“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is the safest investment in the world.” Famously quoted by Franklin D Roosevelt. These wise words are a brilliant example of why real estate is such a safe investment for homeowners and real estate investors. Real estate, being one of the safest investments in Orlando, how do you protect your precious real estate asset from unexpected events?
There is a looming global and economic issue that is causing enormous concerns for landlords across the nation. The Coronavirus is something new for all landlords, and we will have to adjust as landlords and property managers. These tips will be a great resource to prepare for unexpected events large or small.
Rental Property Savings
Your personal finances are similar to your rental property finances. Savings are essential for those unexpected rainy days (or economic epidemics.) Your Orlando real estate asset is likely one of the most significant investments you have made. So, it is crucial to have a property reserve that you can dip into if the air conditioner, water heater, or new worldwide virus. Rental property reserves can make or break a real estate investment. As a professional property management company in Orlando, Florida, we advise you have 1-2% in property reserves. Many landlords in Orlando show up to the rental property party with little or no property reserves. At some point during the lease term, you will have a maintenance request (hoping that the maintenance request is small), but sometimes it can be a more prominent item.
Professional Property Management Direction
We have come to realize how vital professional direction can be. During these times of uncertainty, many property owners reach out to us, wondering how the Coronavirus will affect their rental property investment. We advise them on what to expect and how this epidemic will play out in the rental property investment world. If you are a self-managing landlord reading this during the pandemic, feel free to Contact Us for Florida landlord advice.
In all reality, having the right Orlando property management company to lean on can prevent the stress of these unexpected events. Many self-managing landlords believe they can do it all themselves, but what does a property manager do? The advice and assistance from licensed professionals can make all the difference between a successful rental property and a lousy real estate investment.
Preventative Maintenance
When it comes to maintenance, it is critical to be on top of it. How would you like the news that you need to replace the roof when it could have easily been avoided? When maintenance gets deferred, it typically leads to more significant issues. Inspect your rental property and check for low hanging trees, gutters filled with leaves, re-caulk pretty much everything, and check for slow drips under the kitchen and bathroom sinks. No rental property owner enjoys repairs, but it’s the name of the game, so make sure you stay ahead of it. If you cannot dedicate time to preventative maintenance, make sure you hire an Orlando property manager to help assist.
Final Thoughts
Unexpected events can occur at any time. If you asked One thousand landlords, “do you think there will be a worldwide coronavirus epidemic in 2020?” One thousand of them would say no way. The point is you need to be prepared for unexpected events when it comes to your rental property. If you would like to learn more information on how to make your rental property prepared for unforeseen circumstances, reach out to The Listing Real Estate Management, we are your trusted property management company in Orlando. Stay safe and healthy!
