What is the key to success in property management? Well, there’s a couple. Property management is a process that requires hard work and time. As experienced property managers, we can tell you that with research and dedication, your rental property can thrive.
Strategies that will guide you to successful property management as an Orlando rental property owner include setting goals, researching the market, marketing your property, paying attention to trends, and prioritizing maintenance issues. These five tips will help you unlock the potential of your Orlando rental property.
- Set Goals
Setting goals in property management is crucial for accountability and maximizing profitability. By setting clear objectives, you can set realistic expectations and establish what you want to achieve with your rental property. You are more likely to maximize your profit when you have clear objectives and take a goal-oriented approach.
Determine whether your rental property will be a long-term or short-term rental and define your target audience, whether it’s families, young professionals, students, or a broader demographic. It is important to look back at your goals to evaluate whether you met them or if you fell a little short. Evaluating your success after each tenant will help you determine if you are reaching your goals. This will give you insight into what you’re doing that’s working, and what adjustments you can make to increase the success of your rental property.
- Research the Market
Conducting thorough research of the Orlando rental market is essential for successful property management. Property management will be challenging to navigate if you don’t put in the time to conduct proper research. The more you know about the area and your target market, the more attractive and successful your property will be.
Research plays a big role in setting competitive pricing for your rental property. Researching comparable properties will give you an idea of what price similar properties are renting for. For instance, if there are three comparable homes in the area all listed around the same price, you want to stay within that range. If the price of your rental property is an outlier compared to other similar ones in the area, it is unlikely to be chosen by prospective tenants.
Additionally, understanding the rental prices in the area helps you determine the potential profitability of your investment. Being aware of the market rates will prevent any surprises regarding your financial returns. By dedicating the time to research the market before you begin the rental process, you will be headed in the right direction to set competitive rates and maximize your profits.
- Market Your Property
To ensure your property is discoverable, effective marketing is crucial. Neglecting to market your property can significantly decrease the likelihood of finding quality tenants. One of the most effective ways of marketing and minimizing temporary losses is to list it for rent on online platforms such as Zillow, Avail, and Apartments.com.
Additionally, be sure to invest in high-quality pictures, videos, and compelling descriptions that showcase the best features of your property. High quality marketing plays a vital role in attracting potential tenants. Blurry unprofessional pictures and a description that makes the property seem dull will not stand out to tenants and may even draw them away from pursuing your property. Listing your property on online platforms, investing in high quality pictures, and presenting your property in a way that makes it seem unique, will increase the chances of attracting and retaining qualified tenants.
- Pay Attention to Trends
Understanding tenant preferences and current market trends is essential in effectively attracting high quality tenants. Take the time to research what tenants are looking for in the area. Research comparable properties to see what amenities and features they offer. Outdoor spaces like porches, lanais, balconies, or backyards are often a must with Orlando tenants, so emphasizing these features can make your property more attractive.
Renovating the kitchen and upgrading to stainless steel appliances can also enhance the desirability and value of your home. When listing your home after recent renovations, incorporate the phrase “newly renovated” into your listing. These two words will catch the attention of prospective tenants.
While it’s unnecessary to renovate between every tenant, staying up to date with appliances, countertops, and flooring can make a significant difference. Renovating the kitchen, matching the finishes of the oven, refrigerator, dishwasher and microwave will elevate your kitchen and make your home more desirable.
Replacing carpet with hardwood flooring is also highly recommended. In some tenants’ eyes, carpet is seen as a low-budget item. Hardwood floors are an upgrade that can make your property look and feel more elevated. These updates can provide a more cohesive and modern look to the property, increasing its appeal for renters. By potentially putting your own preferences aside and upgrading your property with tenant preferences, you can enhance its desirability and attract quality tenants.
- Prioritize Maintenance Issues
Prioritizing maintenance issues and requests is crucial for property management and maintaining relationships with your tenants. Finding a reliable, certified, and licensed vendor to rely on for maintenance requests ensures that problems are addressed promptly and correctly. By relying on a trusted professional, you can save time and money in the long run.
Attempting to tackle maintenance problems yourself, especially without sufficient experience, may result in leaving the issue unresolved or even making it worse. While some may believe that attempting to handle maintenance yourself is more cost-effective, a mistake can lead to additional damage, frustration, and unnecessary expenses. By building relationships with licensed professionals, you can ensure that your maintenance issues will be handled properly and in a timely manner.
Orlando Property Manager Summary
When it comes to managing your rental property, there is no single approach that will lead you to success. Maximizing your profits will result from hard work, dedication, and a commitment to your property. Following our five tips will help guide you through attracting quality tenants and maintaining your property to make it attractive, desirable, and successful.
Seeking help from a professional property manager can also be extremely beneficial in your Orlando property management journey. At The Listing Real Estate Management, we have over 15 years of experience, and a true passion for helping our clients achieve their goals.
Contact us at The Listing Real Estate Management, your boutique Orlando property manager, to take the next step towards maximizing your profits. With us, your story is our story, and your satisfaction is guaranteed!
