When you’re looking for an Orlando property management company, it’s always important to review the company’s reputation, both online and with people who have worked with them in the past. You want to understand how long the management company has been in business and what type of experience they have with properties similar to yours.
It’s also a good idea to schedule at least one interview with a potential property manager. You can meet at the property you want them to manage, go to their office, or even conduct a video meeting over the phone or online.
When you do get some face-to-face time, make sure you get all your questions answered before you agree to a relationship. Today, we’re sharing five of the most common questions that we hear and appreciate from new owners who are considering R. Russell Properties. We recommend that you ask them, too.
How Much Can I Earn on my Orlando Investment Property?
Understanding how much rental income you’ll be able to earn is important, but what’s even better about this question is that it will give you an idea of the depth of your property manager’s local market knowledge. A precise rental value will require a market analysis and some data evaluation, but a good property manager will be able to give you a range based on your property’s location, size, and condition. You want a property manager who understands the Orlando rental market and the communities throughout central Florida.
How Do You Find and Screen Orlando Tenants?
The tenant who occupies your property has a huge impact on the type of rental experience you have as well as your success as an investor. You want to be sure your property manager is placing highly qualified tenants who meet a consistent and strict set of criteria. At the very least, you want to hear that your potential property manager screens applicants for:
- Credit worthiness and financial stability
- Income and employment
- Past evictions or criminal records (nationwide)
- Positive rental history
How Do You Maintain and Protect My Orlando Rental Property?
Most property managers will assure you that they are available 24 hours a day for emergency repairs, and that’s essential. Also important is the way they respond to routine and preventative maintenance issues. You want to know your property is going to be taken care of throughout the tenancy, not only during emergencies.
Find out how they screen and select vendors. Ask whether they have an in-house maintenance team or they rely completely on outside contractors. Make sure they work with licensed and insured individuals, otherwise your property could be at risk.
What if a Tenant Doesn’t Pay Rent?
Good property managers don’t have to evict a lot of tenants. But, you want to know there’s a process in place when tenants are late with rent. Ask about late fees and rent collection policies. Find out what their eviction rate is and whether they take steps to avoid eviction before it gets that far.
How Do You Use Technology to Communicate?
The availability of innovative and industry-specific technology has really grown over the last decade. You shouldn’t work with a property management company that has not adopted the latest accounting software, inspection programs, and showing systems. There is a lot that can be automated and made more efficient, especially when it comes to communication. Ask about an online portal where you can see accounting statements and send messages. Make sure you’re working with a company that’s modern, adaptable, and on the cutting edge of technology and best practices.
We’d be happy to answer these questions and anything else you might want to ask about our Orlando property management services. Contact us at R. Russell Properties.