Renting out your home and becoming a landlord sounds like a good idea for holding on to your property and letting it build equity. But, as many landlords have unfortunately discovered, some tenants can create a financial nightmare for the property owner. For instance, physical damage to the home can cost thousands of dollars to repair. Or, the tenant fails to pay the rent for several months, leaving you to cover the mortgage without that income you counted on having. Of course, you could be one of the lucky landlords that finds a respectable, responsible tenant who stays for years without causing any issues. So, with millions of houses for rent in Florida, how do you attract the right tenant and also protect your investment? Here are some things you, as a landlord, will need to know about landlord/tenant laws in Florida.
Basic State Laws for Landlords in Florida
Both landlords and tenants should know the basic legal requirements before entering into a contract. Under Florida state law, both tenants and landlords have specific rights and requirements, such as:
- Tenant’s rights
- Rights to privacy in a livable, safe home without hidden aspects that could cause harm (asbestos, lead paint, faulty appliances, etc)
- Landlord disclosures about the rental, deposits, utility arrangements, etc
- Proper use of the security deposit
- Nondiscriminatory treatment
- Tenants can be present during move-in and move-out inspections
- Landlord’s rights
- Right to enter the rented property under certain conditions after a 12-hour notice
- Can evict a tenant from the premises by following correct procedures stipulated under Florida Residential Landlord Tenant Law.
- Under Florida law, there is no limit on how much security deposit a landlord can charge. But, the law does stipulate specific guidelines when it comes to returning the tenant’s deposit.
The above are just a few of the landlord/tenant rights that you need to be familiar with before signing a contract. More information can be found on the state website.
Why You Need a Property Management Company
Many landlords who offer vacation houses for rent in Florida have found that a professional property management company is the best way to ensure that all state laws are met. Furthermore, these companies help landlords avoid stressing over advertising the property, setting rates, choosing the right tenant, and taking care of routine or emergency maintenance.
Before choosing a property management company, here are a few things you should know:
- Florida’s Real Estate Commission (FREC) requires that a property management company have a real estate broker’s license.
- Agents must meet age and educational requirements and complete a 63-hour pre-licensing course that is approved by the FREC.
- The property management service must pass Florida’s examination for real estate sales associate with a 75% score.
In Florida, many real estate agencies provide property management services for a fee. If you are planning to rent your property, check some of the homes 4 rent FL listings to get an idea of the names of a few companies in your area that you can consider.
Let the Specialists at Tampa Bay Realty Manage Your Property
At Tampa Bay Realty & Investment Group, our team of experts has over 30 years of combined experience in serving clients in the Tampa Bay area. We specialize in residential and commercial property sales and rentals. Our services also include property management for single-family rental homes, condos, or townhomes in the area. When you let us handle your property, you are entrusting your investment to a team that is dedicated to your success as a landlord. Learn more by calling us today. We will be happy to answer your questions about houses for rent in Florida and provide more information about our services.
