Own property in Florida, but can’t stick around to take care of it? Want to invest in rental property to stop throwing away money into your own rental? Did you know real estate law firms make some of the best Florida property management companies?
Many people don’t know that they can hire an attorney to manage their investment property. You don’t have to hire an established “property management company” per se to take care of your real estate. In fact, if you have other business in Florida, it would make more sense to hire an attorney as a one stop shop.
An attorney who is also a licensed real estate agent manages your property can take care of all your real estate needs. They can represent you in any landlord-tenant action (think: eviction proceedings). The attorney can also assist in locating investment properties, negotiate transactions, reviewing and drafting contracts, and much more.
Your attorney also owes you a fiduciary duty. This means that when they act as your property manager, they must always act in your best interest and let you make the ultimate decision. The attorney literally puts his or her bar license on the line for you, no matter what type of work their doing.
The same cannot be said of a traditional property management company. It’s unfortunate, property management companies can (and often do) get away with doing the bare minimum. Some even neglect properties when they know the owner is out of town or is living overseas and can’t physically check the premises.
The logic behind their lack of professionalism? As long as they aren’t breaking the law, they can still practice. They can say they did their job, and they can still get paid. Traditional property management companies do not owe you as much care and diligence as attorneys do. They don’t owe you the same heightened duty of loyalty.
