As a rental property owner in Orlando, you know how time-consuming and chaotic managing your rental property can be. You may have great local Orlando area vendors that do all the repairs on your property. Your network of contractors, cleaners, plumbers, and handymen can help take some of the stress off managing your rental, but many daily tasks can be improperly handled and lead to an unsuccessful rental property venture. Look at your rental property portfolio as a business. Are your rental property operations running smoothly, or do you have room to improve and run them more efficiently? Many self-managing landlords and homeowners in Orlando can agree, they don't have all the answers and processes in place to successfully manage all the many aspects that go into rental property operations. As a professional Orlando property management company, we understand the importance of rental property operations and why a property manager in Orlando is essential to streamlining your rental property operations. Today, we will be diving deep into how a property manager streamlines your rental property operations.
Rental Property Marketing & Tenant Screening
Many self-managing rental property owners have an ancient perception that you place a "For Rent" sign in your front yard and allow the first person with a security deposit to sign the lease and occupy the property. In a digital age that heavily relies on the internet, how do you find a qualified tenant? It is essential to run your leasing operations in a manner that prescreen all your prospective tenants. If you are self-managing, when you post your listing on Realtor.com, Hotpads, Zumper, etc. you will likely get bombarded with calls from unqualified prospects. From all the unqualified prospect showings, you might as well quit your 9-5 and become a showing agent. But seriously, leasing your property to a quality tenant will take up a lot of your time. It may be in your best interest to allow a property manager to handle the prescreening and showings.
Homeowners and real estate investors, many times don't have the resources, time, and processes to properly screen tenants. There are many tenant application warning signs, leave this up to the professionals, a property manager in Orlando has set qualifying criteria to wean out the unqualified prospects. All rental property operations run more efficiently when you have the right tenant in place, caring for your property and abiding by the lease agreement.
During a tenant's lease term, there are significant operational issues that can cut into your precious time and money. Many times this is due to relational problems and tenancy expectations. Andrew McLeod, with Zumper, wonderfully states tenancy expectations, "Once you've successfully found someone who fits your tenant's needs, make it a priority to set expectations together. Starting the landlord-tenant relationship on a positive note begins with getting on the same page in terms of what you both expect of each other." Tenant relations need to be healthy; this will make all the difference in a streamlined rental property. Having an Orlando property manager handle your tenant relations is extremely important in allowing you to focus on the more critical aspects of your life. Tenant relations can be very frustrating and stressful if your tenant is continuously calling and texting you over the slightest things.
As a rental property owner, you will want there to be a barrier between your property and your tenant. Property managers are in place to simplify tenant relations. Property management Orlando FL simplifies this and allows your rental property portfolio to run on a lean, streamlined process.
Rental Property Compliance
Do you know if your rental property complies with federal, state, and local regulations? Many homeowners and DIY landlords have no idea if their rental property is up to par when it comes to the many rental property codes and regulations in Central Florida. The last thing you want to do is bog down your rental property operations stuck in a lawsuit with your tenant. In the world of owning a rental property, many scam tenants and attorneys are chomping at the bit, waiting for you to mess up.
Property management companies in Florida are required to have a licensed real estate broker. Many of the top real estate management agencies in the nation will have all of their employees as licensed realtors. With having your very own personal property manager keeping your rental property in compliance, you won't have to worry about compliance issues.
Rental Property Maintenance
As mentioned above, you may have great local Orlando vendors that handle all your rental property maintenance. You may be spending hours coordinating with your technicians and tenants. It can be tough to do if you have a full-time job or family, heck it can be a tough task if all you have to do is care for your guinea pig. Andrea Collatz, with Transunion Smartmove, expresses, "Rental property maintenance requires year-round vigilance, representing a significant amount of time and money." Your property management company in Orlando will ultimately take this time-consuming task out of your life, allowing you to care for your guinea pig properly. Seriously though, this task is single-handedly one of the most frustrating and time-consuming tasks.
Rental Property Inspections
A lean rental property operation consists of frequent rental property inspections. Why waste time and inspect my rental property? Well, you don't have to, but it is imperative and vital you do. Rental property inspections take time but are very important in keeping your tenant in compliance with your lease agreement. Your property manager will routinely inspect your rental property. As your Orlando Florida property management company, we conduct all inspections, such as move-in, move-out, quarterly exterior, and mid-year interior inspections. Real estate investors see the value this brings to their real estate portfolio, and understand this takes a lot of time.
Allow a property manager to streamline your operations. Your rental property should run like a business. The only way to fully systemize and operationalize your rental property portfolio is to have a knowledgeable Orlando property manager. The tasks above are just a few of the time-consuming tasks property managers handle on your behalf. Streamlining your rental property operations can make or break the success of your rental property. Here at The Listing Real Estate Management, we are a full-service property management company in Orlando, Florida. We specialize in single-family, multifamily, and commercial property management in the Greater Orlando area. If you have any questions or would like a free rental analysis, feel free to reach out to The Listing Real Estate Management, we'd love the opportunity to streamline your rental properties operations!