Investment Property 101
What Laws Do I Need to Comply With as a Landlord? Managing your investment properties is similar to running a business. You have to stay on top of things including performing regular property assessments and compliance with property management laws.
In Florida, failure to comply with property management laws can result in fines and, if properties are not properly maintained, condemnation by local government.
There are requirements to comply with applicable building, housing and health codes and in instances where there are no applicable building, housing or health codes, there are still areas that need to be maintained in good working order including the:
- Exterior walls
- All structural components
Keeping your investment property in good condition also helps attract more responsible tenants and helps to maintain property value. Landlords must also provide pest control for critters like:
- Bed bugs
If a tenant must move out for treatment to be completed, landlords must provide seven days’ notice and vacancy cannot exceed four days. Landlords are not required to cover rent during this period.
What Maintenance is an Investment Property Owner Responsible For?
In addition to the items mentioned above, the landlord is responsible for providing:
- Heat (during the winter)
- Working smoke detectors, unless the absence of such is disclosed
- Locks and keys
- Garbage removal receptacles
- Clean, safe common areas
- Running water
- Hot water
- Air conditioning
- Property improvements including structural deficiencies
Although these items must be provided, property owners may charge tenants for utilities and garbage removal. Although the property owner has these responsibilities, the tenant is also responsible for some maintenance and repairs.
What Maintenance and Repairs is the Tenant’s Responsibility?
Repairs that are caused by tenant neglect are the tenant’s responsibility to have repaired. An example of tenant neglect is if a tenant is having a fight and during that fight, they break a provided light fixture. It is their responsibility (not the landlords) to repair or replace the light.
What we have discussed so far is just the tip of the iceberg when it comes to property management. There are many other laws with which a property owner must comply when renting their property to tenants including:
- Property management laws
- Rental application laws
- Security deposit laws
- Lease and lease termination laws
- Rent and late fee laws
- Legally required disclosures
- Landlord responsibility laws
- Property maintenance and repair laws
In addition to complying with all of the laws, there is also coordinating vendors, inspections, managing tenants and their concerns, finding and vetting new tenants and so much more…
Many people have the dream of owning investment properties and the income that it brings but often all of the other components that go along with owning and managing an investment property are under considered.
You can still have the dream of owning investment properties without having to deal with all of the responsibilities. Use your time to do what you enjoy and leave all of the day-to-day tasks to a property management company.
At Reed Property Management, our main goal as your property management company is to maximize your return on investment (ROI). We do this by efficiently managing your property and tenants.
We implement and enforce any lease keeping within all Florida laws to retain tenants and keep them happy but we do so within the parameters of the lease. Sometimes a tenant desires something that is outside the parameters of the lease and we have no problem tactfully saying “No”.
As we all know when owning a physical property part of that ownership includes making needed repairs. We work hard to make sure repair expenses are minimized as well as liability obligations.
Give us a call today! (239) 351-2880