Investment Property Management Boyette Riverview Florida

property management pdf
Free Estimates

Are you a real estate investor in or near Boyette Riverview Florida in search of a professional property managers give RentVest a try!

Free Estimates

Quite a few owners know that if you are looking for Property Managers in Fort Worth, TX or Property Management Companies Dallas, Texas. RentVestPM.Con is who you need to contact but do you know that we are also the top choice for everyone in need a affordable property management company in Boyette Riverview Florida! Now that we are part of the MYND group RentVest is better equipped to manage the day to day affairs of the more than 30,000 tenants we serve, while improving the return on investment of the more than three thousand real estate investors we service . Give us 10 minutes and we‘ll show you that it is worth managing your rental property by yourself…

Trained Investment Property Management Defined Responsibilities

Property manager is the supervision of investment properties. The rental manager or property management company essentially acts and makes decisions on the part of an investment home owner so that you can maximize ROI as well as to minimize risk to the property itself. Next, we are going to be discussing a number of the reasons you would want to consider working with a professional investment property management company.

  1. Time: Many people that invest seriously into investment properties simply do not have the time that is required to regularly up-keep them and to keep them running well. A management company can lessen the time period that is needed for having property investments. Not only will they manage the day to day activities associated with owning the property, but they make decisions on behalf of the property owner.
  1. Legal Knowledge: Anybody who invest in properties that get involved in various legal programs must have particular legal expertise in the difficulties as a way to effectively comply. A property management company will almost certainly understand the specific guidelines and they will possess the legal knowledge required to ensure full compliance.
  1. Background Checks: It is very important properly examine potential tenants. A property management company must have the time, practice, and resources required to properly examine all of the potential tenants to minimize risk and increase returns from the property.
  1. Location: A great deal of investors will purchase investment properties in several locations. Since they are unable to physically be close to their investment always, they will need to get out an investment manager so that they can handle the different assignments that are required to handle the house as well as its tenants.

A great investment property manager can be quite a significant advantage to somebody who is looking to invest a property. Making an investment in property is not merely very time-consuming, but it may be particularly risky in case you are not really acquainted with the legalities related to owning and leasing property and should you be struggling to spend the required time managing the property and dealing with landlord duties. One consultation with us an you‘ll understand why we are your best bet for anyone in search of a top rated property management companies in Boyette Riverview Florida! If you would like additional info about the services offered by RentVestPM.Con please vist at our blog. There you will find blog articls on Property Management Fees and other subjects of interest to investment property owners in Boyette Riverview Florida…

Post of Interest to Those searching for Property Management Companies in Boyette Riverview Florida

How Real Estate Management Companies, Property Managers and Landlords Can Increase Rent Prices With Minimal Tenant Loss

property management job description

Notifying tenants of an increase in the monthly rent price for your rental properties is usually a touchy matter, especially since a rent increase can create vacancies that will need to be marked and filled when tenants choose to move rather than pay a higher rent monthly rent. Your rental unit pricing is a big real estate management decision. It is also a crucial factor on whether or not tenants decide to move or stay, so it’s important to tread cautiously when it comes to rent increases.

You want to offer your rental units at the fair market price, but you also want to retain the reliable tenants you have and avoid vacancies. Experience has taught us that renewing leases with great residents who’ve proven themselves to be reliable and conscientious is usually more valuable than a rent increase.

Still, you may decide that a rent increase is necessary to cover rising costs and maintain profitability. In that case, you’ll need to decide how much the increase should be, which is typically between 3-5 percent. When notifying tenants in advance, you’ll want to write a cordial rent increase letter to your residents. Keep the tone warm and include a brief explanation for the increase. Here are some examples:

• Increased costs of maintenance supplies and services needed to maintain the community’s safety and security standards, clean, inviting common areas, and landscaping and green spaces.

Other valid explanations for rent increases:

• Cost of living increases
• Bring the rent up to market value
• Property improvement costs
• Property tax hikes
• Increased utility costs
• Increased insurance premiums

Rent Increase Guidelines for Real Estate Management Companies

Every state has specific laws for rent increases by which you much abide. If you offer rent -controlled housing, your options to increase rent are much more restricted.

Some of the regulations to review in your state, county or city laws for raising rent include:

  • Rules for rent-controlled housing
  • Frequency of rent increases
  • Language requirements in your lease regarding rent increases during the term of the lease
  • Maximum limit for rent increases
  • Number of days’ notice you must provide before rent increase begins

It’s important to do your homework and make sure you understand what property managers and landlords can and can’t do when deciding to raise rent prices.  Generally, unless the lease specifies otherwise, you cannot raise rent prices before the lease expires. Real estate management companies, property managers, and landlords must also deliver a written notice of a rent increase, usually a minimum of 30 days before the increase takes effect.

In many states, unless the apartment is rent-stabilized, you can increase rent by any amount you choose—there is no limit— but you risk losing good, reliable tenants if your price hike doesn’t represent fair market value or seems unreasonable. A growing number of states are moving toward enacting rent increase limits on behalf of tenants.

Writing and sending rent increase letter that is amenable to tenants

Communication is key. A rent increase letter complies with rules for informing tenants and officially documenting it. Your rent increase letter should be pertinent, professional, and written in a polite, approachable tone. You can search for rent increase letter sample templates to use as guidelines.

When writing your rent increase notice letter, personalize it to your community’s unique identity, bearing in mind that money is a sensitive issue, communicating with tenants on a personal level helps remind them that you value them as people. This is your best approach for encouraging them to stay, despite the rent increase. Great tenants appreciate great landlords too, and a great landlord is one who makes his or her tenants feel valued.

When writing the rent increase letter’s greeting, use the tenant’s name, rather than “dear tenant.” Also, use “Change in Rent Notice” in the subject line instead of “Rent Increase Notice,” since the former doesn’t immediately elicit a defensive reaction from residents. In the letter, make it clear that tenants can contact you with questions and provide your email address and phone number. Make sure to thank them for being a valued tenant. Sign off with a personable closing phrase such as “sincerely,” “Best Regards,” or “Many thanks.”

Important information you must include in your rent increase letter:

  • Tenant’s name
  • Property address
  • Property manager or landlord’s name and contact information
  • Date the letter is written
  • Date the rent increase will take effect
  • Amount of rent increase
  • Current rent price
  • Rent price after increase takes effect

You can also structure the letter like a contract and insert a form at the bottom for the tenant to complete, sign and return. Wording on the form should read:

  • I agree to accept the new monthly rent price, effective XX-XX-XXXX date. (If selected, you can the tenant send a lease renewal letter.)
  • I do not agree to accept the new monthly rent price and will vacate by XX-XX-XXXX date according to the lease agreement.

To send the rent increase notice letters you can either hand-deliver them to tenants or mail them individually via certified class mail with a return receipt. Don’t email these notices, as you need to ensure the tenant acknowledges that they received the letter to prevent potential confusion or legal issues later. Follow up with tenants via email or regular USPS mail. Email is the most efficient follow-up method.

Make it as simple as possible

Coordinating rent increases, facilitating communication, and managing potential tenant turnover can be complex touchy. A good real estate management company is well-equipped to handle this task—they keep up-to-date on market prices, are well-versed in writing rent increase letters and lease renewals, working (and negotiating) with residents, and handling turnover.

property management software

Investment Property Management Boyette Riverview Florida

Investment Property Management Company Serving Boyette Riverview Florida Are you a real estate investor in Boyette Riverview Florida searching for a professional investment property management company give us a try. Whether you are looking for Property Manager near Sugar Land, TX or Property Management Company Las Vegas, NV many real estate professionals will recommend that you contact us. With more than 30,000 tenants and over than three thousand owners in our books [...]