Hiring a property manager can be the best step you can take in the direction of enabling your rental property to thrive in Orlando, Florida. As a rental property owner, you may be wondering if hiring an Orlando property manager is truly worth it to you.
Whether or not you should hire a property manager essentially depends on who you are as a person and how you want your property to be run and managed. Each person and property is unique in how they flourish and for some, hiring a property manager is incredibly beneficial.
Pros and Cons of Hiring an Orlando Property Management Company
To help guide you through the decision of hiring a property manager, let’s discuss some of the pros and cons that people often consider.
Pros:
Hiring a property manager offers numerous advantages. Working with a property manager will make the process of finding and retaining tenants significantly easier, leading to long-term success. A good property manager should offer these services for a successful renting experience:
- Property marketing and leasing
- Rent collection
- Rental property accounting
- Tenant screening
- Maintenance and repairs
- Rental management guarantees
Cons:
The most common reason property owners hesitate to hire a property manager is because of the cost. A property manager will cost a fee that you wouldn’t have to pay if you managed the property on your own. However, when working with a proactive property manager, that fee is worth your while.
How much control does a property manager have?
Some rental property owners prefer to have complete control over their properties. Some prefer to have some involvement in the process, and others are more than willing to hand over full control to a property manager. When considering hiring a property manager, it’s crucial to pinpoint the amount of control and involvement you would like to have over your property.
Hiring a property management company entails working with a group of professionals who will be responsible for taking over certain aspects of your property. This means that as a property owner, while working with a property manager you will no longer have full control over your property.
The amount of decision making power held by your property manager will depend on the company and on your individual property management agreement. In some cases, the property manager may have permission to make all decisions regarding processes such as maintenance and price adjustments, and in others, the property manager must consult with the property owner before moving forward.
If you’re the type of person who wants full control over your rental property, hiring a property manager may not be the best idea. A property manager’s job is to assist you in the overall management of your property; you must allow them to be in control of certain aspects of the process.
If you’re the type of person who would benefit from having someone else in charge of your property’s daily operations, we highly recommend hiring a property manager.
How much time does property management take?
It’s no secret that managing a rental property requires a lot of time and effort; a property can’t run on its own. There are some aspects of managing a rental property that some people may not consider.
There are two titles you carry when tenants are occupying your rental property; a property owner, and a landlord as well. In addition to making sure your property is functioning properly, you must ensure your tenants are satisfied. Being a landlord involves constant availability to communicate with your tenants. If your renters have an issue regarding the property, you are most likely going to be their first point of contact.
Although the need to communicate may become less frequent over time, remember that the tenant wants to know that you will be a reliable source of information and communication when needed. Overall, effective and personable communication helps retain tenants, and ineffective communication steers them away.
In addition to tenant communication, the process of finding a tenant and having them move into your property may take longer if you have other things on your plate. If you’re juggling work, family obligations, vacations, or whatever else it may be, you may not be able to dedicate the time necessary to finding a tenant as quickly as possible.
You also must allow time for turning your property in between tenants. Depending on the state your tenants leave the property, this can take a few hours or it can take all day, or even multiple days for repairs. Our rent-ready guide provides detailed information on the necessary steps to take to prepare your property for tenants.
If you’re ready and willing to put in the hours and effort to ensure your rental property is successful, you may not need an Orlando property manager. However, if you don’t have enough time to dedicate, your property may not run as smoothly. In this case, we recommend hiring a property manager to ensure you are retaining tenants and profiting off of your investment.
How experienced do you have to be to manage a property?
How experienced you are in managing rental properties can have a big influence on whether or not you should hire a property manager. Plenty of people purchase an investment property with little to no experience or knowledge of the processes involved in managing a property, and that’s ok!
One of the difficult aspects of property management is the legal side. Do you know how to create a lease agreement for your tenants to abide by? This is one of the most important aspects of renting a property. A lease agreement creates an understanding between a property owner and a tenant which details how the property will be used, the lease term, and the rent rate. Without a written lease agreement, there is no legal document to hold your tenants to which can lead to severe conflict.
Although they do not occur frequently, as a landlord, you must be aware of the eviction process and the legal proceedings that come with them like 3-day notices and the rights you have as a property owner. Evictions can be tricky and you want to be sure they are handled correctly to prevent legal trouble on your end.
Whether you are a seasoned investor who has run multiple properties on your own or you’re a first time landlord, it’s never a bad idea to work with a property manager. Property managers are experts in their field and will be able to combat legal issues professionally and according to the law. In the case of legal proceedings, it’s better safe than sorry and working with a property manager will provide a sense of security you wouldn’t have if you faced legal issues on your own.
Orlando Property Management Summary
Hiring the right property management company in Orlando, Florida is crucial for the success of your rental property. With The Listing Real Estate Management, you can experience the benefits of professional expertise and knowledge accumulated over 15 years. Our team of local experts understands the Central Florida rental market, providing valuable insights and instilling confidence in your investment.
Contact us today to learn more about our services and embark on a successful property management journey with us!
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