Property Manager Hiring Guide ebook stacked multiple

A good property management company can easily become one of your greatest assets.

But deciding on a company to protect your investment can feel like rocket science. Gain the knowledge you need to confidently evaluate and hire a property management company.

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11 Questions for Determining if You Need a Property Management Firm

No landlord wants a bad tenant, but unfortunately not all screening processes were created equal. Applicants put their best foot forward, and the more they have to hide, the greater lengths they’ll go to to hide facts that would eliminate them from consideration. The screening process can vary widely from company to company, so it’s important to find out just how much protection the company is going to provide you from bad tenants. It only takes one eviction to drive home just how important this aspect of a management company’s duties really is. In addition to the questions below, ask for a copy of the rental application they use, and find out if it’s a generic or custom-created document. 

Get an idea of how much protection the management companies you interview will provide via their screening processes by asking the following questions:

Will you “hold” a property for a tenant and take it off the market before a lease is signed? If so, do you charge a fee?

There should absolutely be a fee so that you’re protected if things fall through.

What systems do you have in place to protect against rental scams? Have you ever been duped by one?

Scams are becoming more widespread and more advanced. It’s not just “Nigerian Prince”-type scammers, but local con artists who will copy your ad, break into your home and show the unit so they can collect a “security deposit” and run. (Note: We’re not joking.)

What methods do you use to screen tenants?

The more comprehensive, the better. They should contact former landlords, verify income and employment, run credit reports run, verify application information for authenticity, contact personal references and search public notices (e.g., bankruptcy, eviction). Many “tricks of the trade” exist in this area, and each manager will have their own time-tested methods. If they use a third party for tenant screening, find out who and why they use them instead of doing it in-house.

Which tenant qualifications are most important to you? Will you consider a tenant who meets your qualifications in some areas but not others?

Ideally, you want a property manager that brings in people who are serious about their job or schooling. Remember: The less someone has to lose in life (money, family, career, reputation, personal pride), the less you can expect from them as a tenant. The eviction rate and tenant turnover rate on the properties they manage is a good indicator of how well they screen tenants.

Do you provide me with tenant information so I can approve or deny each tenant?

This may sound like a good idea, but it’s not. Tenant screening is what property management companies do. They should be experts at it. That’s what you’re paying them for. If you don’t trust them to perform this critical function, then you shouldn’t hire them. When owners get involved in the screening process, the possibility of discrimination (well-intended or not) goes up significantly. Fair housing violations lead to lawsuits that can cost thousands. This is a significant liability for you and the management company.

Other miscellaneous questions to ask:

  • What do you charge tenants for the application fee?
  • Do you require the application fee to be paid in certified funds?
  • Do you require each adult that will be renting to complete their own application?

Read more about what to look for when examining an organization.

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The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

Orlando Property Management Hiring Guide

Let us handle the rocket science of renting for you!

CONTACT US

The Realty Medics
10027 University Blvd
Orlando, FL 32817

Phone: (321) 947-7653
FAX: (407) 965-3312

The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

A woman smiling while holding a phone looking to here computer screen

11 Questions for Determining if You Need a Property Management Firm

While every investor’s situation is different, certain factors typically predispose owners one way or another.

The following questions will help you determine whether or not to hire a property manager.

1. How far do you live from your rental property, and how frequently can you visit the property on a regular basis?

If you’re close, you might be able to make the regular visits required for maintenance, inspections, collections, etc. Otherwise, the farther you live, the higher your travel time and expenses will be. The longer the distance, the more temptation there will be to NOT keep a close eye on things, and that can be a recipe for disaster. You should plan on making frequent visits, as well as for those middle-of-the-night emergency calls that require your immediate attention. In the long run, is this feasible for you?

2. How do you deal with stress? Do you consider yourself to be a tolerant person?

This is a tough one. We all like to think of ourselves as level-headed and even-keeled, but at the end of the day, it takes a special kind of person to deal with the ups and downs of property management.

Behind the seemingly simple task of collecting rent every month is a litany of unpredictable problems that can push people to their limits. Ask yourself how you would react in the unfortunate event that your tenants:

  • fight with other tenants or neighbors;
  • have domestic disputes;
  • conduct illegal business in the dwelling;
  • throw late-night parties or violate noise ordinances;
  • try to sneak extra people or animals into your home;
  • decide to sue you;
  • trash your property;
  • incite the wrath of your HOA because of repeated deed restriction violations; or
  • refuse to pay the rent because they are a “professional tenant” and know how to work the legal system for the maximum amount of free housing at your expense.

3. Are you currently overwhelmed with your property(ies)?

Managing rental properties can become quickly overwhelming, even for experienced investors. Something always requires attention, and things can quickly get out of hand. Hiring a property manager can help you regain control and restore stability to your properties and your life.

4. How many rental properties or units do you have?

As your portfolio grows, so do your management challenges. It becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefits by leveraging the efficiencies a property manager can provide. Portfolio size can also constrain investors’ ability to consider purchasing new properties if they’re already maxed out managing their current holdings.

5. How much experience do you have with maintenance and repairs?

If you can’t do it yourself, do you know who to call? Finding reliable handymen and contractors can take a while. In the meantime, you may unknowingly hire people who are unethical, uninsured, do poor quality work, overcharge, etc. Maintenance and repairs are significant components of landlording, and if you question your ability to ensure that the work is done quickly and well, you might want to consider hiring a property management company.

6. How quickly are you able to get your unit rented?

Advertising, fielding calls and showing the unit can quickly eat up your time. But because vacancies can quickly eat into your profit margins, they’re critical tasks. If you question whether you have the skills or time to make this happen, OR if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company.

7. Are you capable of handling the accounting and record-keeping for your property?

From profit and loss statements to tax deductions, this area needs special attention and becomes increasingly burdensome for owners of larger portfolios. Some owners (especially those with a background in finance) will do just fine. Others may opt to hire an accountant to help with the bookkeeping. If you feel like this might be a weak point for you, you might want to consider hiring a property management company.

8. Are you willing to be on call 24/7/365?

It’s important to answer this question honestly, because ignoring emergencies at your property is NOT an option. Your special event, important meeting, vacation or personal crisis doesn’t relieve you of your obligations to your tenants. These emergencies don’t happen all the time, but when they do, you’re obligated to handle them immediately. Can you handle being called at 2 a.m. to fix someone’s overflowing toilet?

9. Are you willing to confront tenants about late payments, and evict them from the property if necessary?

Many new owners dislike feeling like the “bad guy” in a landlord-tenant relationship, so they go out of their way to make exceptions to the rules. The problem: This only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times it can be a very confrontational process that needs to end in eviction. Unlike running a charity, running a successful rental business means enforcing the rules—even if it means evicting a single mother who lost her job and won’t be able to pay the rent anytime soon.

10. How well do you understand the laws governing landlording?

Ensuring that the property is run in accordance with the law is critical in preventing lawsuits and shielding yourself from liability if you’re sued. Familiarity with contracts is also very important, as your rental agreement is the only binding agreement between you and the tenant.

11. From a financial standpoint, is managing your property the best use of your time?

Ultimately, your decision to hire a property management company should hinge on whether or not it fits your lifestyle and makes good financial sense. Individual investors will have to assess the opportunity cost of both options based on their unique circumstances.

Property Management Hiring Guide

Let us handle the rocket science of renting for you!

CONTACT US

The Realty Medics
10027 University Blvd
Orlando, FL 32817
Phone: (321) 947-7653
FAX: (407) 965-3312

The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

Areas We Serve in Florida

We’re happy to serve many of the surrounding areas here in Central Florida. Below are the current cities and locations that we operate in. If you don’t see your area listed, don’t hesitate to reach out to us and we’ll see if we can work together.

The Realty Medics Guarantees

We are very proud to be the highest rated and most reviewed Property Management company in Central Florida. We guarantee results and have the lowest rates to support our results-driven philosophy.

14 Day Rental Guarantee

If we don’t rent your home in 14 days you get one month FREE management.

90 Day Money Back Guarantee

If you, the Owner, is unhappy for any reason, we will refund your management fees

6 Month Tenant Guarantee

If a tenant is removed in first 6 months, We find you a new tenant free of charge.

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CONTACT US

Phone: (321) 947-7653
FAX: (407) 965-3312

LOCATION

The Realty Medics
10027 University Blvd
Orlando, FL 32817

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