A good Orlando property manager takes care of every angle of a rental 100% of the time. They market vacant units, screen new tenants, facilitate lease signings, collect/adjust rent, and call in repairs and security.
The property manager is on call if the tenants have issues or need assistance. This can include settling tenant disputes, handling noise complaints, and conducting routine property inspections.
The manager also keeps records of everything that occurs at the property. Notes, receipts, maintenance records, and tenant complaints must be processed, handled, and stored.
5 Reasons You Shouldn’t Manage Your Own Orlando Investment Property
A lot of work goes into Orlando realty management, and it can be overwhelming for one person to do alone. Most likely, you didn’t purchase property to take care of it daily while also trying to juggle your own life and job.
Owning an investment property can be a great asset for any portfolio or provide significant income. Still, the cons can quickly outweigh the pros if you’re in over your head. There’s much to consider, such as local zoning laws and Orlando tenant rights.
Not only that, but there’s a lot of paperwork involved. As your own Florida property management team, you alone would be responsible for drafting leases, screening individual tenants, and collecting rent.
Consider what you’ll do if the tenant doesn’t pay rent. That’s even more paperwork and a legal obligation you now have on your plate. This is where Orlando management companies specializing in investment properties can come in handy.
If you’re still not convinced, here are 5 reasons you shouldn’t manage your own Orlando investment property.
You Want Your Orlando Investment Property to Be Passive Income
There’s nothing passive about doing all the management and work on a rental property. Passive income is supposed to be similar to investing in stocks – it’s wealth that generates additional income in the background of your life.
You’ll need to be available 24/7 in case of tenant emergencies and handle all the resulting damages/paperwork. You shouldn’t have to consider whether the roof is leaking or the driveway needs resealing.
Sure, there will be paperwork when you initially purchase the property. That’s expected with every business transaction. But suppose your goal is to make passive income on a high-focus property. In that case, you’ll want an Orlando property management company.
You’re Too Busy to Manage the Orlando Property
We all have our own lives and jobs that need balancing. While owning an investment property is excellent income, it requires extra work you may not have time for. If you own numerous properties, the issue then multiplies.
A tenant calls you. There’s an emergency, and the bathroom is flooding. Floods are common in Florida and can cause property damage. Immediately, you’ll have to excuse yourself from work, find an emergency plumber, and make a maintenance call – all while trying to reassure the tenant.
When a tenant moves out, someone has to inspect the property to prepare it for the next tenant. A property manager can review the area, determine how much to return of the security deposit to the tenant, then oversee the location’s cleaning.
Multiple properties come with multiple tenants, which, you guessed it, can come with multiple problems. You may find yourself dealing with a broken toilet, a leaking ceiling, and a pest problem in a single day. Can you do that while also working a 9-to-5?
You Aren’t an Expert in Orlando Landlord-Tenant Laws
Every city and state has different landlord-tenant laws that dictate a lot of the relationship you can have with your tenants. These laws can affect leases, limit inspections, and alter rent increases.
Instead of trying to give yourself a DIY crash course on Orlando tenant laws, reach out to an Orlando investment property management company. Because they’re locally based, they’ll already know the laws.
The company will also come pre-certified and with a broker license. The license is required under Florida’s real estate licensing law for anyone paid to handle rentals and leases for other people.
An investment property management company can also save you a lot of money on legal fees. There will be fewer misunderstandings with tenants because the company knows Orlando laws.
You Live Too Far from Orlando
There’s nothing stopping someone in northern Michigan from purchasing a rental property in Orlando, Florida. But how can you manage a property from 1,000 miles away? While it is possible these days through Zoom, it’s still best to meet your tenants in person.
You also wouldn’t know the local area. Even if you visit Orlando with your family, individuals who live in the city have a hometown advantage. Locals know the best companies to call for repairs, upkeep, and cleaning services. They can save you a lot of money.
Orlando investment companies are those locals you’re looking for. They live in the area and can meet the tenants face to face. Tenants who meet the property manager are more likely to trust them and keep their leases when there’s an excellent first impression.
In addition, many tenants don’t feel comfortable leasing from someone who isn’t in the immediate area. Consider it from the tenant’s perspective: Would you want to live in a house someone manages from 1,000 miles away? Who would you call if something goes wrong?
You Want to Scale Your Investment Properties
Scaling occurs when revenue from your investment increases without a substantial increase in demand on your resources. In investment properties, this can look like purchasing property by using the revenue from your original investment property.
With this business method, you’ll quickly find yourself overwhelmed with the number of properties, tenants, and problems you’ll have. Some property investment companies can also handle your portfolio and make purchases/sales (with your permission) to increase your properties.
You’ll need a property manager if you plan on scaling into different property types. Commercial or industrial estates follow different zoning laws than homes.
Where Can You Find a Property Management Company in Orlando?
Now that you’ve decided to hire a property manager, the question becomes how to find one.
Ask Friends and Colleagues
Reach out to friends who own property in Orlando. Do they use a property manager? If so, do they like who they hired? Check Orlando rental Facebook groups or Reddit threads for recommended managers.
Do Research Online
Even a quick “Orlando Property Managers” Google search will give you thousands of results. The trouble will be sifting through them to find a manager good for you. You’ll want to look for a manager in line with your visions and goals for your property.
Sometimes, you will find “rate my landlord” websites. You may find property managers mentioned here instead of other locations. These sites are usually tenant-run and offer extremely (brutally) honest reviews of properties and their management.
Don’t be afraid of businesses. They hire managers to ensure everyone is up to speed on laws and on the same page of professionalism. The companies will often prepare their management agreement terms, so you don’t have to draft another document.
That’s not to discount individual managers, either. There are incredibly qualified private businesses with one to two people who can do the job well.
Visit the Properties They Manage
Consider this an “on-the-job interview.” Are the properties kept in reasonable condition? Do they have roadside appeal, and are the grounds well kept? Does the property align with how you want your investment property to look?
Do not contact the property’s tenants to ask about their manager. This contact is a breach of privacy and can result in legal complications. It’s best to ask the manager’s peers and coworkers for recommendations.
Interview a Large Pool
When you limit your options, you might settle for someone who won’t work well with you. Set out to interview various people or companies for the job. Remember, even if you contact a management company, that interview is when you determine if they’re a good fit.
If you’re not sure where to start, here are some quick interview questions:
- How long have you been a property manager?
- Do you like the job?
- How do you handle tenant disputes?
- What would you do if a tenant refuses to pay rent?
- What are your certifications/licenses?
Summary of 5 Reasons You Shouldn’t Manage Your Own Orlando Investment Property
What are the 5 reasons you shouldn’t manage your own Orlando investment property?
- You want passive income: It’s not the job for you if you want your property to be passive income. There’s an enormous time and energy commitment that is difficult to maintain
- You’re too busy: You don’t have time to handle the daily paperwork, tenants, and maintenance requirements.
- You’re not a law expert: You aren’t an expert on Orlando landlord-tenant laws, zoning laws, or property laws. You need certifications for that!
- You live too far away: You live far enough away that you can’t visit the property during an emergency or tenant inspection.
- You want to scale investments: You want to scale your investment properties into different markets/areas, but you don’t know the commercial or industrial laws.
Finding an Orlando property management company doesn’t have to be scary, and we’re here to help. Contact The Realty Medics today and find out if leasing your property through a manager is right for you.