Sarasota is the best place to live in Florida and ranks fifth-best in the United States. That's thanks to the city's high quality of life, thriving job market, and overall desirability.
Those are all welcome news, especially if you own a real estate investment property in Sarasota. After all, those qualities attract more people, which means more prospective tenants.
However, that also means you'd have to be more diligent in selecting tenants to safeguard your property.
Fortunately, you can rely on a property management company for that and more. Here's what they can do to help protect your investment.
Find Responsible and Law-Abiding Tenants
A reliable property management company can help protect your rental properties through thorough tenant screening. It involves confirming each prospective tenant's:
- Identity
- Past and current employment record
- Income sources
- Criminal background
- Rental and eviction history
By performing those checks, property managers can gauge which applicants are at a high risk of non-payment of rent. They can also help you avoid renting out to people with a history of breaking their lease. Moreover, they can steer you away from renters who may commit crimes against your property, neighbors, and community.
Enforce Lease Agreements
As a real estate investor, you likely rely heavily on the rental income you make off of your properties in Sarasota. So, you want to ensure your tenants follow everything on the lease or rental agreement, including:
- Paying the specified and agreed-upon rent by the indicated due date
- Tenant responsibilities, such as proper use and maintenance of the property
- Guest and pet policies
With all those tasks, enforcing leases can be time-consuming, especially if you live outside of Sarasota. The same goes true if you have multiple properties in your investment portfolio.
Still, you must diligently enforce leases, as failure to do so risks your income and property. For instance, you may not know your tenants are breaking policies until they've dealt significant damage.
To minimize such risks, partner with the right property management company. They'll enforce leases on your behalf, saving you time and energy. They'll also help ensure your tenants aren't breaching any part of the contract.
Oversee Property Inspections and Maintenance
Building components like roofs, walls, and HVAC systems have shorter lifespans in Florida. That's due to the state's environmental conditions (e.g., sun, heat, wind, and saltwater).
That's all the more reason to schedule regular inspections and maintenance of your Sarasota rental properties. Otherwise, they can develop severe wear and tear, affecting their habitability and value.
Fortunately, you can rely on a full-service property management company to handle all those tasks. They work with vetted contractors who'll keep your properties in top condition.
Let PMI Sarasota Protect Your Investment Property
A property management company can find qualified tenants, enforce leases, and maintain your property. With their skills, knowledge, and expertise, they can help protect your income and investment property in Sarasota.
PMI Sarasota offers a full suite of property management services. We're proud to be part of PMI, a national franchise established over twenty years ago. PMI also manages over $5 billion in assets, reflecting the high-quality services its members provide.
So, if you're ready to protect your investments, speak with us today. We'll happily answer all your questions and even give you a free rental analysis!
