August 16, 2021
Last Updated
Have you ever heard of having a 3rd party do your inspections for Move-In Move-Out and lease renewals?
Steve and Eric have never heard of this until reading this tip from Kim Meredith-Hampton of Hampton & Hampton.
Hampton & Hampton is a property management company based in Orlando and they share some of their tips on this week’s episode.
Interesting takeaways from this episode:
Hampton & Hampton uses a 3rd party to do home inspections.
This saved them thousands from a claim where a new tenant said they had got sick from black mold.
Their inspector is certified in black mold and the report said it was fine and got the case thrown out in court.
Also, they do repairs at “market rate” instead of putting a dollar amount on what the repairs will be. This way if a deeper clean or repair is needed it’s covered.
Cost for inspection: Hampton & Hampton has many properties so they negotiated the cost down to $99 per inspection.
Another fun thing that they use is a Move-In video to set the stage and walk them through the lease step-by-step.
The term “firm, fair, and consistent” was used by Scott and that’s a great way to describe tenant screening and property management.
In conclusion:
If you’re thinking about hiring a property management company you have to do your due diligence.
In some states (including Florida) you need to be licensed so you want to make sure the company is licensed.
How many houses do they manage?
How many houses do they lease?
What are their reviews?
What kind of agreements do they have in place?
Kim also mentioned the CRMC accreditation which is a great sign that a property management firm is professional.