If you’re thinking about renting out your Orlando home, we have some good news for you and some great information that will help you have a more successful investment experience.
For starters, the good news is this: the current Orlando market offers you a great time to rent your home out to tenants. The market is healthy, especially for landlords. And if you’re trying to decide whether to rent your home out or just sell it, we want you to strongly consider keeping it and putting it on the rental market.
Whether you already own a property in Orlando or you’re thinking about acquiring a new investment in the local area, we have some tips and advice for you that might help you succeed. Our team has been managing residential real estate in Orlando for years. We work closely with landlords and investors like you all the time.
Your Best Orlando Investment Strategy: Buy and Hold
If you’re planning to rent out a property, you’re part of a growing investment trend that has helped property owners build wealth. This is a strategy experienced investors all over the world are using to become successful real estate investors.
The real estate strategy we’re talking about is the buy and hold strategy.
As you may know, investors make money on real estate in several different ways. When you choose to use the buy and hold model, you’re doing what large institutional investors are also doing – chasing the best possible return on your investment.
With the buy and hold strategy, owners like you will keep a real estate asset for the long term. This allows your investment property to grow in value. Orlando home values are moving upwards, so if you keep your home well-maintained and collect rent consistently every month, you can potentially earn a lot on your investment home. You can definitely count on having a property that’s worth more now than it was worth when you bought it.
Think about the additional benefits. Your tenants will actually be lowering your debt because they’ll be paying you rent every month. There’s a potential to earn both short term rental income and long term ROI. Put this strategy to work for you.
Professional Advice and Management for Your Investment
Unless you know the stock market really well, you probably wouldn’t invest hundreds of thousands of dollars in a stock or a mutual fund without some kind of professional guidance and advice. You want to have all of your investments properly managed, so make sure you treat your real estate investments the same way. Use an Orlando property manager to help you earn more and save more when you’re renting out a home. Take advantage of the resources available to you – it makes you a smarter investor.
We could write an entire book listing the benefits of working with a professional property manager. Today, we’ll take a close look at some of the most important advantages you have with professional real estate management.
Professional Management Helps you Avoid Investment Mistakes
We help you avoid some of the mistakes that can cost you money and time. Our experience helps us protect you from the types of situations that self-managing landlords often find themselves fighting. These might include:
- Fair housing claims and unintentional violations. If you don’t know the fair housing laws or you don’t keep up with the changes, it’s easy to make a mistake that can cost you thousands of dollars. The wrong marketing language, an inconsistent screening process, and treating one tenant differently than another can get you into trouble.
- Habitability issues. You might think that an air conditioning repair can wait for a week or two, but this is Florida, and you need to take care of issues like this immediately
- Incomplete tenant screening. Maybe you don’t have the time to screen applications carefully or you don’t know where to find eviction records, criminal histories, and credit reports. Your property manager can ensure all of your tenants are properly screened because we have resources individual landlords do not.
- Proper documentation. As property managers, we can track and document everything from income and expenses to property condition reports. Our software and technology helps us to do this easily, and it avoids accounting errors and mistakes during the move-out process and security deposit return.
Professional Management Can Increase Cash Flow
Increasing cash flow is a goal of every investor, whether you have one property or 100. Professional property managers understand the workings of the Orlando rental market. This experience allows you to offer a better-prepared home to tenants who are highly qualified. It helps you establish a rental price that’s competitive but also high enough that you’re earning as much rent as possible. When you work with a professional management company, you’ll have lower vacancies and less turnover. You’ll also have better tenants, and all of these things drive up cash flow instantly. A home that’s better maintained will also increase what you’re able to earn.
A strong lease, preventative maintenance, and an attractive pet policy will also help you increase what you earn in rent. You might not want to allow dogs and cats in your rental property because of the damage they can potentially do, but it’s rare that an animal does more damage than the security deposit that’s collected. And, when you accept pets, you have more tenants who will consider your property. If you say no to pets, you’ll have a longer vacancy period. Don’t forget that pets can also help you increase your cash flow by bringing the potential for pet rent or non-refundable pet fees. These are the things that property managers are always thinking about when it comes to helping you make more money on your rental property.
Professional Management Keeps Your Expenses Low
Spending less money on your rental property also helps you earn more in the short and long term, and you can expect your property manager to help in this area as well. The monthly management fee you pay will hardly be noticed when you are able to save hundreds and even thousands of dollars a year on maintenance expenses, vacancies, and bad tenants. A preventative maintenance strategy, which good property managers use, will save you on future and more expensive repairs. Accessibility 24 hours a day will also help keep emergency maintenance costs low. You’ll get better rates from preferred vendors, higher rents, and a management plan that’s based on business, not emotion. You’ll save money with tax write-offs as well.
One of the areas where landlords really save money is on vendor relationships. As an individual landlord, you’ll pay regular market prices for plumbing, electric, and other services performed by contractors and vendors. With a property management company, you’ll likely pay less. Why? Because we have established relationships in place that come with deep discounts. The amount of work we give to our vendors (who are licensed and insured) allows us to pay lower maintenance fees. Those savings help you spend less on routine repairs and emergency fixes.
Part of increasing your ROI is keeping your costs down. Make sure you’re working with your property manager to spend less so you can earn more. Expert investment advice, property management experience, and a smart approach to maintenance will help you.
Professional Property Management Will Create Long Term Stability
Successful investments are long term investments, and this is especially true when we’re talking about real estate investments. A well-maintained property that’s priced correctly can be rented out to best tenants in any market. You don’t have to worry about the ups and downs of the rental market when you’re having a professional Orlando company manage your home. Your property manager understands the market, prepares for any upcoming changes, and acts accordingly. We know that good tenants will always need a home to rent. We make sure that you can count on that rental income whether the market is strong or weak. We can provide sound rental advice and investment strategies that will help you stay strong and profitable, even while other investors may be struggling.
All of these benefits come with constant information from your property managers. Our online portal allows you to stay informed 24 hours a day. When you work with Specialized Property Management, you can count on access and transparency.
We always hear heartbreaking stories about landlords who ran into trouble with bad tenants, property damage, or legal mistakes. Managing a rental home is difficult, especially if it’s not your full-time job. Let a team of qualified and experienced professionals take care of it, and you’ll reap many rewards.
We are here to help you save time and money. As you know, we are dedicated to the Orlando rental market, and we’re here to serve both owners and tenants. Talk to us about how we can lease your property, enforce your lease, and keep your home maintained to the highest possible standards.
Put our experienced team and proven processes to work for you. Contact us at Specialized Property Management in Orlando today. We’d love to tell you more.