Investing in property can be extremely profitable. Whether it is done as a pastime, or as your full-time job, owning and renting out your property is a great investment.
However, being in charge of something like that can be very overwhelming for some people.
There is a lot of stress in renting properties, and some people don’t want to deal with it. This is where a property manager comes in.
A property manager is there to make your life easier. They handle pretty much every aspect of renting property. Hiring a property manager is a great idea for someone who owns a lot of rental property and may have a hard time staying on top of them all. They will be your right-hand man (or woman) and will allow you to have so much more free time.
The average property manager charges 8%-12% of the rental rate (plus various expenses), or could charge you a monthly flat fee. But like hiring anyone to work for you, you should definitely make sure to do your research.
Looking for an Orlando Property Manager
When looking for a property manager in Orlando to work with, make sure they are willing to do even the smallest of tasks. Being knowledgeable and setting the rental price for your property is definitely a responsibility of the manager. They should investigate nearby properties and take into account features of your home in order to set the right price. Something we do at The Realty Medics is offer a Free Rental Analysis. This free analysis gives you an in-depth look at the value of your home.
A good property manager also needs to know how to market your property correctly. Getting the right tenants in your property in the fastest amount of time is definitely a good sign of a great property manager. They should know how to make your property sound appealing to potential clients, and go above and beyond just placing ads.
When marketing to potential clients, your property manager should also know how to spot quality tenants. One of the biggest headaches for property owners is finding the right kind of tenant to trust in their home. The property manager will be in charge of touring the property with potential renters, handling all applications and phone calls, and will need to run proper background checks and screenings. Your property manager understands that having responsible and respectful tenants is an absolute must.
Rental Income
Your property manager will also be in charge of enforcing and collecting rent from your renters. They handle any issues that may come up for your tenants, such as late payments, partial payments, or no payment at all. A good property manager works out a payment system with your tenants that simply allows you to see money deposited into your account each month.
Another common headache for property owners is maintenance issues. These can arise at any time and can be very simple fixes, or maybe something much more complicated. Luckily, a property manager is there to handle it all for you from beginning to end. The manager should be the direct contact for the tenants when something goes wrong. This is especially helpful if you as the owner lives out of town.
Lastly, your property manager gets to be the bad guy. Another one of their job responsibilities is handling any issues with your tenants, up to and including eviction. And a professional, the property manager knows the proper laws in place that allows you to avoid any legal issues. They make sure things run smoothly and handle any issues that may come up.
An Orlando Property Manager You Can Trust
For a property owner, finding a quality property manager can make the difference between a nightmare and a dream. But as mentioned before, it can be hard to find the perfect one. Make sure your property manager has the correct education requirements. They should hold a bachelor’s or master’s degree in real estate property management.
If they don’t have an actual degree, they are just as qualified if they compete certain courses offered by the Institute of Real Estate Management (IREM). And of course, you will always want to make sure that your potential property manager has a ton of experience in their career.
If they have experienced it all, you’ll know they can handle it all. The Realty Medics has a team with decades of experience. Learn more about all of the great property management services that we offer throughout the Central Florida area.
Sources:
Landlordology, “What Does a Property Manager Do?” Retrieved from: https://www.landlordology.com/what-does-a-property-manager-do/. May 10, 2018.
study.com, “Certified Property Manager Education Requirements and Career Info” Retrieved from: https://study.com/certified_property_manager.html. May 10, 2018.
All Property Management, “How Much do Property Managers Charge?” Retrieved from: https://www.allpropertymanagement.com/ask-a-pro/much-property-managers-charge-2/. May 10, 2018.
