Managing a property can quickly become complicated, depending on where you live. After all, you could live on the other side of the country, meaning you can’t readily perform key tasks necessary to maintain every aspect of your portfolio. In these situations, one of the best steps you can take is to hire a property manager to help you out.
If you have a property in Central Florida, you may be wondering how having a property manager could be to your advantage. Well, some of the many benefits include letting them accept tenants, handling leases, and even checking the properties. As you delve deeper into what they can do for you, you’ll find an answer to the question, “is hiring a property manager in Central Florida worth the money?”
What Can Central Florida Property Managers Handle?
When deciding whether a property manager for your Central Florida properties is right for you, you must consider what their typical responsibilities are. Doing so will show you the benefits a property manager offers, and better inform your decision as to whether hiring one is advantageous.
Usually, property managers interact directly with tenants, answer their questions, and check on the properties. While the details vary between areas, they generally take care of the properties and the tenants.
The property manager also handles repairs or addresses them when necessary. If they can’t perform the repairs themselves, they’ll find someone who can deal with it. Moreover, property managers can proactively identify potential issues and respond to tenants when they report one.
If you want your property manager to do anything else, you can discuss the terms ahead of time. You can also create a contract and elaborate on responsibilities, so your manager understands what they must do.
As you consider what type of property manager Central Florida offers, you will be better positioned to narrow down your search to ensure the right match for your portfolio. You can start by going through the points listed below, which will also help establish if a property manager would be worth the money.
Review, Screen, and Accept Tenant Applications
Property managers primarily handle the process of finding tenants for the rentals. They review applications, screen potential tenants, and welcome them to the area. The process involves checking their credit and rental history to see whether they qualify for the apartment.
Tenants must undergo screening to ensure they can cover rental costs. Overlooking this crucial aspect could cause you to lose money if your manager must evict a tenant.
Of course, initiating a check on a prospective tenant can be a time-consuming process. However, you don’t have to spend hours dealing with this as you can let the property manager handle the process.
With that in mind, ensure they are familiar with the process. After all, the alternative is training a property manager.
If you want to save time, you can turn to property management companies in Orlando, Florida, to find a property manager. They have the requisite experience handling tenants throughout the entire process, from review to screening and final acceptance (if their history passes scrutiny).
When you look at the leases that Orlando rentals offer, you’ll notice some crucial points. They include:
- Getting a signature
- Including the lease’s terms
- Stating fees for rent and damages
You’ll need to create a lease and have your manager take care of the leases. They are on hand to organize the leases, have every tenant sign one, and go over the terms with the applicants.
If you don’t live in the area, you’ll need a property manager to keep track of the leases. They must understand the leases so they can answer questions and help renters understand the conditions in the lease.
Naturally, tenants will have questions when they sign a lease. If you want to avoid problems while ensuring they understand the agreement, having an expert property manager on hand to explain the fundamentals can be valuable.
A property manager will also keep track of tenants and whether they follow the leases. If the tenants don’t follow the lease or pay rent, your property manager might have to terminate the lease.
Even if you have experience handling leases and agreement compliance, the challenge of staying on top of everything can be taxing. Given that, you could benefit from having an extra hand from a rental management company in Orlando.
Check On and Maintain Central Florida Properties
Running a rental-based business means performing proper and regular maintenance on the buildings. Central Florida real estate management keeps facilities up to code while making tenants happy.
Since you can’t always be at the properties, having a manager present can be advantageous. They can visit your tenants to check the properties, inspect them for damage or maintenance issues, and organize any necessary repairs. With this prompt response, you can demonstrate to your tenants that you care about them and their overall happiness.
As mentioned, your manager will regularly check the rentals to ensure they don’t have any damage. If any tenants call concerning property issues, your manager can address the situation and help the tenants out. Customer service matters in property management, so keep your tenants happy and safe.
While this might sound like a lot, your property manager can streamline the process by having a checklist of what they must review during routine maintenance. You should also instruct them on how often they need to perform the checks, so they don’t overlook them.
Property damage can significantly impact your portfolio. In particular, it can deter potential applicants for your rentals and represent a major expense for you.
Show the Rental to Potential Tenants
The best property management companies in Orlando show rentals to potential tenants. A property manager can take the following steps to make the process as smooth as possible:
- Be present at all times
- Enable the potential tenants to explore
- Prepare to answer questions
An experienced property manager will be familiar with these steps and go through them while interacting with potential tenants. Usually, tenants want to explore the rental independently, so they’ll go through the area and see what it’s like for them.
Given that, a professional property manager will know exactly when to give an applicant space while waiting for them to ask questions. They’ll want to know about the area, specific amenities, how they can apply, and more.
Often, property managers will have an extensive background in a specific area. That can give you an advantage as they’ll be able to provide potential tenants with an informed perspective that could clinch an agreement.
In addition, property managers are often tasked with getting a rental into a proper condition for tours. The better it looks, the more people will want to rent the property.
How Much Does It Cost to Hire a Property Manager in Central Florida?
Costs do vary by property manager. However, you can establish a system to make it easier on you.
If you look at the property management companies in Central Florida, you’ll notice they use a percentage system. The process involves giving the property manager 8% to 10% of the rental rate.
This approach works well since it encourages the manager to find excellent prices to secure more rentals and make more money. If they work hard and get you more renters, they’ll also make more money, focus on customer service, and improve the business.
Showing the Numbers
Some areas of Florida have an average rental rate of $1,013. That means the manager will make about $80 to $100 monthly for every rental. If you own an entire apartment complex, the manager can quickly earn thousands of dollars a month.
The system works well because you can get more renters, your manager works hard, and you both earn money. In addition, because some of the rent goes to your manager, you have an immediate source for paying them.
One option is to let your manager live in one of the properties for free. Doing so helps to have someone on call. You could either offer a discounted rate to your manager or cover the rent entirely.
When considering a property manager, you might want to pay them as contractors so you don’t need to worry about salaries or hourly rates. Be sure to double-check labor laws and ensure you follow them with your payments.
Summary of Is Hiring a Property Manager in Central Florida Worth the Money?
If you ask yourself, “is hiring a property manager in Central Florida worth the money?” the answer is almost always yes. When you hire a property manager, they can tackle essential work for you while ensuring tenants remain happy with their rentals.
Since you pay them based on a percentage, you can ensure you can always afford to pay your property managers as they do their work. Not only that, but you can enjoy the benefits of cutting down your workload and having someone help you.