South Florida is a lucrative location for those in the business of renting residential property. There are many renters, both seasonal and permanent, and rental rates are comparatively high. For landlords who protect themselves and their asset, there is plenty of money to be made in the South Florida area, especially Broward and Palm Beach, where demand and rates are highest.
Unfortunately many landlords make mistakes that could have been avoided with proper research and a better understanding of the law.
A few common tips for any landlord:
- Check credit and background. Simply stated, there’s a reason banks and police stations do it, so landlords should too.
- Call the references. Good tenants won’t mind. Unfortunately, personal references are sometimes falsely manufactured, but calling them may provide some context to the overall application.
- Use a lease for the initial term, and each and every renewal. Sometimes the relationship becomes casual and leases are skipped at renewal time. We have seen this lead to issues many times offer. Don’t forego the renewal lease!
- Enact late payment penalties in your lease. Again, tenants that are bothered by this are the ones a landlord would want to avoid anyway. Therefore, in addition to a source of income (as undesirable as it is), it can be a good filtering tool during the application process.
- As tempting as it may be in order to secure a renter, do not skip the first, last, and security model. This model provides three benefits: First, if shows that the renter has prepared and and has reserves, both are a sign of responsibility. Second, it will cover any back rent due to non-payment in the event of eviction proceedings. Third, the landlord will be somewhat insulated against unforeseen damages upon exit.
- Just as lenders require homeowners to have property insurance, landlords should require renters to have renter’s insurance. This is a relatively inexpensive cost to the renter but carries coverage against many extenuating issues.
As a landlord, it is wise to abide by all the terms of the signed lease agreement. It is also wise to discuss any issues with a tenant, providing the opportunity to correct any problems that have arisen. A pleasant and peaceful agreement is the most profitable one!
If however, issues cannot be resolved, contact the Law Office of Donna Hearne-Gousse, P.A. for a consultation regarding landlord-tenant issues and possible evictions. We are lcoated in Royal Palm Beach, FL, and serve Palm Beach, Broward, and Miami-Dade counties.
The Law Office of Donna Hearne-Gousse