As Theophrastus, the Greek philosopher, expressed, “Time is the most valuable thing a man/woman can spend.” As our lives become ever so busy, we need to dive deep into how we are spending our time. When owning an Orlando real estate asset, time is your best friend. The longer you hold your asset, the more value you’ll have with appreciation. Decide to rent out your Orlando Rental Property, and you’ll reap all the benefits of owning an asset that provides you passive income and appreciates in value over time. But what happens when your “passive income” begins to consume your precious time?
We all know time is money, and we should ask ourselves, are we really spending our time wisely? Building a profitable rental portfolio takes a lot of time but can create long-term generational wealth. But it’s easy to get stuck in the time-consuming tasks of the day to day operations of managing that property or properties.
So today, we wanted to point out the most time-consuming tasks rental property owners will face when managing your own rental property in Orlando Florida, explained by The Listing Real Estate Management, Orlando Property Management.
Property Prep, Marketing & Tenant Screening
If your property is currently vacant, you're going to have to get that property rent ready. This process is extremely time-consuming depending on your property's current condition and whether or not you’ll be doing the work yourself. You are going to have to repair or replace any non-functional items in the house. Clean the property thoroughly and make the home presentable to attract high-quality tenants. Getting those quality prospects interested in your home is your first goal. Your marketing needs to showcase the house in the best light across the most platforms. Requiring you to spend time and money on a service channel to syndicate your property out to the masses. Your phone will then likely begin to ring off the hook with tenant prospects wanting to view your home. Spending more time showing the property to likely unqualified parties if you aren’t pre-screening before your showings.
After all that, you’ll need to screen your prospects. You’ll need to run your credit, criminal background, employment, income, previous rental verification, and a nation-wide eviction search to ensure you have quality tenants. There are many online tools out there to help with this process, but at the end of the day, the leg word still falls on you.
Maintenance & Maintenance Coordination
Throughout the tenancy, you should expect some maintenance items to pop off. It’s part of owning a rental property in Orlando Florida and necessary to protect and maintain the integrity of the property. You should not be surprised or overwhelmed when you receive a call or text from your frustrated tenant that the air conditioner went out. And they need someone out there immediately. It’s the nature of the business, it will leave you with the pressure of finding and coordinating an air conditioning technician to repair the issue. If you don’t have the time because who does? You’ll likely be performing these tasks during your leisure hours and probably at the worst possible time for you in your already busy life.
Building a solid relationship takes time and hard work, whether that be with your spouse, significant other, co-workers, or friends. As a self-managing property owner building a healthy relationship with your tenant is crucial for a profitable Orlando Rental Property. Taking the time to set the standards on how things will operate and your roles to each other will go a long way. Your tenant is not your friend; your rental property produces income and should be run like a business. Both parties must uphold their duties and responsibilities. Keeping emotions out of the relationship will go along-way. Making exceptions with your tenants based on emotion can tarnish your landlord/tenant relationship. And will likely turn disastrous if your to close or become attached to your tenant. Reduce the possible attachment by limiting continuous communication via text message if they have your cell number, and we highly suggest never renting to family or friends.
Boots on the ground & the always on the clock culture.
If your rental property is local and within close proximity to your home base, boots on the ground won’t apply to you as much. However, you will always be on the tenants’ clock. Two O’clock in the morning lockout call or that the pipes burst, will need to be fielded. Leaving you to handle it in the middle of the night or when you’re on vacation. If you do not have the luxury of being near your rental property, having a dedicated Orlando Property Manager to be those boots on the ground frees up a lot of your time. Any reputable Orlando Property Management Company will have that dedicated 24/7 emergency maintenance line and systems in place to field, troubleshoot, and dispatch at all hours, making your Orlando Rental Property much more protected.
Rent collection & Financials
Now, after doing all of the above, you definitely deserve a payday. Your payday is in the form of rent and due by the tenant on first. But the funds never come… Leaving you the task of spending more time and effort hunting down rent. You’ll need to serve the proper notice and again wait the required time frame to pursue any action. Managing your rental property is a full-time job, and you need to be compensated.
Tracking your property’s financials will determine if all your hard work is worth your valuable time. Proper accounting, collected all in one place will make your life much easier when calculating your Net Operating Income and Return on Investment — saving you a tremendous amount of time during tax season.
Your Orlando Rental Property Income is considered passive income, so why do you require yourself to be so active in the day to day operations of owning a passive income-producing property? Your time is the most valuable thing you can spend, and it goes by quick. Spend it on the people and activities that matter most to you. Your Orlando Rental Property isn’t going anywhere as Franklin D. Roosevelt expressed, “…it cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with an Orlando Property Management Company with reasonable care, it is about the safest investment in the world.” You’ve made the smart decision to leverage your property. Spend your time building and growing your Orlando rental property portfolio. Finding a highly trusted, reputable, hard-working Orlando Property Management Provider will reduce your stress and workload tremendously, saving you valuable time. If you have any questions or would like to connect, feel free to reach out to The Listing Real Estate Management, Orlando’s Best Property Management Provider.