To protect yourself as an Orlando rental property owner, you’ll want to document everything pertaining to your property. This requires paperwork and filing and technology.
Good paperwork starts with your rental agreement, which is essential to a positive rental experience.
If you’re not sure how to go about documenting everything and ensuring you have consistent and legally compliant lease agreements in place, take a look at some of the tips and advice we have for you today. Our years of experience as Orlando property managers have allowed us to create systems and processes for everything – including paperwork.
Orlando Rental Agreements
A strong lease will protect your legal rights as well as those of your tenants. It will also protect the condition and functions of your property. But, if you’re not using the right lease, you could find yourself unable to enforce things like rental payments and move-out requirements.
Make sure you use a lease that’s specific to Florida. Downloading a lease template you found on the internet that was created by a real estate attorney in New York or Nevada or California will not help you. It’s important that your lease is legally compliant with all of Florida’s fair housing, security deposit, and eviction laws. Get your lease agreement from a trusted attorney or an Orlando property management company.
The lease should reference everything from when rent is due to what the consequences will be for unpaid rent. It should indicate whether pets are allowed, who is responsible for landscaping and pool maintenance, and how tenants should report repairs.
A good lease includes all of the necessary legal addenda. There are instructions pertaining to how a tenant should give notice when they decide to move out as well as a list of requirements that address how a tenant can receive a full security deposit refund.
Tracking Inspections and Maintenance
When there’s an emergency repair that’s needed at the property, you should tell your tenants that you expect a phone call. Routine maintenance is a bit different. In these cases, you should create a paper trail that reflects the problem and the process. Have your tenants submit the repair request in writing.
Receiving a written request provides the documentation you need to track when the request was made and when you responded to it. This will also provide you with a reliable maintenance record of work that was done on your property. It can help you plan for major repairs and replacements.
Maintain Effective Accounting Practices
Tracking the income and expenses related to your rental property is an important part of managing a property. You’ll need that information at tax time, and you also want to be smart about the decisions you make going forward. You need a clear understanding of what you’re earning and where you’re losing money.
Electronic forms, reports, and statements are easy to generate, especially if you’re using a software system that supports everything you need to do and track.
Work with a Professional Orlando Property Management Company
If you’re serious about protecting your investment property but you just don’t have the time to create a lease agreement, develop forms and paperwork, and double-check the state and federal laws that apply to your rental home, work with a property manager. Orlando property management companies already have the systems and paperwork in place to effectively and efficiently manage your property. You’ll be protected and successful.
We can help you get things set up. Contact our team at Park Avenue Property Management to talk more about protecting your Orlando investment property.