The longevity of Florida’s rental property market makes the state a popular investment destination for long distance rental property owners. Florida’s thriving rental market can be attributed to a handful of factors, including the warm climate, infrastructure developments, and population growth. Many Florida cities like Orlando and Tampa attract a significant number of vacationers and short-term residents, making these two cities highly profitable rental property locations.
The term “snowbird” is largely associated with Florida, as approximately one million people flock to Florida in the winter months contributing to a seasonal 5% population increase. Of those one million snowbirds, many own properties in which they rent out for the other half of the year. As professional Orlando and Tampa property managers, one of the most common questions we receive is “Should I hire a property manager for my long distance rental property? And our answer is always YES! Here’s why:
Rental Properties Need Constant Management
Whether you’re a snowbird with a rental property, or simply a long distance rental property owner, there’s one fact that remains constant: your rental property is a full time commitment. With long distance property owners typically residing outside of the state or the country, it is essential that you have someone to tend to your property while you are gone.
Although some long distance rental property owners ask a local friend or family member to care for their rental property occasionally, the most efficient alternative is to hire a professional property manager. While a friend can drop in occasionally, your property and tenants needs will not be met to their full potential.
There are various moving parts that work together to form a successful rental experience for both the tenant and the property owner. Without a full-time commitment to management and upkeep, the property may not operate to the best of its ability. Tenant satisfaction should be of utmost importance as happy tenants will likely choose to renew the lease for another year. Retaining tenants means no vacancy period, no missed rental income, and one step closer to achieving maximum ROI and wealth.
Hands-on management, an open line of communication, and efficient problem solving are three components provided by a property manager that significantly contribute to tenant satisfaction.
Hands-on Professional Property Management vs Self Managing
As a long distance rental property owner, the odds are, property management is not your full time job. Like most property owners, you probably have other duties to fulfill, family and friends to spend time with, and not enough time to tend to your property 24/7. With that being said, hands-on professional property management provides significant advantages for long distance rental property owners looking to optimize their income and maintain a high level of operation. Professional property management not only elevates tenant satisfaction and retention, but provides peace of mind for the property owner.
Property managers provide essential services to keep your property running smoothly and allow long distance rental property owners to earn a passive income. These services typically include:
Rental Property Marketing and Leasing
Marketing and leasing are essential components to finding a qualified tenant to rent your property. Professional property managers have the tools to market and lease your property across hundreds of online rental platforms, allowing for maximum exposure to a large tenant pool.
At The Listing Real Estate Management, our goal is to present your property in the best light possible. Our professional leasing and upgraded premium marketing plan provide industry-leading rental property marketing for every home we manage. Because of our diligent marketing efforts, our homes lease in under 30 days on average. Our professional photos, video tours, and drone photography elevate the status of your property listing and give the potential tenant a better look into your home.
Resources such as professional photographs, search engine optimized listing descriptions, and access to 250+ leasing platforms are key contributors to an efficient tenant search and decreased vacancy periods.
Sometimes the change of season allows your landscaping to grow back, or you decide that a new paint color would elevate your interior. Any property updates should be shown in your leasing photographs, representing the current visual appearance of your property. As a long distance rental property owner, making the trip to Florida just to take updated photographs may not be in the cards for you. If new photographs and video tours are needed, our professional team is available to do so.
Tenant Management and Communication
A property manager local to your rental property has the ability to interact with tenants and keep an open line of communication for easy mitigation when needed. Each rental period will vary in the amount of time spent communicating with and addressing tenants’ needs. Renting out your property can sometimes lead to unpredictable situations, but a property manager’s availability and proactiveness can significantly impact how these challenges are addressed.
Most tenants expect timely and personalized communication. As a property manager seeking a steady income, addressing tenants needs and making them feel seen is vital. No tenant wants to be left unanswered by their landlord, especially in times of stress or emergencies. While you don’t have to be friends with your tenants, it is important to have a professional and respectful relationship with them. Trust and transparency build the foundation for a successful tenancy, and communication is a significant contributing factor to the level of trust you build with a tenant.
Long distance rental property owners who do not have a property manager are taking a risk. While you hope to face no issues throughout the lease term, in reality, you never know what challenges you may face. Issues are inevitable and not being local or available to assist can significantly hinder your tenants experience or your property’s condition.
At The Listing, we provide each tenant with their own online portal to submit inquiries. This system allows us to respond to both simple communication and more serious issues within a timely manner. Instead of communicating through text or email, our tenant portal system ensures all communication is recorded and in one place.
Maintenance Issues and Emergencies
One of the challenges of owning a rental property is dealing with maintenance issues. Although maintenance issues can be a nuisance, taking the correct approach to addressing the matter will significantly impact the outcome and protection of your property.
The most effective way to address maintenance inquiries is to do so immediately. Once you become aware of a maintenance or repair issue, the first thing you should do is take action. While some issues are more serious or threatening than others, no tenant maintenance inquiry should be left unaddressed or unresolved. Whether it’s a mold growth, or a malfunctioning appliance, all tenant requests should be addressed and resolved in a timely manner.
Addressing and evaluating maintenance and repairs can be difficult as a long distance rental property owner. Having easy access to the property allows property managers to evaluate the situation and determine the proper steps to take. In many cases, maintenance issues and emergencies can cause severe property damage if not controlled immediately.
- An example scenario: As a long distance property owner, you receive a text from your tenant saying there is some water puddling under the sink. Being that you’re out of state, you’re unable to go and check on the property yourself. Since it’s the first time something like this has happened, you’re unsure of who to call. You search the internet for a reliable plumber to check your leak, but the one you found isn’t available until two days out. By the time the plumber gets there, your kitchen is flooded because the pipe has burst. Not only is your kitchen destroyed from the water, damaging appliances and floors, but your tenant is extremely unhappy. This maintenance issue has caused property damage, and the delayed response has resulted in a lack of trust from your tenant.
Although this situation may seem unlikely, you should not underestimate the possibility of maintenance emergencies. Long distance property owners must have a plan in place to combat maintenance issues and emergencies.
Property managers typically have established working relationships with maintenance vendors in the area. At The Listing, we work closely with an extensive network of licensed, insured, and reliable vendors. Working with this network of vendors ensures that your property is protected with fast and quality service, with no upcharge or additional maintenance fees. Having a local property manager can significantly reduce the escalation of maintenance emergencies and property damage, keeping your property safe and your tenants happy. Remember, when your tenants are happy, your tenant retention rate increases, and so do your profits!
Inspections and Property Upkeep
One of the most significant benefits of hiring a property manager for your long distance rental property is the ability to keep an eye on your property through regular property inspections. Many rental property owners underestimate the importance of inspections, including move-in inspections, quarterly inspections, and move-out inspections. While you may think you know the condition of your property, documented and in-depth inspections help keep track of any damage caused by your tenants, in addition to ensuring they continuously uphold the lease agreement.
Move-in and move-out inspections can be completed by the tenant or the property manager. In both cases, a complete evaluation of the apartment is documented to keep track of the condition of the property in the beginning and the end of the lease term. On the other hand, quarterly inspections allow you to see if your tenant is caring for your property and complying with their end of the lease agreement.
Both drive-by exterior inspections and interior inspections can give insight as to whether or not your property is being well maintained by your tenants. From my experience, you can find out a lot by a simple drive-by inspection, for example:
- The grass is overgrown
- There are too many cars in the driveway, indicating that people who are not on the lease may be living there
- Property cameras are covered or unplugged
- Garbage cans are overflowing or not being put out on the correct assigned day
Long distance rental property owners who do not have the ability to check on their property throughout the lease term may come to face unexpected circumstances. The services of a professional property manager will provide peace of mind, ensuring that your property is being held to your preferred standards and well maintained.
Professional Orlando Property Management
As local Florida property managers, we have years of experience working with clients who are out of state and even out of the country. We know how hard it can be to keep up with your long distance rental property, and we are here to help. With our experience working with long distance property owners, we have developed a proven system to ensure property upkeep and regular updates to ensure your peace of mind.
Hiring a professional property manager not only helps ease the stress of managing your property from a distance, but significantly increases your success as a rental property owner. As managing your property is our job, our property managers take over all aspects of daily management, including:
- Property marketing and leasing
- Tenant Screening
- Rent Collection
- Maintenance and repairs
- Rental property accounting
- 12 month tenant guarantee
In addition, our digital owner portal allows online access to rental owner statements anytime, anywhere. As a boutique property management company, we take pride in knowing each home we manage throughout Central Florida. While you’re away, we will be here to care for your property, ensure the satisfaction of your tenants, and help optimize your income and financial returns.
You shouldn’t have to manage your rental property from a distance, and with the help of our team at The Listing, you don’t have to. Whether you’re a first time long distance rental property owner, or an experienced portfolio holder, we find value in not only managing your property, but taking the time to educate, align, and guide you on your successful long distance rental property management journey.
If you’re looking for a reliable and experienced property manager for your long distance rental property, you’ve come to the right place. Contact us today at The Listing Real Estate Management, your boutique property manager, to learn more!
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