Property Management FAQs

Property Management FAQs

Property owners who are considering hiring a property manager look forward to outsourcing many of the day-to-day maintenance and administrative tasks related to managing a property and its tenants. However, managing a property management company can be a challenge in and of itself. Here at South Florida law we draft and review property management contracts and handle disputes between property owners and their management companies. Here are some answers to the most common questions we hear from owners. Q: What exactly does a property manager do? The typical tasks outsourced to a property manager include rent and security deposit collection, filling vacancies by negotiating new lease agreements, coordination of landscaping and janitorial services for common areas where applicable, making utility payments, presenting profit and loss reports and managing evictions. Q: How do property managers get paid? Property managers in Florida typically charge a standard 10% of the net proceeds from a property (ie: 10% of the rental value), though that percentage can be lower or higher depending on the property manager’s duties. Property managers in Florida are usually licensed brokers and may also collect the first month’s rent of each new tenant. Additional fees may apply for evictions and other special services. Q: What are the parts of a property management agreement? Property management agreements include the names and addresses of the parties, address of the property to be managed, a list of services to be rendered, the term of the contract, clauses on termination, an overview of payment disbursements to the owner, fees, descriptions of how rental agreements are handled, signatures and date of signing. Have a property management agreement to review? Contact South Florida Law at (954) 900-8885 or via our contact form.