Property owners have a lot of questions about how to effectively manage their homes, whether they are new landlords or experienced investors. As the experts in Orlando property management, we wanted to share some of the answers we provide. With over 35 years leading the industry, Specialized Property Management is here to help.
These are 10 questions you should always ask your Orlando property manager.
Q: How do I get my property rented more quickly?
A: Make sure your property is rent ready. It should be clean, functional, and inviting. Pay attention to curb appeal, and make sure it looks like an inviting place to live. You want prospective tenants to come to a showing and immediately imagine themselves living there. You also need to market your property aggressively so it gets the maximum amount of exposure. We have found that online advertising works best, and we also like professional signs in the yards. If you want to get qualified and reliable applicants, you have to be sure to advertise in the places that they’re looking. Our leasing process results in shorter vacancy times on average, and you should make sure your property manager is equipped to help you get a good tenant in your property quickly.
Q: What Can I Do To Make Sure My Property Gets and Stays Rented?
A: A well-maintained property and proactive tenant retention efforts are the best ways to continuously keep rent coming in. These things also help your stability. When you respond immediately to maintenance and repair requests from your tenants, they remain satisfied in your home. Research has demonstrated that most tenants leave their current home because they’re displeased with maintenance. Don’t give them a reason to leave. Take care of repairs, no matter how minor. Be responsive if there are emergencies.
At Specialized Property Management, we are always available to our tenants. We focus on being proactive and responsive, and we never let deferred maintenance create an unpleasant living situation for your residents. As a result, our clients enjoy longer than average tenancy.
Q: How Can I Make Rent Collection Faster and Less Stressful?
A: A consistent and enforced rent collection policy is essential. We recommend that you offer your tenants a number of different ways to pay rent, and then they can pick the one that works best for them. You can accept checks through the mail or in-person, or you can allow them to transfer you the funds electronically. We have found that online rental payments work best for our tenants. They enjoy being able to make the payment at any time and from any computer or mobile device. It’s easier to pay on time and they can use any bank account or credit/debit card.
Make sure you enforce your rent collection policy. Tenants need to know when it’s due, how much is due, and when it’s considered late. All of this information should be in your lease so tenants know what to expect. Strict rent cycle enforcement combined with electronic payments and ACH deposits ensure for less waiting worrying and a greater financial peace of mind. That is why our clients get paid faster.
Q: How Can I Protect Myself Legally?
A: We help our clients reduce their liability by providing strong legal counsel, proactive attention to compliance issues, and knowledge of all local, state, and federal regulatory and legal issues. We know the fair housing laws and we understand the Florida landlord and tenant laws. While investing in rental properties is an excellent way to create financial security, it also comes with a lot of risk. We limit the risk that you take on as an investor and landlord. This, along with impeccable ethical character, helps our clients reduce their worry over tenant claims and legal disputes.
Q: How Can I Keep Maintenance Costs Down?
A: Maintenance is a part of life when you own any property, including rental property. While you can put off small repairs at your own home, your tenants will expect you to take care of their issues right away. It’s important that you’re responsive. You won’t save money on maintenance by ignoring small problems. Those small problems, when deferred, will only become more expensive and time-consuming to fix.
Working with preferred vendors who are licensed, insured, and affordable will also help you reduce your maintenance costs. We provide a 24/7 response, proactive inspections, and reliable vendor and contractor relationships. Our owners enjoy more cost-effective maintenance than those who decide to self-manage their properties.
Q: Should I Manage My Own Rental Property To Save Money?
A: It’s a common misconception that managing your own property will save you money. It can actually cost you more money when you don’t have the assistance of a professional property manager. Even if you have time, energy, and expertise that’s needed to manage your investment well, many of our clients learn the hard way that it costs more to self-manage. It is more expensive in legal expenses, longer vacancy rates, terrible tenants, property damage, and additional hassles. The cost of professional property management is extremely low when you consider the service and the value that you’re receiving in exchange for your management fee.
Q: Will Professional Management Fees Hurt My Cash Flow?
A: No. At Specialized Property Management, our cost-effective management fees pay for themselves in faster leasing processes and fewer costly mistakes. Your management fee gives you access to all the tools and resources that are required to effectively and successfully manage your property. Most owners charge higher rents, have lower vacancy and turnover periods, spend less on maintenance, and increase the value of their asset by working with a property management company.
Remember, your property management fee is also tax deductible. When you’re doing your taxes, you’ll be able to write off what you spend on the professional services required to run your rental property. That will reduce your tax liability significantly. Your tax deduction plus all the benefits of a professional expert caring for your home will save you more money than self-management will save you. Both your short term cash flow and your long term ROI will increase.
Q: How Will I Know What Is Happening?
A: You’ll always be in the loop when it comes to your investment property. We guarantee transparent communication and 24-hour support to our owners. We answer phone calls and return email messages. We also utilize technology to communicate with owners, tenants, vendors, and other partners more efficiently. We provide portals for owners and tenants. If you log onto your owner portal, you can always see the activity pertaining to your rental property. We track income and expenses, generate financial reports and statements, and share important documents such as lease agreements, invoices, and other contracts.
Q: How Do I Choose The Best Property Manager?
A: Choosing the right Orlando property manager for your rental property or investment portfolio is a critical decision. There’s no need to become overwhelmed. This is as simple as asking the right questions. You should start by examining a company’s reputation. Take a look at their website and see what kind of education and information they provide to rental property owners like you. By looking at their online presence, you can get a good idea about the types of properties they manage and the experience they have. You should also talk to them. Ask your questions and see if they provide satisfactory answers.
As the proven and trusted leader in the Orlando rental market and nationwide, we’re confident at Specialized Property Management that we would make the best property manager for you. With almost three decades of experience, we want you to compare our services and level of expertise with other management companies. Ask us for a comparison checklist as you interview your options. We expect we’ll stand out from the competition, and quickly demonstrate that we’re the best choice for you.
Q: Why Should I Trust Specialized Property Management?
A: Put simply, we provide our property management owners and tenants with unsurpassed service. Everything we do is with your investment and satisfaction in mind. We know we’re good at what we do, and it’s easy to see how passionate we feel about real estate in Orlando and the rental industry in general. We consider ourselves leaders in property management, and we work hard to develop and maintain the best programs to meet your needs.
We do all of this by following the highest possible standards for ourselves and our team members. We charge affordable fees and we don’t surprise you with any hidden charges or extra costs.
There are a lot of options when it comes to deciding how to manage your property. You can do it yourself or look for a qualified property manager to make your life easier and your investment more successful. When you decide to hire a management company, we hope you’ll come to us and ask as many additional questions as you want. We’re happy to answer them.
Put our experienced team and proven process to work for you. Contact us at Specialized Property Management Services in Orlando today.