Investing in Real Estate can be a rewarding journey, but it's essential to have a sound and safe operation in place, just like any other business. From finding tenants, maintaining your property, collecting rent, fielding calls, and much more, it can be a whirlwind. In addition, staying in the know with state policies or federal regulations is critical. Given the world's current state, knowing how to handle certain situations or implementing safeguards can help keep you protected and your investments moving in a positive direction.
This is where the value of a professional Property Manager comes in. Assisting and helping to manage some of your most important assets is their focus. Above all, they help ensure you are prepared for whatever comes your way.
Let's look at how working with a Central Florida Property Manager can be one of the best decisions you make for your investments in 2020:
Compliance & Regulations
Staying on top of everything in the world right now is difficult due to the pandemic. You may be asking yourself, how does the current state of the world or economy affect your property investment? What do the regulation changes and executive orders actually mean? How do you handle tenant nonpayment?
A dedicated professional Property Manager is always on top of state and federal regulations. They have the connections and networks that prove invaluable in times like these as a large part of their job is to help inform you of the necessary procedures and regulations you must abide by.
For example, most of the new regulations and orders depend on whether your property classifies as Cares Act Covered or Non-Cares Act Covered. The Non-Cares Act Covered properties are essentially paid off properties and properties where the mortgage has no federal connection. If you're unsure which one your property qualifies as, your Property Manager can help confirm so you know which side of the regulations you fall on.
Some of the biggest questions at the moment for many owners center on nonpayment of rent, serving notices, and filing evictions. Just as before, there are specific protocols and timelines you must follow when giving notices to your tenants. You need to be sure you are using the proper paperwork for notices and that you are following the guidelines and dates determined by the Cares Act Covered or the Non-Cares Act Covered standards, whichever applies to your property.
Ultimately, you have the ability to take some action at this time, but there are still many moving parts. Self-managing your property can be difficult and time consuming without the expertise of a professional. Enlisting an experienced Property Manager is one of the best things you can do to ensure you are in compliance, aware of any additional changes, and ready for any unexpected issues that could arise.
Finding A Qualified Tenant
Finding the right tenant should always be at the top of the list when it comes to your investment property. Right now, this is even more important with the current state of the economy and potential moving hesitations.
Getting your property 'rent ready' is excellent, but none of that matters if you don't find an occupant and verify they are qualified. Deploying pre-screening applications, background checks, credit checks, and even income verifications are imperative. A professional Property Manager should already be set to take these off your hands and streamline the process.
In addition, it's essential to be strategic about how you promote your property and engage potential renters in order to place to a tenant.
For example, at ERA Grizzard, our professional Property Managers utilize their custom company website and advanced back-end systems to accomplish a lot of the heavy lifting. From market analyses and custom marketing strategies to syndicating your property to all the major renting sites, evaluating potential tenants, and handling showings, partnering with an expert can make a world of difference. Their goals are your goals, and that means keeping your property occupied and a positive ROI on your investment.
Reputable Vendor Network
Being informed with your expenses and business operations are crucial elements for leading a successful portfolio as well.
Choosing to work with a professional Property Manager can help fill this need and ensure your overall operation is more efficient. It can also connect you to an extensive and reputable network of vendors and professionals. From one-off jobs and repairs to legal services, contractors, and more, having a trust-worthy referral network when needed is a significant bonus and necessity.
When items are being taken care of and jobs promised are being fulfilled, your focus can be where it's most needed. Whether it's growing your property portfolio or merely giving you more time with your loved ones, your time is valuable.
The Power of Full Service
Property Management is still alive and very active despite the unique circumstances present today. The power of a full-service management company is a strong ally to have at this time, saving you time and money, and providing the level of service you deserve.
When it comes to your investments, a professional Property Manager is always looking out for your best interests, and that's a vital characteristic needed in 2020. Professional Property Managers stay up to date on the latest to help keep challenges in check by providing you with additional resources, guidance, referring legal counsel, and more.
With over 50 years of experience, our full-service Property Management team at ERA Grizzard Real Estate specializes in managing the performance of your investment and the protection of your asset. Offering top-rated services, our objectives focus on procuring qualified tenants, ensuring successful rental periods, and handling any unforeseen circumstances that may arise, so you don't have to.
Learn more about what ERA Grizzard's
Property Managers can do for you:
