As Bob Hartley states, "A team is like a puzzle. Every piece is vital." And as a highly-skilled NHL hockey coach, he is exactly right, and this applies to every team in life. This bit is ever so important as a real estate investor here in Orlando, Florida, and you should look at your portfolio and strategy with this always in mind. Having the right people working in your real estate puzzle will directly affect your success as a real estate investor. It's like they say one bad apple spoils the bunch.
Ensuring you have the right puzzle piece in please to manage your real estate asset is so crucial. So, today we wanted to cover why you, as a real estate investor or homeowner, should highly consider working with a professional Orlando property management company.
Professional Property Marketing
A highly efficient professional property management company in Orlando, Florida will have keen eyes to market your property strategically and on the most amount of distribution channels. The days of just slapping a sign out front and posting on Craigslist are not only ineffective but also dangerous. Showcasing your home in the best light, using the best tools will attract quality tenants. Your Orlando property manager knows the valuable items prospective tenants want to see in your property listing and the features that will ultimately drive the most amount of traffic to your home. Here at The Listing Real Estate Management, we have the people, skills, and tools to display your property out to over 250 plus websites and create your very own 4K video tour of the property. The marketing and exposure your home gets with The Listing Real Estate Management is unmatched.
Expert Leasing Management
A lot of future problems and issues that may arise throughout a lease term can typically all be avoided by having an Orlando property management company with clear cut qualifying criteria and processes in place to place quality tenants in your home. Your Orlando property management leasing team are experts in screening applicants. They can point out the scammers and detect misleading applications. Working with a property management provider, you won't have to worry about the rent to income ratio, background information, employment verification, rental verification, and a nationwide eviction search. They are able to streamline this process to complete a thorough vetting of your future tenant. Steve Rozenberg of Mynd Property Management recently, put out a great vlog on BiggerPockets discussing the difference between a real estate investor and a landlord. If you're doing the day to day operations like leasing, you are a landlord, trading your time within the day to day operations of managing your property. A real estate investor puts his team together so that their investment operates like a business. This allows them to focus on more critical items, like finding new investments or building out their portfolio. Working with a professional property management provider will turn you into a real estate investor overnight; that way, you don't have to worry about the grueling task of leasing out your property.
Experienced Property Management Maintenance & Inspections
Property maintenance and performing consistent periodic property inspections are critical to ensuring your investment is well cared for. If you don't live in the same area of your rental property, this task can be a bit tricky if you are a self-managing landlord. Your Orlando property manager has the connections and relationships built with quality vendors to make sure maintenance items are addressed properly and timely. They are scheduled to perform periodic exterior and, at the minimum, one interior property inspection halfway through the term of the lease agreement. They are actively approaching the maintenance of your property on a preventative approach. We here at The Listing Real Estate Management are always looking for ways to prevent annoying or minor maintenance items that can easily be avoided. Teaming up with a dependable property management company will help eliminate those annoying texts or phone calls from tenants that something went wrong. Leaving you more time to enjoy the benefits of owning a long-term rental property.
Financial Account Management
As a DIY landlord, tracking and monitoring your properties' financial account is likely not at the top of your favorite things-to-do list. Any reputable property management company in Orlando nowadays will have an owner/investor portal for you to login too. This portal will allow you to track your rental property's finances. At The Listing Real Estate Management, you can see exactly what happened the prior month or in real-time. If an A/C unit needed a blow-out and it cost $85, you will see the attached invoice from the technician with photos attached. You'll also be able to see when your tenant paid rent. Let us tell you it's always great to see your tenant paying rent 3 or 4 days before the first of the month. It brings a little smile to our face and in your owner portal, you are able to see the date they made payment. Also, did I mention the amount of time you'll save during tax season? With our account management system, you can pull the income statement for the entire year, and your 1099 will be mailed and electronically sent to you every year. Your days of a packed filing cabinet is over. Let The Listing Real Estate Management tracks your rental property finances in real-time.
Legal and Eviction Problems
No matter how diligent you are throughout your real estate investing career. It is likely you have had or will have your fair share of legal issues and/or threats. There is nothing worse than handling any legal items or evictions alone. By hiring a licensed Central Florida property management provider, you can protect yourself from ending up in court. As licensed real estate agents or brokers, The Listing Real Estate Management knows the local, state, and national landlord/tenant laws. The resources used in place to protect our property owners, so that they don't end up in costly court proceedings. Tenants can be crazy and typically know their rights as tenants. Having the right people in place working for you that knows the proper legislation will keep you out of court.
If going at it alone is your thing, and it's worked for you, That's great. Wishing you continued success. If you'd like to transition from a landlord to a real estate investor and build out your professional team. Please don't hesitate to reach out to The Listing Real Estate Management, Central Florida's property management provider. We'd love the opportunity to be a vital piece in your real estate puzzle. We'll wrap up this piece with another hockey quote as it relates directly to real estate investing, "You've got to love what you're doing. If you love it, you can overcome any handicap or the soreness or all the aches and pains, and continue to play for a long, long time." -Gordie Howe