It has been said that you make your money when you buy not when you sell. Well, that may be true but another addendum you could add here is that you never fully realize your profit until you manage your properties the right way. Property management is key to any successful real estate strategy. You must be willing to work hard and you must be willing to say the word “no”. If you are not up to the challenge, then you might need to hire outside help. If you are seriously looking to dominate Orlando realty and property management then you need to follow a few basic steps along the way.
Be Very Picky About Tenants
It has been said that you make your money when you buy not when you sell. Well, that may be true but another addendum you could add here is that you never fully realize your profit until you manage your properties the right way. Property management is key to any successful real estate strategy. You must be willing to work hard and you must be willing to say the word “no”. If you are not up to the challenge, then you might need to hire outside help. If you are seriously looking to dominate the Orlando realty management market then you need to follow a few basic steps along the way.
Renters Mirror the Property
Your rental property is going to draw interest based on how well it has been maintained. A great example of this would be a home that has broken windows/screens, an uncared for lawn, and stained siding is not going to garner the attention of renters looking for a nice home to live in. Instead, you are going to draw in those that are desperate for housing and will take whatever they can get. Rest assured that if your property is not well kept the renters are not going to do any better.
Again, if you are serious about dominating Orlando realty and property management then you need to take the time to up fit the property properly. You are only going to get what you pay for. If you place a terrible product in a terrible location, then you are not typically going to get quality renters.
Have A Plan. Be Firm
Do not be a push over. This does not mean you have to be a hard-nosed landlord either. What it does mean is that you need to be fair and firm. When it comes to renters the landlord or the property manager needs to have the proper policies in place to dictate the terms of the engagement. There needs to be a clearly defined date for when the rent is due, when it is late, and when you will be giving a 72-hour notification. By having these plans in place and in the lease agreement, you are not only setting a precedent but you are covering your bases in the legal realm as well.
Maintain Your Property
If you are serious about retaining your current tenants, then you need to keep property maintenance at the top of the list. If you fail in this category, then you are simply the guy that collects the rent and nothing more. However tough it may be proper maintenance will be the driving force behind a tenant’s willingness to stay long term.
Be On the Tenant’s Side
Proper management will dictate that you do not bicker and argue with your tenant’s. Instead of arguing over issues such as rent all you need to do is let them know that you are on their side, however, the company’s policies are the problem and not them. Instead of throwing them out and losing money why not offer them a week to move and the security deposit? This will typically defuse the situation and neither party is furious with the other.
Realty and property management can be a tricky business but it can also be a rewarding business in Orlando. Take the time to study these tips and even research more. A good property manager can make the difference between making money and losing money.
