Managing a rental property from a distance, especially if you live on the other side of the country, presents significant challenges. Engaging Orlando property management services could be the solution.
Property managers handle all the hands-on tasks for you, from screening and accepting tenants, handling leases to overseeing lease agreements and property inspections. Since tasks vary from business to business, you’ll want to ask what’s included in property management services with each company you consider.
What Basic Tasks Do Central Florida Property Managers Handle?
Property managers typically provide several basic services for Orlando rental properties:
- Tenant Interactions
Usually, property managers interact directly with tenants, answer their questions, and check on the properties. They serve as your boots on the ground and understand the legal nuances of landlord and tenant relations in Chapter 83 of Florida Statutes, which governs residential tenancies.
- Rent Collection
Property managers generally handle rent collection and ensure the owner receives their payment on time. If there are problems, they’re on hand to address them early and understand how to handle non-paying tenant situations.
- Maintenance and Repairs
The property manager also handles maintenance requests and repairs when necessary. Some may perform the maintenance themselves while others have a network of vendors they hire to do the work. Moreover, property managers can identify potential issues before they become bigger (read, more expensive) issues.
- Move In/ Move Out Inspections
Property managers don’t just have the tenants sign the lease and hand over the keys. Before and after the tenancy, property managers should conduct thorough inspections and document the condition of the property before the tenants move in and after they move out.
Some will also conduct periodic inspections during the lease to ensure things are properly maintained and nothing is in need of repairs. Detailed inspection reports with supporting photographs of the property can be the difference between imposing claims against the tenant’s security deposit and the owner having to spend personal funds to repair the tenant’s damages.
- Homeowners Association (HOA) Point of Contact
If a rental unit is located in a neighborhood with an HOA, the property manager will serve as the point of contact as well. They will identify who is responsible for remedying the problem and ensure a return to compliance. This way, you as the owner aren’t getting calls about noise levels, unmanaged clutter, or grass being 1/32 of an inch too long.
If you want your property manager to do anything else, you can discuss the terms ahead of time. You can make amendments to a property manager’s contract to elaborate on the agreed-upon responsibilities they will cover.
Additional Orlando Property Management Services
However, Central Florida property managers typically offer more support, which many owners prefer, especially if they’re out of town. Some of these additional services include:
Show the Rental to Potential Tenants
The best property management companies in Orlando show rentals to potential tenants and offer them a smooth process by:
- Remaining present at all times
- Allowing potential tenants to explore the property
- Being prepared to answer any questions
An experienced property manager will naturally go through these steps while interacting with potential tenants. Usually, tenants want to explore the rental independently, so a professional property manager will know exactly when to give an applicant space. However, they’ll be available for any questions about the area, specific amenities, or how they can apply.
Often, property managers will have extensive knowledge about a specific area, providing potential tenants with an informed perspective that could clinch an agreement.
In addition, a property manager’s tasks often include an evaluation and getting a rental into a proper “rent-ready” condition for tours. After all, the better a property looks, the more people will want to rent it, and they will likely pay top of the market.
Review, Screen, and Accept Tenant Applications
Property managers primarily handle finding tenants for rentals. They review applications, screen potential tenants, and handle the move-in process with accepted applicants.
As some property owners already know, initiating rental history and credit checks on prospective tenants can be a time-consuming process. However, overlooking this crucial step could cost you a lot of money if you have to evict a tenant or fall victim to fraud.
Instead, a property manager can save you time while conducting a much more in-depth background check of applicants, including sophisticated fraud detection systems. Fraud has become an enormous problem that professional property managers are better equipped to combat for their clients.
Manage Leases
Professional property managers have uniform lease agreements, which usually have been thoroughly vetted by attorneys. When you look at the leases that Orlando rentals offer, you’ll notice some crucial points. They include:
- Required signature
- Lease terms and stipulations
- Tenant and owner responsibilities
- Fees for rent and damages
At lease signing, property managers will review the document with approved applicants and require every tenant to sign one. They’ll answer any questions the tenant has to make sure they understand the lease agreement.
Because this is a process they do all the time, property managers handle these interactions much more efficiently. They anticipate common questions and know how to break down fundamentals into explainable terms. This helps to avoid any problems due to miscommunication or misunderstandings because the property manager will ensure that the tenants follow the lease.
Check On and Maintain The Property
Rental homes require proper and regular maintenance. 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 property manager present offers real advantages. They can visit your tenants to check the properties, inspect them for damage or maintenance issues, and organize any necessary repairs.
As mentioned, your property 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.
Looking for more insights on effective property maintenance? Check out a discussion we had with Elliot Grimes, Co-Founder of VE Builders, where we discuss valuable systems and strategies to keep your rental properties in top shape.
How Much Does It Cost to Hire a Property Manager in Central Florida?
Costs do vary by property management company within different markets; however, in Central Florida, most use a percentage system where the property manager receives ~8 – 10% of the rental rate. There is also typically a corresponding leasing fee and renewal / re-lease fee.
This approach works well since it encourages the property 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.
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.
An Agent ≠ A Quality Property Manager
A word of caution about cutting corners on cost: some property owners choose to use an agent to find their tenants instead of hiring a property manager. However, because of the transactional nature of these businesses, this can end up being a costly mistake in the long run. For example, some problems that can occur include:
- Insufficient documentation of property conditions on the move-in report
- Minimalistic leases that leave the owner and the property exposed and liable
- Improper applicant vetting
Of course, not every agent is looking to quickly place tenants – any tenants – in a property to collect a paycheck. However, agents typically charge a full month’s rent to find tenants, which is more than most property managers charge for their leasing fee. So not only are you paying more, but you are doing so with someone likely nowhere near as experienced as a property manager in that regard.
Summary
What’s included in property management services varies from place to place. If you’re looking for an Orlando property management company, ensure you fully understand what services each business offers before signing a property management agreement.
Reach out to The Realty Medics to see how we support our clients with rocket science renting. Call us today at 321-947-7653 or complete our online form.
