As with any business, the people you hire are going to be a reflection of you and your character. That is why so much time and care needs to be placed on the final decision of whom you will hire to manage your properties. There are many things to keep in mind during this process but there are seven main items that need to be understood. Hiring the best Orlando property managers can seem like a tall task but it can be much easier if you follow these simple steps along the way.
1. Hire Licensed Property Managers
There are several options in this field. You could choose to hire a random manager, a licensed manager, or a property manager in charge. The first option should be ignored. The main difference between licensed property managers and property managers in charge is that the latter has the ability to manage their own company as well as the companies of other people. In order to become a licensed property manager, you must be formally trained and then pass a state exam.
2. Seek References
When conducting your search for a prospective property manager in Orlando, the likelihood is good that you will find one you really like. In this case, you should seek out the properties that this person already manages or has managed in the past. This is your way to see how well they perform their job and whether or not they meet your standards. This is no different than checking the references of a potential job applicant. That is exactly what is happening here and the process should be no different.
3. Associated Costs
Are the fees being charged reasonable? Are you comfortable with the overall cost and the service provided? Just because the price is low does not make them the best. On the flip side, a high price does not always mean a quality manager. Hiring a property manager with the right skills is crucial and that is not always going to be the lowest price.
How often will the property manager focus on maintenance and repairs? Is this an important aspect to them? Proper repair and upkeep are vital to your business and the manager needs to share the same passion and vision for the property as you do.
5. Be Clear On Procedures
Knowing when items will be cared for, paid for, and ultimately when you will be paid are important. You need to be aware of when your payment will be issued. If the rent is paid in July, are you going to be paid in July or are you going to have to wait an additional month? Will the manager keep the pet fees and the late fees? These items need to be clear before hiring an Orlando property manager.
6. Eviction Process
Your potential property manager needs to be able to explain how often they evict tenants. This can shed light on how well they find quality tenants as well.
7. Termination Clause
Your potential Orlando property manager needs to be willing to have a clause in the contract that allows for their termination if you are unhappy with the service they are providing. This might include a 30-day written notice. Regardless of the exact wording there needs to be a clear understanding between you and the property manager of what you expect and the consequences if these expectations are not met.
Orlando property managers are plentiful but the good ones can be hard to find. Take the time to research and interview properly before making the final decision on your property management needs.