Specialized Property Management has been managing properties in Orlando for over 35 years. When we entered the property management business, we wanted to focus all of our energies and resources on single-family rental properties. This was a unique position because, in those days, Orlando was a much different market, and most of the rental properties available were apartments or properties in duplex or triplex buildings.
Things have certainly changed since we got our start.
Real Estate Rental Markets Reflect Orlando Economic Factors
In Orlando, we have seen single-family homes rise in popularity because of the changing rental market and the growing economy. The city itself has also changed dramatically. Orlando is much bigger than it once was, and a lot of suburban neighborhoods have come up around the downtown area. Development continues even today, bringing fresh inventory and new opportunities to investors in Orlando.
It’s not just investors influencing the local market. Our team works with a lot of landlords who have inherited a single-family home. When they don’t want to sell the property right away, they turn to us for help in renting it to the best tenants. We also work with owners who have moved out of the home they once lived in, but they’d like to hold onto the asset and put it up for rent. Orlando also has a lot of investors who buy single-family properties to add to their real estate portfolios.
You have a lot of investment strategies that fit single-family homes. Some investors build a business buying and flipping homes. With this plan, you would buy a single-family home at a low price and then invest in some upgrades that will make it more desirable. Then, the house will sell for a price that’s much higher than your purchase price. This was a popular strategy for many years, and some investors are continuing to do it. With the right market and a good pool of investment opportunities, it’s a good way to make some money as a real estate investor.
There’s also a different trend that’s currently a better way to invest. That is the strategy of buying and holding properties. This strategy works well for single-family homes, especially compared to multifamily homes and apartment buildings.
The Orlando rental market offers great opportunities for buying and holding. You’ll easily be able to earn both short term cash flow and long term returns. More and more highly-paid, well-qualified tenants are living in the area, and owners are in an excellent position to choose high performing tenants from a large pool of potential renters. If you are putting a well-maintained home on the market at the right price, you will easily attract good tenants. So, there’s no reason to flip the property. You’ll make more money renting your property out.
The Orlando economy also affects the types of rental properties that make investors the most money. It’s a growing economy, with a low unemployment rate and a lot of new corporate and commercial activity moving into town. It was once known for theme parks and Disney. Today, Orlando has an economic landscape that’s a lot more diverse. People moving into the area want options, including the option of single-family homes. There are new opportunities to buy a property and let the asset grow in value while renting it out to good tenants.
Why do Single-Family Homes Make Good Investments?
Why do we believe so strongly in single-family homes?
The investment strategy provides reliability. It’s easier to reach long term investment goals, and you’ll find more stability than you can find with a multifamily model or commercial properties. This is due to several factors.
In Orlando, there’s a large inventory of single-family homes. Much of the new construction that you see around Interstate 4 and the turnpikes looks like condos and apartment buildings. However, there are a lot of growing neighborhoods outside of Orlando’s downtown area, and it’s easy to find single-family properties that are perfect for investors. They are available in several different sizes and models. Some are in HOA communities and others are in established neighborhoods. The prices are reasonable, and the property values are on the rise.
Another good reason to invest in Orlando single-family homes is that getting a mortgage is a little bit easier when you’re making this type of purchase. Financing a single-family home is more attractive to lenders and the type of property you buy impacts the terms of your loan.
Statistically, tenants who choose to live in single-family homes are more stable. They stay for longer periods of time, and you’ll have less turnover. These tenants are part of a shifting cultural landscape. Today, families want to enjoy living in a home that feels like their own, but they want to continue renting instead of buying. So, you’ll have a better chance of placing low-risk tenants. These will be renters who pay rent, take good care of the property, and have real pride in the home.
How Specialized Property Management Manages Single-Family Homes
As leaders in the management of single-family properties, we have solid strategies and proven processes at Specialized Property Management in Orlando. Single-family homes make up over 80 percent of our management portfolio, so it’s nearly impossible to find another management company with our breadth and depth of experience.
Our management platform includes a few special things:
- We invest in technology-driven processes that allow us to manage your single-family homes efficiently and effectively. As an owner, you will notice and appreciate the user-friendly property management software that invites you to be a full part of the management process. We organize and document every part of our management process. With our technology and our dedication to communication, we rent your single-family home out to great tenants quickly. You won’t have to worry about losing money on vacancy and turnover. Our marketing is strategic and results-oriented. Your house is priced competitively to get the attention of the best tenants. Our screening process is thorough and consistent.Tenants use an online portal to pay their rent, send us messages, and update their info as needed. They also have access to a site where they can request maintenance and repairs at any time. You also have an owner’s portal, where you can access your monthly and annual statements. We’ll pay you rent electronically, and you can log on to run reports or view the documentation we’re carefully keeping on your rental home. Check out your current lease. Let us know you’ve seen and approved repair invoices. Take a look at inspection reports and pictures. All the information you need is available in your portal.
- We know the Orlando rental market. Between our efforts to stay on top of market trends and our years of experience, we offer your best management solutions. We can help you find single-family homes that are available in and around Orlando. We’ll help you evaluate them and decide whether they’re good investments. You can access our data to determine whether they’d earn you enough in rent. You can benefit from our advice on updates and improvements that might help you earn more and attract tenants of a higher quality.
- We understand maintenance concerns on single-family homes. Investing in a multifamily building allows you to follow a routine maintenance plan. With single-family homes, there will be some unique repair needs and preventative maintenance strategies that are imperative to preserving the condition of your home. Luckily, our team is consistent with the way we manage routine repair requests from tenants. We’re also available 24 hours a day and seven days a week to take care of any emergency issues. And, we put together a list of preventative maintenance measures that we believe will help you save you money on unexpected repairs and replacements. This can notably increase the return on your single-family property investment.
- Finally, our tenant relationships are professional and respectful. This gives us an advantage because we can increase your tenant retention and avoid turnover costs. With multifamily buildings and apartments, it’s difficult for property managers to get to know every tenant. Turnover is a lot more frequent in those types of properties. We can get to know your tenants one by one when they rent a single-family home from you. And, we work hard to ensure we’re delivering the best possible service to your tenants. We want everyone to have a positive rental experience, and we especially want your rental experience to be profitable.
According to The National Association of Realtor, single-family homes are the preferred property type for real estate buyers today. As an investor in Orlando, it’s important to consider that these properties make the best investment homes, especially when you want to earn more in both the long term as well as the short term.
We stand above the competition that still relies on a multifamily model when it comes to professional property management. Talk to us about how those outdated models won’t work for any single-family homes, especially not yours.
Put our experience and our talent to work for you, and contact us today at Specialized Property Management in Orlando.