Important Tips For Orlando Property Management Investors.
Are you a homeowner or real estate investor that is unhappy with your current Orlando property management company? Do your calls go missed, or does your Orlando property manager dodge your calls and emails? In property management, it’s the small things that separate an “okay” property management company from a “great” property management company. As a property management professional in the Orlando market, we hear all the time the classic quote, “I haven’t been able to reach my property manager, or I am very unhappy with my management company.”
If you do your due diligence and research, it is easy to find the right Orlando Property Manager. There are some fundamental aspects of a property management company that you should be aware of when looking into a management company. As a highly reputable property management company in Orlando, we have heard first hand from property owners the misinformation they receive in their pursuit of a quality management company. So we wanted to share with you the most important tips for Orlando property management investors.
Orlando Reviews & Community Word of Mouth
You can tell a lot about how a company treats its clients based on their local reviews online. Check out their Google reviews, search them on Yelp. How are they perceived on Zillow? If you are thinking about signing a property management agreement with a management company that has a 3.8-star rating, I would think twice.
Community word of mouth and reviews online allow you to get a good idea of how others feel about the property manager and the service they will be providing. If they have a 2.8-star rating, the lackadaisical effort will most likely, at some point, come out in the service they offer you. If you are not fully confident with how people respond to the organization in the local community, then it may not be the best fit for managing your real estate asset. As a highly rated Orlando property management company, we have owners referring friends and family all the time. The reviews tell all.
Property Management Fees
As Warren Buffet said best, “Price is what you pay. Value is what you get.” When choosing an Orlando property management company, make sure you are not basing your decision on price and price alone. If you do choose on price alone, chances are it will come back to bite you. We have seen many property owners and investors decide to go with a cheaper/discount property manager and end up being a number to the firm and let down in the quality of service. To learn more, visit the informative blog below discussing this tip further. Discount Property Management, Why Pay More?
Understand and learn what “Full-Service Property Management” means and looks like; every company will be different in how they operate. Ask questions about what that full-service management agreement entails and the scope of that work. Here is a list of all the items that need to be included in your full-service property management. What does an Orlando property manager do?
- Rental property marketing/advertising
- Rental property compliance
- Rental payment collection
- Property inspections
- Lease preparation
- Property walk-through
- Tenant Prospect Screening (credit, background, employment verification, rental verification, nation-wide eviction search)
- Lease enforcement
- Maintenance coordination
- Eviction coordination
- Tenant relations
- Issue/tenant resolution
- Rental property financial accounting
- Property showings
- 24/7 maintenance emergencies
- Negotiating lease renewals
Keep in mind that many property management companies in Orlando will have additional fees on top of that “Full-service” that you’ll end up seeing on your owner statement. Hidden fees/costs to ask about and watch out for are:
- Property startup-fees
- Marketing fees
- Property inspection fees
- Maintenance coordination up-charge
- Lease renewal fees
- Brokers commission fees
- Trip charges
- Hourly rate (outside of the scope of property management)
Are They Trustworthy and Reliable?
In a recent report out by Buildium, 75.2% of property owners and investors expressed the most important quality in a property management firm is their reliability and trustworthiness.
At The Listing Real Estate Management, our culture is governed to always doing the right thing, if we say we are going to do something, we do it. Finding a manager that you can trust your asset with is indeed the nuts and bolts, for the success of your property. Which frankly can be difficult to find, ask questions, and get educated.
During your search and due diligence process, if you don’t get a great feeling from the first phone call or contact. Make a few others call and see what they have to offer. If you plan on doing in-person interviews. Schedule a couple out and let the best firm win. If you have any questions or would like to connect, feel free to reach out to The Listing Real Estate Management, Orlando’s property management company, servicing single-family, multifamily & commercial property management in Orlando & Central Florida.