Smart investors know that working with a professional Orlando property management company can result in a better rental experience and higher returns. However, you have to make sure you’re working with the right property management company. An inexperienced or understaffed management team can be damaging to your investment.
If you’re a self-managing landlord or an investor looking for an exceptional property management company in central Florida, we have some tips on how to make sure you’re hiring the right team.
Local Experience in the Orlando Rental Market
Finding a property management company with 30 or 50 years of experience is fantastic, but what’s even better is local experience. You need a property management company that understands your market. This will help with pricing your rental property, marketing it online, negotiating lease renewals, and screening tenants. The right property manager will have a deep understanding about the competing properties in your area and the real estate trends.
You also want to be sure you’re working with a management company that has experience managing the type of homes you rent out. If you have a portfolio of multi-family apartment buildings, a property manager specializing in single-family HOA homes is not going to help you, no matter how much experience they have.
Select a management company that knows the area and understands the unique needs of your property.
Check Out Company Reviews and Reputation
Reputation is more important and accessible than ever. You can go online and do a simple Google search to find out what people think about the management company you’re considering, and what kind of experiences they’ve had. Look for evidence that the property managers, leasing agents, and maintenance team are good at what they do and responsive to owners and tenants.
Look for Systems and Processes
A good property management company will have a set of procedures that dictate everything they do. With the right systems in place, you can be sure that your property will be protected, valued, and managed expertly.
Before you hire a property manager, ask about the tenant screening process. Find out how they respond to maintenance. Ask about how things are documented and what they do when rent isn’t paid on time. When you’re talking to prospective management companies, ask a lot of what-if questions. There should be easy and documented answers to each of these questions and any others you might have. Be wary of a company that refuses to answer questions or doesn’t have the answers you’re looking for. Any good management company should be able to tell you how long vacancies typically last and how often they have to evict.
An Investment in Technology is Critical
Technology is important to the effective management of your home. Your Orlando property management company must be willing to invest in technology because automation and documentation will help your property get managed more efficiently and skillfully.
With the right online platform, you’ll be able to see all of your accounting statements and run financial reports. You can keep up with maintenance requests and approve invoices. Technology also helps with marketing, screening, and the documentation of your property’s condition during inspections.
We’d be happy to tell you more about what the right Orlando property management company might look like. Please contact us at R. Russell Properties.
