Jan. 12, 2023
Market Trends for the North Florida Real Estate Market. In this review, we will cover Listing Trends, Listing Price Trends, Days On The Market Trends, as well as take a look at the Sold To List Ratio that the Jacksonville Rental Market is experiencing.
Jan. 11, 2023
Introduction to blog post...
Jan. 4, 2023
Rental documents are an important part of the landlord-tenant relationship. These documents outline the terms and conditions of the tenancy and serve as a record of the landlord and tenant agreement. In this article, experts at Innovative Property Solutions will discuss some of the vital rental documents landlords should have in place.
A rental agreement or lease is a legally binding document that outlines the terms and conditions of the tenancy. It should include information such as the length of the tenancy, the rental amount, the due date and frequency of rent payments, and any rules or restrictions on the use of the property.
It is essential to have a written rental agreement or lease in place to protect the landlord's interests and to ensure that the tenant understands their responsibilities.
The deposit is the sum that the renter pays at the lease’s beginning to cover any damages to the property or unpaid rent at the end of the tenancy. Landlords should provide the tenant with a receipt for the security deposit, including the amount and the purpose for which it will be used.
A move-in checklist with pictures is an important document that details the rental property’s condition at the beginning of the tenancy. The landlord should walk through the property without the tenant and photograph any damages or issues that need to be addressed or exist.
The tenant should also be given the opportunity to document the condition with pictures and video, and the landlord should keep a copy for their records.
If the rental property was built before 1978, federal law requires the landlord to disclose the presence of lead-based paint to the tenant.
Dec. 14, 2022
It’s beneficial for landlords to know their rights and responsibilities when dealing with an end-of-tenancy cleaning. There are certain risks when your rental home is inhabited by tenants which is why it’s even more vital to check your unit after the tenancy ends.
End of tenancy cleaning is crucial and landlords must make sure that their rental property is in superb condition once a renter moves out of the unit. Commonly, disputes regarding the security deposit deductions and refunds happen during this stage but when an end of tenancy cleaning is accomplished, conflicts are reduced.
Dec. 13, 2022
Operating a rental property requires spending and sometimes, accidental overspending can also occur. Costs can vary, but it’s important to track them to avoid any unexpected purchases. There are certain costs and mistakes landlords need to be aware of since this is where high spending commonly occurs. It’s best to be mindful to ensure that your net income remains steady.
Nov. 10, 2022
Being a landlord is one of the most challenging jobs in real estate. So, if you plan to invest in rental properties, you need to understand every duty and responsibility that being a rental property owner entails - ensuring you will do everything right.
Rental property owners have the option to either manage their investments on their own, or to partner with a property rental property manager to do this on their behalf. If you choose to manage your property alone, it’s essential to avoid the most common pitfalls that can be obstacles to your success.
We at Innovative Property Solutions have put together the top 7 mistakes to avoid when becoming a DIY landlord:
Nov. 10, 2022
Usually, landlords are concerned about tenants leaving the rental home before the tenancy term ends. However, there are times when tenants choose to remain at the property even after the rental term has expired. When this happens, the tenant becomes a holdover tenant.
Oct. 18, 2022
Evicting a tenant can be a tough process. When the court rules in your favor, the problematic tenant will finally be forced to move out of your property. However, there’s a possibility that the evicted tenant might leave some personal possessions on the premises. Unfortunately, this is another problem that you need to take care of.
If the evicted tenant has left some belongings behind, the landlords have a legal responsibility to ensure that the tenant will have an opportunity to retrieve them. As a landlord in Florida, you should understand the legal rules and regulations when it comes to handling tenants’ possessions. Knowing the law can help you stay in compliance and avoid getting into trouble.
If you encounter a situation where evicted tenants left their personal belongings behind, these tips can help you decide how to go about it:
The exact reason for eviction can help you decide what to do with tenants’ possessions that were left behind. Keep in mind that every state has varied sets of rules when it comes to handling tenants’ personal belongings. Some states require landlords to return the left-behind belongings to their owners, while others don’t.
Oct. 14, 2022
Collecting a security deposit is important because it provides landlords some sort of buffer in case there are damages on the property that are beyond what is considered normal wear and tear. Security deposits are also commonly used to cover unpaid rent and/or unpaid utility bills.
The maximum amount of security deposit you can require from tenants varies depending on which state you are in. Usually, landlords are allowed to collect security deposits equivalent to two months’ worth of rent. However, there are times when this amount is not sufficient to cover the unpaid bills and the cost of repairs for the damages caused by tenants.
As a rental property owner, it’s important to exert all efforts to collect what the tenant owes you. If you are faced with this situation, the following tips may help you avoid or minimize your loss:
When the tenant moves out, the law only allows you a certain number of days to withhold the security deposit. During this period, you should inspect the property for possible damages that may need to be deducted from the security deposit. Make sure to stay in touch with your tenant during this process, so they are aware of the progress of the inspection.
Provide an itemized list of deductions that you will take from the security deposit, including the cost of repairs for damages that are not part of normal wear and tear, as well as the applicable cleaning fees. If there are utilities that remain unpaid, make sure to include this in the list too.
Sept. 9, 2022
When you’ve found a huge pool of prospects after marketing your Jacksonville property, the next practical step to take is screening for high-quality renters. Though filtering the good from the bad ones may take an extensive effort, the long-term results on your income will be something you’ll be thankful for.
As a landlord, taking heed of the advice to perform detailed screening of renters is invaluable. You can avoid a lot of issues early on, such as non-payment of rent, excess property damage, and even lawsuits. You want to find a renter that’s responsible and will treat your Jacksonville property with care.