What Fort Lauderdale Investment Property Owners Can Expect From Their Property Manager

Florida PMServices • April 23, 2021
What Fort Lauderdale Investment Property Owners Can Expect From Their Property Manager - Banner

When you own Fort Lauderdale rental properties, you’ll be making ongoing decisions that affect how your investment performs. One of the biggest decisions you’ll make is choosing a property management company. A good property management company in Fort Lauderdale will help you earn more, spend less, and enjoy a peaceful and profitable investment experience. 


As an owner, you can expect all the basics such as rent collection,
maintenance, and tenant placement. But if you really want to raise your standards, find a management company that can meet your highest expectations. Look for a partner who can lease, manage, and maintain your home effectively while helping you establish and meet your most important investment goals. 


Expectations During the Leasing Period 


One of the first things you should expect from your property manager is an established rental value. 


Property managers have access to the most reliable rental data in Fort Lauderdale and the surrounding markets. You can expect a comparative market analysis that shows you what other properties similar to yours have rented for recently in your neighborhood. 


Good property managers will also help you prepare the property for the rental market. If there are cost-effective upgrades and updates that may raise your rental value or enable you to attract better tenants, your property manager may make those recommendations. 


Then, you can expect a strategic marketing plan that will attract a pool of well-qualified tenants. Your management company will schedule showings, respond to questions, and thoroughly screen your tenants. 


Additional work that happens during the leasing process includes:

  • Negotiating and signing the lease agreement.
  • Collecting first month’s rent, security deposit, and other move-in funds.
  • Discussing the pet policy if tenants have pets.
  • Conducting a move-in inspection to document the condition of your property.


Once your tenant is in place, you can expect your property manager to be the sole point of contact. You should not be bothered at all.


Ongoing Fort Lauderdale Property Management


The day-to-day expectations of your property management company will depend on the type of home you’re renting out. Some properties require little oversight and others will have the property manager dealing with tenants on a regular basis. You can expect on-time rent collection and follow-up if rent is late. Your property manager will track your accounting, creating reports of income and expenses. Lease enforcement and inspections are also part of the ongoing management plan. Expect your management company to handle vendors and ongoing services such as landscaping and pest control.


Maintaining Your Fort Lauderdale Rental Investment 

professional property manager

Maintenance comes with a lot of expectations. Your property managers should have a responsive and preventative maintenance plan in place. You can expect immediate responses to any emergencies at the property, and tenants should be able to reach your management company 24 hours a day. There should also be plans, budgets, and schedules for routine maintenance. 


You should expect your property manager to be responsive when it comes to maintenance. Attention to repairs and deterioration protects the condition and value of your investment. It also creates goodwill with the tenants, leading to better retention and lower turnover and vacancy rates.


These are the most basic expectations you should have of any Fort Lauderdale property manager. Smart investors want their management team to go a step further and help them identify potential investment opportunities, look for ways to improve ROI, and stay current on all the laws, regulations, and best practices that are relevant on a state, local, and federal level. 


We can meet your expectations and help you exceed your goals. When you’re looking for Fort Lauderdale property management, please
contact us at Florida Property Management Services. 

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By Florida PMServices May 18, 2025
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By Florida PMServices October 13, 2024
In the world of property management, insurance is one of the critical elements that ensure both the landlord’s and the property management company's protection from potential risks and liabilities. One of the common practices in property management is for the management company to be named as an "additional insured" on the landlord’s liability insurance policy. But what exactly does this mean, and what requirements must be met for a property management company to be added as an additional insured? This blog will delve into what it means to be an additional insured, the benefits and coverages it provides, and the steps involved for a property management company to be included in a landlord’s liability insurance. What is an Additional Insured? An "additional insured" is a person or entity that is covered under someone else's insurance policy. In the context of property management, this means that the property management company is protected under the landlord's insurance policy in case of claims or lawsuits related to the management of the property. By being named as an additional insured, the property management company receives many of the same protections as the landlord, particularly when it comes to liability claims. For instance, if a tenant or visitor is injured on the property and decides to file a lawsuit, both the landlord and the property management company could be named in the lawsuit. If the property management company is listed as an additional insured, the insurance policy will provide coverage for both parties in defending against the claim, thus reducing the property manager’s potential exposure to financial loss. Why Should a Property Management Company Be Added as Additional Insured? Adding a property management company as an additional insured is a common industry practice and offers several advantages for both landlords and property managers. Protection Against Liability Claims: One of the primary reasons to add a property management company as an additional insured is to protect them from potential liability claims. Since property managers are responsible for handling various aspects of the property, from repairs and maintenance to tenant relations, they are at risk of being named in lawsuits. As an additional insured, the property management company is shielded from these risks and can rely on the landlord’s insurance policy to handle claims related to their activities. Risk Mitigation: Having a property management company named as an additional insured helps mitigate risks for both the landlord and the property manager. It ensures that there is adequate coverage for potential claims that could arise from the property’s day-to-day management. This reduces the likelihood of disputes between landlords and property managers over who is liable for a particular claim, streamlining the process for addressing legal matters. Cost Savings: If a property management company is added as an additional insured, they do not need to carry separate liability insurance for that specific property. This can result in cost savings for the management company, which can be passed on to landlords in the form of reduced management fees. Of course, property management companies must carry their own general liability and professional liability insurance policies but being named as additional insured on a landlord's liability policy avoids the need of carrying a liability policy for that specific property which results in savings of operating costs and therefore provides the abiity for the management company to pass on those savings to the landlord in the form of lower management fees. What Coverages are Provided When a Property Management Company is Named as Additional Insured? When a property management company is added as an additional insured, they receive coverage for a wide range of potential claims and liabilities, including: General Liability Coverage: This is the core coverage that a property management company benefits from as an additional insured. General liability insurance covers bodily injury and property damage that occurs on the rental property. For example, if a tenant trips and falls due to a poorly maintained stairway, and both the landlord and property management company are sued, the insurance policy will cover the costs of defending the lawsuit, as well as any potential settlements or judgments. Property Damage Claims : If damage occurs to a tenant’s property or personal belongings due to the negligence of the property manager (for instance, a leak that was not promptly repaired), the additional insured coverage can protect the management company from liability. Legal Defense Costs: In the event that a property management company is sued, the insurance policy will cover legal defense costs, including attorney fees, court costs, and any other related expenses. This is particularly important as legal fees can quickly add up, even if the property manager is ultimately not found liable. Errors and Omissions (E&O): In most cases E&O coverage is provided as a separate liability policy that is obtained by the property management company at no cost to the landlord Requirements for Adding a Property Management Company as Additional Insured  For a property management company to be added as an additional insured, several steps and requirements need to be met: Landlord Consent: The landlord must first agree to include the property management company as an additional insured on their insurance policy. This is typically negotiated as part of the property management agreement. It is in the best interest of both parties, as it ensures comprehensive coverage for any incidents that occur on the property. Endorsement: Adding a property management company as an additional insured usually requires an endorsement to be added to the landlord’s existing policy. This endorsement officially extends the coverage to include the management company. The landlord must request this endorsement from their insurance provider, and there may be a small fee associated with adding it. Policy Limits and Coverage Types: It is essential that the landlord’s policy has adequate limits and the right types of coverage. Property management companies should ensure that the policy includes sufficient general liability coverage, as well as coverage for property damage, bodily injury, and other risks specific to the management of rental properties. Verification and Documentation: Once the property management company is added as an additional insured, it is important to obtain a certificate of insurance (COI) from the landlord’s insurance provider. This document serves as proof that the management company is covered and can be kept on file for reference. Property managers should periodically verify that the coverage remains active and up-to-date, particularly when policies are renewed or if the landlord changes insurers. Adding a property management company as an additional insured on a landlord’s liability insurance policy is a crucial step in mitigating risks and ensuring comprehensive protection for both parties. By understanding what additional insured status means, what coverages it provides, and the steps involved in obtaining this coverage, property management companies can better protect themselves from potential liabilities and provide landlords with greater peace of mind. For landlords, including their property management company as an additional insured is a relatively simple process that can prevent costly legal battles and ensure seamless management of their rental properties. As with all aspects of property management, clear communication and well-defined agreements are key to protecting both parties and ensuring the long-term success of the property management relationship.
By Florida PMServices September 13, 2024
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