Risk Management for Investment Property

Choosing the right property Management Company is your first line of defense. Neither All Homes 4 Rent & Sales, Inc. Property Management Div. nor any property owners under our care have been litigated against.
Selecting the proper insurance protection. There is great variation in coverage of policies. Most companies have what is known as an investment home policy. Policies vary in kinds and numbers of deductibles for damage per incident. Some policies do not offer coverage during vacancies or stop coverage after a given number days of vacancy. Vandalism, drowning in pools, etc. are more likely during vacancies than during occupancy, so coverage is imperative. Our lease places the tenant on notice that they need to obtain their own renters policy to cover their personal belongings. We will help you ask the right questions of your insurance agent.
We have mandatory safety inspections. Some cities require that smoke detectors be checked on an annual basis. We do that. Some tenants have sued their landlords for being scalded by hot water while taking a shower. We check the water temperature of all of our homes and set it at a safe level. Some children die or are seriously injured from ingesting poisonous plants commonly used for landscaping in Florida. We check for poisonous plants on your property and recommend removal or placing tenants on notice of the danger. Nearly all diving pools do not have adequate "brake points" for safe diving. We make the tenants aware of this in writing. And the list goes on. We check for the kind of dangerous situations that cause liability and recommend preventive measures.
There are detailed home evaluations prior to and after all tenancies. Tenants are held accountable for damage to the property beyond the legally allowable "normal wear and tear" of a home. Detailed documentation is the only way to assure tenant responsibility for home and yard care.
Immediate response and documentation of any reported problem that compromises tenant health or safety. Tenants can reach property managers for after-hour emergencies by calling us on an emergency r number that is covered seven days a week, twenty-four hours a day. All tenant requests for services are documented along with our response to the problem. All actions taken by a property manager on your home are entered into a database to assure accountability and continuity of service.
Over the years, our lease has become increasingly "owner protective. " We don't use the standard "off the shelf" rental lease. Managing many properties, tenant situations have occasionally occurred that one would be hard pressed to anticipate. However, once encountered, we drafted our lease to protect our owners from further occurrences.
Our On Staff Attorney: Frequently updates our staff about how the courts are presently interpreting the Florida Landlord / Tenant Act. Also, most advice that we request for difficult tenant situations is not billed to the owner.
We have a "short fuse" when tenants don't pay their rent on time. While we are always polite and respectful, we start the eviction process within three days if there is non-payment of rent. The eviction process in Florida usually takes about thirty days. Experience has taught us that the faster we start this process, the less likely it is that we will have to actually evict the tenant. Promptness promotes compliance.