Central Florida and the Orlando market is now dubbed a Boomtown, in a recent report produced by the Orlando Economic Partnership, the Orlando region is expected to add more than 1,500 people to the region every week for the next 11 years, eventually reaching a population of 5.2 million. As the area and population explode, housing demand will continue to increase and become more competitive. To attract great tenants in the very competitive Orlando market, landlords will need to add value to attract great potential tenants continuously. With more development happening, daily tenants will have different options when determining where they plan to live. As a professional property management company and provider, we have seen first-hand tenants are more often choosing to rent from Orlando property management companies over self-managing landlords.
Why Do Tenants Prefer to Rent From Property Management Companies Over Individual Owners?
If you are a self-managing landlord, you likely have been managing the property the same way for many many years. Without much change to your processes. If that is the case, you may be missing out on the influx of great residents moving to Central Florida. Quality tenants prefer to rent with a property management company for a few of the following reasons;
Transparent & Trustworthy
Timely & Responsive
Nowadays, tenants expect to receive the most advanced tools when renting out a property. To ensure they can pay rent online, submit maintenance requests while receiving responsive service, trust/transparency, and best-in-class hospitality during their tenancy. The younger generation is becoming more isolated, and contributing heavily to the at-home economy. If you aren't able to provide them with a tool to request service at their fingertips, you may be losing out on great quality tenants. Learning what tenants want and need while living in your rental property will help attract these great news residents.
Technology Efficiency in Leasing, Management, & Service.
Moving is a stressful and hectic time for anyone. Quality tenants prefer working and renting with property management companies that can offer and alleviate the pain points during their move to Central Florida. Tenants understand technology is the most efficient way to find, schedule, view virtual tours, submit applications, complete lease signing, and abracadabra it's done. All from the convenience of their iPhone. At The Listing Real Estate Management, our tenants can be approved for their next Orlando rental home while sitting on the couch or at their office. Technology has not only streamlined the tenant leasing process but also increased the quality of service tenants want during their stay at your property.
Tenants choose to work with management companies over individual owners for easy rental payments and their ability to submit service maintenance requests. Tenants don't want to have to think about paying rent; they like the power of their tenant portal and set up automatic payments. Tenants are looking for the most simple and stress-free management service possible for their living environment. Tenants renting from individuals landlords are likely not receiving the top tech tools for an efficient & quality stay in your Orlando rental property.
Trustworthy and Transparent Property Management.
Tenants looking to rent want to know what they are getting into and can very quickly see that when renting from Orlando property management companies. They can see reviews, check out their website, drop of move-in funds at their office. It's easy for them to see and know they are legit. In a day when anyone can hide behind a computer screen, tenants are concerned about being scammed by a pretend landlord. Tenants also choose to work with property management companies over individual owners because with trust and transparency comes accountability. A professional management company has a reputation to uphold and an obligation to provide quality service. Delivering them with confidence in their future home, something that renting from an individual landlord does not.
Tenants Prefer Timely & Responsive Property Management.
When a request is submitted, a shot clock starts as an individual landlord managing your own Orlando rental property. You are always on call; your promptness contributes to your tenants' level of satisfaction. One of the top reasons tenants do not renew their lease agreement year over year is due to the level of service and responsiveness to maintenance requests. Tenants want and need to be heard, and they know when renting with a property management company, their requests will be handled promptly, whether that request is for a routine or urgent maintenance items. Tenants know that their request will be handled. Property owners don't have to worry about that after an hour call or middle of the night plumbing back up as any reputable Orlando property management company will have a 24/7 emergency maintenance line ready to service the tenant's needs.
Why Tenants Do Not Choose To Rent From Property Management Companies?
There are two reasons why a tenant would choose not to rent from a property management company.
1. They have rented from lousy property management providers in the past.
Or more likely,
2. They are trying to pull a fast one over on an individual rental property owner.
They choose not to work with an Orlando Property management company because they know they have one or more of the following, which will cause them to be denied a property being managed by a company.
Terrible rental history & references.
They intentionally plan to violate a lease agreement. (whether that be bringing in restricted breeds, non-approved pets, additional occupants, or worse, they are just straight-up scammers & don't plan to pay rent.)
Bad tenants prey on homeowners that self-manage. They don't want to rent with Orlando property management companies because they know that bish above won't fly. They want to work directly with the homeowner. These tenants are the ones hoping you don't correctly screen, they'll move in, and total havoc begins. We perform our showings with a licensed agent at every showing. We have seen prospects walk up, see our agent in company shirts, and walk away. Bad tenants look to rent directly from the property owner because they believe they'll be able to pull something over on you. A professional property management company can weed out these tenants, and these tenants know that.
In a Boomtown like the Orlando Market, the supply of great quality tenants is out there. By providing excellent professional property management service with best-in-class hospitality. Tenants in Orlando, find it easy to choose to rent with an Orlando property management company like The Listing Real Estate Management.
If you are a self-managing landlord in Orlando or Central Florida and interested in learning more about why tenants choose to rent with Orlando property management companies, please don't hesitate to reach out. We are happy to be your trusted resource for your Orlando rental property. Cheers, The Listing Real Estate Management.