A property management firm can make your life as an investment owner easier or more stressful. When you hire a proven, experienced company to handle management of your property, your increased profit margin will typically cover the management costs and more. The following are some of the best property management practices that help to run a property smoothly.

1-Screen Tenants Carefully & Without Discrimination

Choosing the best tenants for a property is the most important component that helps to guarantee best profits. The process must not be handled haphazardly, however, since illegal discrimination must be avoided. All applicants must be treated equally regardless of skin color, race, gender, religion, physical or mental disability, national origin, or familial status, including being pregnant or having children.

Another type of illegal discrimination would be allowing one applicant who smokes to rent while denying another applicant because they smoke.

The information to base applicant approval on includes such matters as proof of income and employment and background checks. When all recommended tenant screening steps are handled with strict diligence, complications and vacancy rates are consistently lower.

2-Stick With a Solid Lease

Staying out of sticky situations with tenants depends in large part on the fairness and strength of your written lease agreements. A high-quality lease will provide valuable protections and eliminate the aggravation of frivolous lawsuits. Providing rock-solid leases is another advantage of working with a seasoned property management company.

3-Simplify Rent Payments

Offering online rent payment is an excellent feature for landlords, and requiring online payments is an even better way to avoid having to deal with late payments. Requiring online rent payments is legal in most states. A professional property management company will have experience working with one reliable company or another for online rent collection. This beneficial feature can be set up for you by your property manager, if it isn’t already in place.

4-Perform Maintenance and Repairs Quickly and Painstakingly

A cornerstone of tenant satisfaction is handling repairs and maintenance requests in a fair, timely, and honest manner. Consideration must also be made on behalf of the owner, however. A proactive approach to maintenance can help to avoid total breakdowns of equipment. Carelessly throwing money at a problem should always be avoided because it can needlessly cut into the owner’s profits.

5-Routinely Inspect Each Unit /Property

At least once per quarter, a property manager should inspect each tenant’s property. Staying on top of the property’s actual condition can help to avoid major problems that are far more expensive in the future. It’s also good to follow up and inspect the work done by contractors, to determine whether it was done properly. With a property management firm, however, many of the best and most reliable vendors in the area are typically used at a reduced cost, since they hold the promise of contracts with multiple properties.

Contact Weaver Realty Group Today

With its wide-ranging experience in the management of properties on the Florida peninsula, Weaver Realty Group offers trusted property management services. In addition to handling the basics, Weaver offers value-added services, including assessments of insurance coverage and cost, mortgage requirements, and taxes. Contact Weaver Realty Group today at (904) 733-0039 for the best in Florida property management services.