It is vital for a rental investor who is constantly busy and doesn’t have extra time on their hands to have a good property management team. If you travel often or live far you can highly benefit from a property manager. However, if you are the type of landlord who likes to take more of an active role and be more hands on, here are a few tips and tricks to help you maintain a profitable rental investment:
The greatest asset a good property management team can have is the ability to find good tenants in Orlando FL. Here are some tips to ensure professionalism when finding a tenant:
- Treat every applicant the same no matter what.
- Look for their qualifications over their personal characteristics.
- Verify that all the information provided on their application is accurate.
- Run a credit check report on them to assure that they have good credit
- Contact the references that they have listed
- Track more than one applicant as backups
It is essential to make sure that the unit a new tenant is about to move into is in good condition before their move in date. To assure that the unit is in said condition, a move in inspection report is required. This will prove any damages that the new tenant makes are from them and repair receipts will be required. There should be rules for the tenant to follow. These rules should be reviewed at the signing of the lease and a copy should be sent to the tenant.
Maintenance and Repairs
A good Orlando FL property management team knows that repairs and maintenance are necessary. Managers should have:
- A system for the current tenants to report repairs that need to be made.
- A group of vendors and contractors to repair any damages.
- Frequent visits to monitor the properties condition.
Move Out Process
A great way to stay organized is by having a calendar with all tenant move out dates marked. Tenants should be contacted a few months in advance to determine if they are staying or leaving. Managers should also plan a move out the inspection to track any damages that happened to the unit from the current tenant.
Eviction and Dispute Resolution
Even though you make think that you are getting a great tenant you should always plan for the worst. A property manager should know when and how to evict a tenant if it comes to that. This requires legal documentation of all of the policies that the tenant has signed. Once these policies have been disrespected or disregarded, the property manager has the right to evict the tenant.