Landlord responsibility: Is it too much?

You might be wondering whether you should bother hiring a property management company or just handle the management of your residential properties on your own. There are several factors to consider, such as the amount of properties you own, your property’s location compared to your primary residence and the huge landlord responsibility and requirements which you are obligated by.

As a landlord, your responsibilities include, but are not limited to, ensuring that your property is up to code and that it complies with all building, housing, health codes, rules, regulations; handling the maintenance and repairs of the property; making sure any electrical equipment you provide is safe; and ensuring the property is clean, safe and sanitary for tenants to live in.

The landlord’s obligations to maintain the premises are governed by Section 83 of the Florida Landlord and Tenant Statute; the Florida’s building, housing, health codes and regulations; the type of rental unit – single family home or duplex vs. triplex or apartment ( multifamily); and the terms of the lease/rental agreement.

You are also responsible for filling vacancies. Not only must you fill any vacancies with new tenants, you must oversee existing tenants and, occasionally, evict tenants. You must handle all tenant complaints and ensure that you fully understand the landlord-tenant law and Fair Housing Laws to avoid any legal ramifications, including costly lawsuits.

A property management company can handle all of the above and much more. They can help add value to your investments by lowering costs and even increasing revenues. They can screen tenants to fill your vacancies with the best possible candidates, which can, in turn, lead to fewer complaints, avoid potential lawsuits and ultimately fewer evictions.

Being a landlord is a difficult, challenging and time-consuming job. There is a lot to consider before you take the leap and begin to manage your property—or properties—on your own.

About Octazon:

Whether you own a few properties or hundreds of properties in Florida, Octazon Management, LLC is here to simplify property ownership and management. We can help you manage any and all of your properties. At Octazon we provide simplicity & peace of mind Call us 888-324-9528 or email us info@octazon.com today.

How property management can bring value to your investments

Hiring a property management company may seem like an added, and maybe even unnecessary, expense. But, a property management company can actually increase the value of your investment, increasing your profit.

One of the ways in which this is achieved is by reducing repair costs. Property management companies oversee the maintenance and repair of your properties and usually have a network of skilled and cost-effective repairmen at their disposal. In addition, good property managers focus on prevention, reducing the instances of repeat repairs due to mistakes.

Property management companies can help owners set competitive rental rates and are also great at finding, attracting and screening the best tenants, which lowers your vacancy rate and increases the likelihood of longer stays and a lower eviction rate. Better tenants mean more rental payments. Property Management companies can also add value through their handling of the leasing process, move in and move out process and rental collection Property managers also understand landlord-tenant law and the Fair Housing Act, which greatly reduces the risk of costly lawsuits and helps to retain happy tenants.

Those are just some of the ways in which property management companies can help increase the value of your investments. Contact us to find out more!

About Octazon:

Whether you own a few properties or hundreds of properties in Florida, Octazon Management, LLC is here to bring order and simplify property ownership and management. We can help you manage any and all of your properties. Call us 888-324-9528 or email us info@octazon.com today.