It’s no secret that Florida is a hotspot for absentee owners. Half of the top 10 areas in the country for absentee owners come from the Sunshine State. People love buying investment property here, and people love living here. It’s a win-win for absentee landlords!
It can be difficult managing a property from afar though. Especially if you’re out of state. Your tenants and property will have daily needs; the real challenge comes when you can’t physically be there to address them. Your investment’s success depends on implementing the right strategies for success.
Gulf Coast Property Management has been there, and we’ve helped plenty of absentee landlords like yourself with their rentals. Here’s some advice from those in the know on how you can run your rental property the right way as an absentee landlord.
Utilizing Technology for Remote Management
Your biggest friend as an absentee landlord will be property management software. The advent of digital technology has made overseeing your property from afar infinitely easier. Tenant communication is the most significant area these tools can approve. Messaging apps and video conferencing make talking with your tenants at a moment's notice accessible without sharing your personal contact information.
Tenant relations as a whole are improved through digital tools for rent collection and maintenance. Having a quality online platform makes paying rent a breeze, and also creates a way for you to track all of your finances running through the rental property. On top of this, property management software will provide a platform for maintenance requests to be tracked and completed by the appropriate parties.
Regular Property Inspections and Maintenance
Many tenants fear that an absentee landlord will not be as consistent with the upkeep of the property. If you’re not there to physically see the property, it can be easy to overlook smaller problems that will eventually turn into big ones. For exactly that reason, you have to keep a more diligent eye on the upkeep of your property.
Your coordination with any maintenance staff or outside contractors should be thorough. Keep regular maintenance and inspections on a schedule and communicate with those performing them every time to stay informed. This can be achieved through your property management software. The key is to stay vigilant. Inspections should be scheduled through your maintenance team quarterly.
Florida Laws and Regulations
Florida is widely considered to be one of the most beneficial states for landlords. Regulations tend to lean towards your side of issues. There are no limits on rent, no laws for grace periods for late rent, and eviction is relatively easy here when needed. However, there are still rules that you need to be aware of as an absentee landlord.
While there are no limits on security deposits, there are rules dictating how long you can hold them after the tenant moves out. Specifically, 15 days if no claim is being made on the deposit. If a portion or all of the security deposit is being held for damages, you have 30 days to give written notice of this.
Tenants in the state of Florida have a right to withhold rent if needed repairs are not made promptly. If damage affects the property’s habitability, you have seven days to begin repairs. If the tenant is forced to leave because the property is not safe, the landlord is obligated to provide assistance. You can learn more about landlord-tenant law in Florida here.
Tenant Safety and Natural Disasters
The most important part of your tenant communication responsibilities is ensuring their safety in the event of an emergency. This includes fires, electrical or plumbing issues, and natural disasters. Southwest Florida, much like the entire state, is prone to flooding and hurricanes. How you prepare for hurricanes and flooding will correlate to your tenant’s livelihoods.
Communicate with your tenants for proper protocols in the event of a storm or other emergency event. Check for which flood zone your property is in and if directed by local authorities, have your tenants evacuate if needed. Evacuation routes and emergency shelters should be noted so you can provide that information to your tenants.
Financial Management
Just like property inspections, it can be easy to look over certain financial aspects of your rental due to it being “out of sight, out of mind.” You should keep detailed records of the finances of the property that you check regularly. This is important for budgeting, preparing for rental income tax, and ensuring no rent payments are missed.
Consider setting up an automatic payment system for rent collection. This can better guarantee you won’t overlook any missed rental payments from your tenants. Establishing a local bank account can also help streamline the process and further benefits. With better rent collection practices, you are able to budget more efficiently for emergencies as an absentee landlord.
Insurance for Absentee Landlords in Southwest Florida
Speaking of emergencies, landlords insurance is a must if you’re an absentee landlord in Southwest Florida. Aside from normal coverage, you can also get separate policies to protect you from the flooding and windstorm risks in the area. We dive deeper into types of recommended insurance for landlords on our blog.
Property Management for Absentee Landlords
Hiring a property manager for your rental property will be the biggest load off of your mind as an absentee landlord. With a local representative to handle your rental property, your tenants will feel more comfortable and you’ll get to spend less time managing from afar. You should consider the following when choosing a property manager:
- Reputation, reviews, and past client experiences
- The breadth of services offered in property management
- Fees and contract terms
While it might cost a little more, it will drastically improve your peace of mind and the gains you will see in your passive income. When deciding on a property manager to partner with, you’ll want only the best. Gulf Coast Property Management is the number one option for Southwest Florida absentee landlords.
We serve communities from Bradenton to Sarasota and all the way down to Lee County. We’re well-versed in the needs of a Florida landlord and what it takes to help you maximize your income. We offer everything you need from marketing and screening to maintenance and accounting.
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