants are reliable, responsible, and capable of paying rent on time.
-
Marketing and Advertising: Property management companies utilize various marketing and advertising strategies to attract potential tenants to your rental property. They use online listing platforms, social media, signage, and other channels to reach a wide audience and fill vacancies quickly.
-
Rent Collection and Financial Management: Property management companies handle rent collection, lease enforcement, and financial management on behalf of property owners. They ensure that rent is collected promptly, late fees are enforced when necessary, and financial records are accurately maintained and reported to the property owner.
-
Maintenance and Repairs: Property management companies oversee maintenance, repairs, and property inspections to ensure that your rental property is well-maintained and in good condition. They coordinate with contractors, vendors, and maintenance personnel to address issues promptly and minimize disruptions for tenants.
-
24/7 Emergency Response: Property management companies provide 24/7 emergency response services to address urgent maintenance issues, such as plumbing leaks, electrical problems, or HVAC failures. Tenants have access to a dedicated emergency hotline to report emergencies and receive timely assistance.
-
Tenant Relations and Conflict Resolution: Property management companies handle tenant relations and address tenant concerns, complaints, and disputes professionally and efficiently. They act as a buffer between landlords and tenants, ensuring that issues are resolved promptly and amicably to maintain positive tenant relationships.
-
Legal Compliance: Property management companies stay up-to-date with local, state, and federal rental laws, regulations, and housing codes. They ensure that your rental property is in compliance with all legal requirements, including lease agreements, fair housing laws, eviction procedures, and safety regulations.
-
Time and Stress Savings: By outsourcing property management tasks to a professional company, property owners can save time and reduce stress associated with managing rental properties. They can focus on other priorities or invest in additional properties without being burdened by day-to-day property management responsibilities.
-
Maximized Return on Investment: Ultimately, working with a property management company can help property owners maximize the return on their investment by optimizing rental income, minimizing vacancies and turnover, maintaining property value, and mitigating risks and liabilities associated with property ownership.
Overall, partnering with a property management company can be a valuable investment for property owners, offering professional management services, expertise, and support to help them achieve their investment goals and maximize the success of their rental properties.