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A Profitable Rental Property; The Top 5 Features

• Are you looking for a way to boost your chances of finding an excellent tenant? If so, take a look at these top 5 profitable rental property features. In fact, these five factors will give you a better chance of finding an excellent tenant for your rental property as well as a higher return on your investment:

  1. Location. Great tenants look for a property that is close to their workplace, as well as grocery stores, restaurants, and community parks.
  2. Safety and Security. A safe environment is a powerful motivator for great tenants. Adding a SMART alarm system is a cost-effective way to make tenants feel safe and secure in any neighborhood.
  3. Move-In-Ready. Before showing the property, make sure that all the necessary repairs have been made. A rental unit that is in move-in ready sets the expectation a tenant will maintain high standards.
  4. Upgrades. It’s the little details that can make a rental feel like home. Like stainless steel appliances and hardwood flooring. And even simple upgrades like new light fixtures or updated cabinet hardware can make a big impact.
  5. A Cooperative Landlord. In an ideal landlord-tenant relationship both parties should be cooperative, and respectful. If you set an expectation or make certain promises,then you need to be sure to follow up on your promise. Good tenants expect that you will keep your end of the bargain, just as they plan to.

• With the above criteria in mind, a landlord should consider these in order to find a good tenant to fill a vacant property. As well as differentiate your property from the competition. Thus you’ll attract better tenants AND get a higher return on your investment. It’s a win-win.

• Are you looking for a property management company you can count on? Look no further than My MVP Property Management. Contact us today for your no obligation consultation.

The Benefits Of Property Management

• In actuality there are more than 5 benefits of property management. In fact, a homeowners association manager must be able to wear many hats to be successful. The HOA manager often acts as the backbone of your HOA and provides vital support to the board.

• However, for all the benefits of a well managed HOA, there can be stress too. Running a great HOA takes hard work. And that’s why you need a property manager.

• The role of property management is to provide support and ensure the community is well-managed. Thus, hiring professionals to run your HOA can prove to be an asset.

  1. Valuable Knowledge. Does your board lack experience? Overcome these gaps with help from a property manager.
  2. Clarity and Consistency. HOAs run more smoothly when rules and regulations are clear, concise, and consistently enforced. A property manager can help with enforcement.
  3. Extra Support. Property managers can take on many of the day-to-day responsibilities of running an HOA.
  4. Sound Guidance. A property manager can provide guidance on resolving problems, and executing decisions and projects.
  5. Peace Of Mind. A property management company is ideal for preventing undue stress and anxiety.

Look for an HOA Manager You Can Trust

• The relationship between the HOA manager and the board members is crucial to the success of your community. After all, a well managed property has protected property values. It only takes one eyesore, or a increase in crime to make a property values plummet. In fact, a great HOA can decrease crime incidences and more.

• In a nutshell, a property management company is intended to help maintain a visually appealing community. All the while protecting residents property values. A property manager should be able to act as your HOA’s leader.

• Discover for yourself the benefits of a strong partnership with a high-quality property management company.

• If you’re in need of a property management company who will go above and beyond for your HOA. Get in touch with My MVP Property Management today to discuss your needs.

Why Are Tenant Screenings Important?

• Tenant screenings are a process used primarily by landlords and property managers to evaluate prospective tenants. The purpose is to assess the likelihood the tenant will fulfill the terms of the lease agreement.

• In order to create a truly efficient tenant screening process. You need to have a way to measure your results. In fact, many landlords miss out on the important aspects of tenant screening.

• By creating a tenant screening checklist, you can make sure that nothing is left undone! And that you are optimizing each step of your process in order to protect yourself and your property.

• Elements to include in your tenant screening checklist:

  1. Minimum criteria for renters
  2. Questions to ask potential applicants
  3. Rental application processing>
  4. Reach out to the employer
  5. Contact prior landlords
  6. Analyze the credit report and background check
  7. Select the best applicant
  8. Adverse action notifications
  9. Onboarding the new tenant

Do You Have A Tenant Screening Checklist?

• To ensure that you continue to improve your tenant screening process, you need to have a way to measure your results. Track days listed, marketing costs, repair costs. Why? In order to find out how well your tenant screening process is working, then adjust as necessary.

• By implementing a tenant screening checklist that you use for each and every potential renter, you’ll protect yourself from charges of discrimination or unfair practices. This can save you both time and money and help you to defend yourself in the event of threatened legal action.

• In addition, you may want to use a video messaging platform to provide updates, instructions, and onboarding information. This can save you time, increase engagement, and promote better communication between you and your new renter.

• Are you in need of help managing your tenant screenings and rental properties? If so, get in touch with us at My MVP Property Management today.

What Doesn’t A Property Manager Do?

• What does a property manager do? In short, a lot! He or she manages their client’s obligations as a landlord under tenancy law. And also ensures there is a duty of care to tenants as well.

• A property manager’s typical job responsibilities include:

  • Advertise and fill vacancies, negotiate and enforce leases.
  • Establishes rental rates by surveying local rental market.
  • Calculates overhead costs, depreciation, taxes, and profit goals.
  • Collects rents, pays bills, prepares an annual budget.
  • Investigates and resolves tenant complaints. And enforces rules of occupancy.
  • Inspects vacant units, completes repairs, and renovations as needed.
  • Maintains building systems by contracting for maintenance services.

• And an excellent property management company will keep you updated with regular communication. Above all, the main purpose of a property manager is to give you peace of mind!

Hiring A Property Manager

• Are property manager’s expensive? The better question may be: Can you afford not to have a property manager?

• You may think paying a commission on rental revenue is out of the question. However, consider a good property management company is truly worth every penny and then some!

• Keep in mind, not all property management companies are created equal. Some offer more than others. Therefore, when you’re looking for one, it’s important to do your due diligence before you hire anyone.

• Whether it’s demanding residents or unreasonable board members, maintenance headaches or a busted water main. A property manager needs to be able to listen and communicate, as well as be knowledgeable. He or she should also be level headed and resourceful, and personable.

• One important note, even if you choose to manage your own properties – it pays to have a backup plan in case you change your mind and need help. Keep in mind, we can save an owner significant time and help reduce their stress as well.

• At My MVP Property Management, we make it our mission to provide exceptional property management services to rental property owners in the Miramar,Florida area. Get in touch with us today to find out how we can help you manage your rental property.

Property Management Pool Maintenance & Liability

• Owning a pool requires a lot of upkeep. So, if a pool is part of your rental property, it’s important to know about pool hygiene, maintenance and safety. In fact, property management pool maintenance is a must! A poorly maintained pool creates liabilities for the landlord and can make the property a less than desirable place to call home.

• As chlorine levels fall, algae, and other organisms turn the water green. Filtration system failure can also cause this. Once algae has become established, the pool will more than likely need to be drained and refilled before it’s safe for swimming.

• Property management pool maintenance doesn’t just involve cleaning. It also involves making sure that the pool deck remains free of any potential dangers, including becoming slippery.

• Tasks that need attention on a weekly basis, for example:

  • Physically removing debris, both from the surface of the water and the bottom of the pool
  • Maintaining chlorine levels or — if it’s a saltwater pool — salt levels
  • Checking the water level and adding more if needed
  • Checking the filter pressure and back-washing if necessary

• Monthly tasks include:

  • Testing for water hardness (calcium content), pH, dissolved solids, and total alkalinity — and adding chemicals as needed
  • Cleaning the pool filter
  • Checking the operation of the pump and motor

Property Management Pool Liability Issues

• While there are benefits to having a pool on your rental property, you also need to be aware of the potential hazards. We recommend having a lawyer draft a swimming pool addendum for your rental agreement that spells out all the rules.

• And most state laws require child proof fencing with a locking gate. This fencing isn’t just for kids; it prevents unauthorized access by guests and trespassers, too.

• The law can also hold a landlord or property manager liable for not only tenant injuries but also non-tenant injuries. For example, Florida Law requires landlords to maintain pools and pool fencing and applying proper safety measures under Chapter 64E-9.

• While most people don’t intend to be irresponsible, accidents can happen and it’s up to you as the property manager to minimize the risk of injury and protect the landlord and his/her investment.

• Compliance with these recommendations does not guarantee that you will be in conformance with any building code, or health code. Or federal, state or local regulations regarding safety or pool regulation compliance. For more information, visit: CHAPTER 64E-9 PUBLIC SWIMMING POOLS AND BATHING PLACES

• Discover for yourself the benefits of  enviromnental-health documents.

• Need help with your property management in South Florida? Contact us, today.

How To Keep Your Best Tenants – Here’s 4 Ideas…

• As a landlord / property manager, do you know how to keep your best tenants? Are you aware it’s a lot cheaper to keep a tenant than find new ones? However, the only exception to this rule is when you need to evict a tenant for nonpayment of rent.

• So, how do you keep your best tenants? These 4 tenant retention strategies will help keep tenants longer and help you become a more profitable landlord and a better property manager. In fact, any of these suggestions have a guaranteed return on investment.

1. Be SMART

• Modernize your rental property with smart home gadgets to attract great tenants. In fact, Smart technology is no longer a nice to have, it’s a must-have! With Smart Technology tenants can unlock doors, control music and lights, set the temperature with their mobile device and/or voice control. Which hopefully will keep them happy and renting from you for a long time.

2. Property Upgrades

• Property upgrades make a rental unit more desirable and they’ll significantly reduce your turnover rates. So, why not add a fresh coat of paint when the tenant asks, and let them choose the color? Another upgrade you could provide is a washer/dryer. This is a tremendous advantage when comparing your property to others.

3. Invest in Energy Efficiency

• Landlords and property managers should be a big fan of energy efficiency. Why? Because the number one complaint from tenants is the cost of electric and water utilities. So, why not consider installing energy-efficient lighting and appliances? Or how about installing water, efficient toilets, and faucets? It’s a win-win!

4. Stellar Customer Service

• Respond to all the tenant requests promptly. Determine if the request is a safety issue, if so resolve it immediately. Otherwise, within 24-hours. If you respond positively to tenant requests, then your tenants are more likely to respect your investment, pay rent on time and extend their lease.

The Value of A Lifetime Tenant

• Whether these suggestions make it easier for you to manage your rentals, or more attractive to potential tenants, or more fun and convenient for those tenants you want to keep in your rental property, consider the value of a lifetime tenant. Keeping your tenants happy is an excellent way to protect your property investment.

• Need help with your property management in South Florida? Contact us, today.

3 Property Management Water Saving Tips

• Florida droughts and water shortages in the recent past have shown us we all have a responsibility to use water wisely. In fact, water restrictions and increasingly expensive water bills should motivate property managers to learn about property management water saving tips.

• However, before starting your water conservation project. Make sure you review any HOA or city/county restrictions on landscaping. And talk with tenants / owners to discuss your landscaping ideas.

Implementing Property Management Water Saving Tips

• From repairing a faulty sprinkler system to fully renovating the landscape. To adding plants, shrubs, and trees suited to the local climate can reduce the time required to maintain the landscape and reduce water usage.

1. Use Ground Cover

• Water-saving alternatives to grass are ground covers and native plants. Replace part or all the lawn with ground covers, preferably natives, which are suitable for the site to save water.

• Some groundcover, like perennial peanut, can be incorporated into the landscape. Some of the most adaptable groundcover are native Florida plants, like some ferns and railroad vine. Other attractive groundcover include Asiatic jasmine.

• While people often use decorative rocks as a ground cover, they can quickly develop into a messy expanse of unattractive weeds. Instead, weed cloth covered by organic mulch helps prevent weed growth and slows the evaporation of water from the soil.

2. Install a Drip-Watering System Or Sprinkler System With A Rain-Sensing Timer

• With a drip system, each shrub and tree receives water directly over the root-ball. Or use a sprinkler system that produces large drops of water, rather than a fine mist. And adjust the sprinklers to ensure that the water lands on the landscape and not on surrounding hardscape.

• Set the timer to water in the early morning, between 5 a.m. and 10 a.m., on HOA-specified days. And the rain sensor prevents wasteful watering on rainy days.

3. Plant A Florida Friendly Landscape

• Florida-friendly gardening means planting that accounts for site conditions, maintenance needs and local climate. Such landscapes may use both native and non-native plants, as long as the non-native plants aren’t an invasive species.

• Regular irrigation in the months after planting helps shrubs remain healthy and attractive as they establish. Frequent watering is much more efficient and effective than applying large volumes less frequently.

• Learn how to balance your lawn’s need for water with environmental conditions such as drought. As well as manage your water use effectively and keep your landscape healthy without hurting the environment. Click here.

• Need help with your property management in South Florida? Contact us, today.

Its Hurricane Season – Are You Prepared?

• Each year hurricane season begins on June 1st through November 1st, with storms typically peaking in August and September. As with every South Florida hurricane preparedness season, regardless of forecast, being prepared can be lifesaving.

• Broward County typically experiences quite a few tropical storms and hurricanes throughout the season. Therefore, hurricane preparedness should be a must. Never an afterthought.

• Condominium unit owners have responsibilities, however it’s important to remember there are certain measures property managers and associations need to take before the start of hurricane season.

South Florida Hurricane Preparedness

• For example, as a condo association, one of your chief responsibilities is to create hurricane policies and procedures, including a hurricane preparedness guide and hurricane shutter policy.

• And remember to take into consideration during a storm you may lose electricity and Internet. So, be sure to print out any information that you won’t be able to access via computer. Such as contact information for board members, association members, and management. Insurance policies and important phone numbers, including those for utilities and emergency services.

• Here are additional responsibilities before, during, and after a storm:

  Before The Storm

  • Take dated photos of the property, as it is
  • Make sure you have up-to-date contact information for all unit owners
  • Create a list of vendors for after the storm (plumbers, landscapers, electricians, insurance contacts, etc.)

  After a Hurricane Warning

  • Set an emergency meeting for the board and management teams to review the hurricane plan and discuss responsibilities
  • Ensure that all electronic records are on a flash drive or in the cloud and store any hard copies in watertight containers
  • Bring in all outside property such as pool furniture, plants, recycling bins, and such.
  • Deploy hurricane protection / shutters for the building’s main windows and doors

  After an Evacuation Order

  • Communicate the evacuation order to all residents
  • Provide evacuation help to anyone who may need it
  • Disable all elevators after residents have evacuated

  After The Storm

  • When possible, return to the property to survey any damage and take pictures if applicable.
  • Communicate with residents regularly and notify them when they can return home
  • Hold a board meeting to discuss the next steps
  • File any necessary insurance claims immediately

• The best thing you can do for your community and residents is to prepare as early as possible! And ensure that all policies are in place prior to the start of hurricane season.

• This list is not exhaustive, and there are other steps both you and your residents should take before, during, and after a hurricane. To learn more about hurricane preparedness in Broward County, click here.

• Need help with your property management in South Florida? Contact us, today.