As a property owner, the number one problem that you should try as much as possible to shield yourself from is time-consuming and costly legal problems. Experienced landlords know that it takes only one problematic tenant to engender significant financial and legal headaches. To avoid these, it is very important that you hire an experienced Property Management company. An experienced property management company has enough knowledge of the current laws that govern landlords and tenants. Such a company will always be in a position of ensuring that you as the landlord are not left vulnerable to possible lawsuits from problematic tenants. Not all Property Management Franchise are the same! Make sure you check the reviews of the franchise and potentially ask for some client references.
Each municipality and state has its laws that protect the rights of landlords and tenants as well as the responsibilities of each party. The laws plus the federal laws address some key areas some of which include:
• The screening of tenants
• Property conditions and safety
• The procedure of evictions
• Lease addendums
• How to terminate leases
• Proper handling of deposits including security deposits
• And rent collection
As a landlord, your main goal should be to avoid lawsuits. This is very important because lawsuits are very expensive and time-consuming. In fact, the amount of money you are likely to spend on lawsuits is more than enough to hire an experiencedproperty management company. You should also hire the property management company to spare you the anguish and time of a lawsuit. If you get sued you should search for a property management company that is local and is an expert on the real estate laws in your area. For example if your property is in Destin Florida you would want to hire a Destin Property Management company over one of the more national franchises.
The advantage of hiring an experienced property management company is that the company will first screen potential tenants before proceeding with any rental agreements. Screening a potential tenant is important because it helps the property management company avoid renting your property to tenants who are likely to be troublesome in future. Screening also allows the company to admit tenants who will take care of your property. I personally used a Fall River Massachusetts Property Management company to screen a portfolio of potential renters applications that I had for a vacant property that I was renting. Turns out that several of the renters had been previously evicted and one had a criminal background. I could have ended up in a terrible situation with a horrible tenant had I not used a property management company.