Our topic today is how to interview an Orlando property management company. Any time you interview a company, it’s important to ask questions that involve dollars and relationships.
When will I receive my rent money?
Money should be coming to you by the 15th of every month. This is because 80 to 90 percent of us have a mortgage on those investment properties, and that money is required to make your mortgage payment on time. Therefore, rent is due on the first, it’s late on the second and then any three day notices are delivered. Your property management company needs to do a statement for you between the 7th and 10th of every month. Your rent dollars should be electronically sent to you through ACH by 15th so you can make your own payment.
How long will it take to fill a vacancy?
This is a good money question when you’re interviewing a Orlando property manager. The company should have two criteria to ensure there isn’t a long vacancy: does the house show well and is it priced right. If both of those things are done properly, you’ll look at about three weeks to find a qualified tenant. So, your property management company should do a move in condition report and a market analysis that shows you within $25 where your rent should be.
What kind of relationship will I have with my tenant?
As a property owner, you should not have any relationship with the tenant. You don’t want that. It’s the reason you hire a property management company; so they can take care of that relationship for you. Instead, you will have a relationship with your property management company, which is known as a management agreement. And the management company will have a relationship with the tenant, which is known as a lease.
What will I get every month other than a rent payment?
Other than a check, at the end of every month you should get a statement. This statement should have detailed information describing income and expenses within that 30 day period. A good handwritten note is also important to keep you in the loop with current or future activities that have to do with your investment – whether that’s zoning, construction or lawsuits.
If you have any further questions about interviewing a property management company in Orlando, please contact us at Russell Properties in Altamonte Springs. We would be happy to tell you more.