One of the biggest mistakes that many people make when they invest in a rental property is believing that by managing the property themselves, they’ll make more money. This is rarely the case. In reality, most property owners discover that the key to netting the highest return on their investment is entrusting the property to a good Orlando property management firm. Not only does the property management service know what steps are needed to maximize the amount of profit the property generates, but they also handle all the stressful issues that most owners struggle to handle on their own such as marketing, maintaining, and inspecting the property.
Which Orlando Rental Property Management Service Should You Choose?
There are several good management firms in Orlando that you can select from. Some things that you’ll want to consider when choosing a firm include:
- If they work hard to make sure that their agents are well educated and up to date on the latest laws governing Orlando rental properties and real estate
- If they’re committed to diligently caring for the properties entrusted to them
- Do other property owners who have used the rental management service in the past report that the company does an excellent job communicating
- Does the firm frequently complete thorough internal and external examinations to ensure that the place is safe and undamaged
- The property management service should have a reputation for providing high returns and low vacancies
- Stay away from property management services that have a reputation for evicting large numbers of tenants. A high number of evictions indicates the company doesn’t do a good job screening applicants.
- Property owners shouldn’t even consider working with any company that doesn’t do everything they can to accommodate the property owners wishes and goals.
There are many tools that Orlando property managers can use to improve communication and to ensure that both the property owners and the tenants are very happy. These tools include:
- Providing online financial statements
- Professional landowner’s portal
- Posting information about available spaces on multiple listings
- Strong internet promotional skills as well as using innovative marketing ideas to increase interest in the rental property
- Professional, eye-catching signs
- Direct Deposit of Landlord Proceeds (ACH)
- On demand property showings
- Direct Mail Campaigns
- Digital Video Inspections
- Property assessments which not only help determine the ideal rental market value, but also insight into improvements that can be made to make the establishment more appealing to potential tenants.
- Ensuring that the property and the management of the property meet the Equal Housing Opportunities guidelines.
- A willingness to not only conduct thorough inspections but to also provide photographic and video reports of the inspections.
- Managing all tenant issues which includes everything from collection rent, providing maintenance, and remarketing the establishment when a tenant announces that they’re moving
When handled by a diligent and experienced Orlando property management service, owning a rental property can be profitable, low risk, and low stress.