Have you ever wondered exactly what a Property Manager does? How can they help, do you need one, and can they really help increase ROI?
Hear first hand from professional Property Managers in Central Florida just what their expertise is, and how they assist their clients in reaching their property management goals:
Getting Your Property Occupied
A Property Manager takes several steps to get your property occupied quickly with great tenants. Some of these steps may include:
• Setting the Best Rental Rates: A professional Property Manager should be well versed in rental rates in your city or county and can help you receive the maximum rental rate for your area. They can also offer input on improvements you could make to your property to maximize your rental rate, providing you the data on how quickly you could recover your investment through increased rental rates.
• Marketing Your Property: An experienced Property Manager will know the most-effective sources for marketing your property to ensure it does not sit vacant. Property Managers might also have experience with photographing and staging your property for maximum exposure in online sites.
• Finding Qualified Tenants: Property Managers will be looking to fill your property with tenants who will stay long term and respect your property, leading to less turnover. They also will review leases with tenants to ensure everyone understands the regulations, pay schedules, fees, eviction rules, etc.
"Professional Property Managers should always conduct proper screenings such as background check, speaking with prior landlords, and verifying income when finding a tenant for a property. This can help eliminate potential problems throughout the course of the lease agreement." Glenn Cowham, Professional Property Manager in Central FloridaHandling Tenant Interactions
Once your property is occupied, the property manager will be the one interacting with tenants, including:
• Rent Collection: Your Property Manager will be responsible for collecting rent, following up with delays, assessing late fees, and anything else that collecting payments may include.
• Maintenance: Your Property Manager can coordinate needed maintenance with your tenants, whether this involves scheduling and notifying tenants about annual maintenance such as HVAC maintenance or those middle-of-the-night calls.
• Lease Renewals: Your Property Manager should ensure lease renewals are conducted in a timely manner so you are well aware if and when tenants might be moving.
• Move Outs, Evictions: The Property Manager can also meet with tenants as they move out, do a walk-through to assess the condition of the house, and determine how much security deposit to return to the tenant. In the need of an eviction, your Property Manager can handle all the paperwork and ensure everything is handled according to the law.
"A Property Manager should insure a healthy balance between in their relationship with both the owner of the property and the tenant. In other words, treat them both as the valuable customers they are. Professional Property Managers know that communication is very important to have a happy owner and a happy tenant, and to always follow up all issues that may arise with both of them." Bill Gamble, Professional Property Manager in Central Florida. Other Financial Details
Property Managers can also handle maintenance expenses and utility payments (when they apply).
Because Property Managers regularly work with local companies or their own maintenance crew, they may be able to help save you money on maintenance or additional work you might like to undertake on the house to make it more desirable to renters.
Reduce Your Liability Risk
One final asset a Property Manager brings to the table is the ability to reduce your potential long-term costs by reducing your liability risk. The Property Manager will draft your rental agreement to ensure everything complies with local regulations. The manager also will reduce your chances of facing a discrimination claim from those searching for property, plus ensuring all evictions are handled according to the law.
"Renting out a property may seem like a simple way to capitalize on an investment, when all goes according to plan. What happens when you don't have a perfect tenant or monthly payments aren't completed on time? When you work with a professional Property Manager, they provide the knowledgeable and experience to best handle any issues that may arise. There are many laws pertaining to landlords and tenants to be familiar with in order to properly handle legal situations as they arise. Our role is to always guide each owner to ensure a smooth, legal, and proper resolution." Shelley Anderson, Professional Property Manager in Central Florida.
In the end, a Property Manager's goal is to save you time and increase your income through maximizing rents, keeping occupancy rates high and managing maintenance and liability costs.
Looking for your next investment opportunity? Browse potential rental properties in Central Florida here, or find a Realtor who can help you find the perfect property for you.
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