Whether new to property investment or a seasoned professional, we can all benefit from reviewing strategies to maximize income while minimizing risks. Below, The Realty Medics share some wisdom we’ve acquired through the years to help you realize your investment dreams while avoiding common pitfalls. While many property owners choose to manage their rentals themselves, the advantages of using a property management company extend far beyond just collecting rent.
Central Florida Property Investment Strategies
1. Management Matchmaker
Sure, you can go it alone as a landlord. Or you could benefit from the professional experience of a full-service wrap-around property management company like The Realty Medics. We use cutting-edge technologies, including Internet lead generation to attract tenants, a virtual showing manager, online financial statements, thorough photo inspection reports, electronic rent payments, and direct deposit, to ensure your investment hits target goals.
2. Vacancy Happens
Even under the best of circumstances, tenants come and go. You need a team with a proven system to quickly fill vacant property so that it continues to generate income. The Realty Medics use professional listing photos, carefully crafted descriptions, and well-researched rent rates to create optimal listings. Then we use online marketing strategies to reach the highest quality potential renters to lease your property quickly. In fact, we fill most vacancies in fewer than 26 days.
3. Is the Price Right?
Want to lease your property quickly? Make sure your rent rates reflect the market. Even the most attractive properties will remain vacant if the price doesn’t align correctly with the neighborhood. A correctly priced rental property will receive multiple tenant inquiries each day. Using a complex system of variables, The Realty Medics can help you calculate the best range for your listing.
4. Avoid the House of Horrors
Without a system for thorough background checks in place, how do you know who is leasing your property? Choosing the wrong tenants can severely damage your property, finances, reputation and sanity. A quality tenant screening process can prevent putting neighbors at risk and mitigate potential lawsuits. The Realty Medics use proprietary software to find quality tenants and offers owners a six-month tenant guarantee! And, 70% of our tenants remain in the property for 3 years.
5. Risk and ROI
You need to know the responsibilities that federal and Florida law require of you as a landlord. You should also know when to make property improvements, and which types of improvements are required and/or lead to the highest return on investment (ROI). The Realty Medics combine industry knowledge, market savvy and experience with other Central Florida rentals to ensure your property’s profitability.
6. Rollercoaster Rides
Don’t go for a ride in on the landlord/tenant relationship rollercoaster. You can avoid many of the common disputes that arise by having an attorney-approved lease with clear outlines of expectations and legal obligations of both parties as our client. When issues arise, The Realty Medics can facilitate the right solution for every landlord/tenant dispute.
7. Don’t Get Burned
As mentioned before, you need to know and understand federal, state and local Fair Housing laws. To stay on the right side of the law, welcome all applicants, consistently and thoroughly screen all tenants (and know which questions you cannot ask), and make decisions based on sound business reason. Sound complicated? Remove the guesswork and liability by contacting The Realty Medics to do the legwork for you.
8. Double Your Success
Having expert contractors at the ready ensures you have properly maintained rental property. Although tempting, avoid using tenants to perform maintenance or repairs and mitigate potential disputes and legal problems down the line. The Realty Medics keep our client’s objectives in mind during maintenance and rehab projects. We understand that the money you put into a rehab project has to achieve YOUR financial goals.
Check out how we handle property maintenance, rehab and repairs:
9. Florida Requirements
The State of Florida regulates the rental industry within its borders. These landlord/tenant statutes dictate things like your right to enter your rental property, and they change frequently. Sorry, ignorance is not a defense. The Realty Medics staff know all the legal aspects of the real estate rental business. We also retain real estate attorneys who specialize in landlord/tenant law and can advise you on your best course of action.
10. Build Your Business
You’re in this to make money, right? A professional property manager can help you build a strong rental property portfolio without the possible emotional entanglements that can stymie your goals. As a full-service real estate brokerage team, The Realty Medics can help you take advantage of the current rental market. We manage current property, but we can also help you purchase a primary or vacation home and buy/sell investment property.
11. Complaint-free Compliance
Like we said earlier, laws dictating state housing and habitability requirements change frequently. Keeping up with the details for compliance isn’t easy but also isn’t negotiable. By hiring a professional property management company like The Realty Medics, you’ll have detailed property documentation and reports at your fingertips at all times. Our detailed record-keeping and tracking along with regular consultation with our legal team protect you with full compliance.
12. Choose a Professional
More than just the ‘heavy’ that collects rent, a professional property management team should help you through every step of rental investment. The Realty Medics provide wraparound services that monitor market rent, property inspections, repair recommendations, professional listing services, application and screening processes, ongoing tenant needs/communications, annual statements, and so much more.
When you purchase investment property, you want to maximize your income potential and avoid any unnecessary pitfalls that could hinder your growth. Want to hear what our clients say about our services? Check out our Contact Us page. Or call us today at 321.236.6690 to see how we can help you, too!
The Realty Medics. Engineering Property Management Peace of Mind.
If you want to experience Rocket Science Renting for yourself, The Realty Medics offers the lowest property management rates in Orlando. Contact us today to find out what your home will rent for by calling 321-947-7653 or filling out a FREE Rental Price Analysis.
Ben Sencenbaugh is a former NASA engineer who heads The Realty Medics, Central Florida’s #1 residential property management company. A loyal Orlando resident since buying his first rental home in 1997, Ben brings rocket science to renting, applying advanced technology to make renting single-family homes a better, simpler and more successful experience for owners and tenants.