Are you Happy with Your Orlando Property Manager after Hurricane Irma?

Hiring a trustworthy property manager in Orlando will help you save time and money.

• Do you live a fair distance from your property and have no one you trust to check on it?
• Perhaps you have several rental properties and don’t have the time or temperament to manage them yourself.
• Are you a real estate investor, and just want the benefits of owning properties?

Landlords typically pay between 8% and 12% of the monthly rent collected to the property manager.  If the property manager is doing a great job for you, it is worth the price, and will save you money and improve your return on investment.

A good property manager will perform the following tasks:

• Find quality long-term tenants for your property
• Collect rent on time
• Provides maintenance and repairs reports
• Plan and coordinate the maintenance and repairs
• Primary contact person for your tenants
• Manage evictions efficiently, if necessary, minimizing the time between tenants.

Some property managers fall short of their duties.  However, if your property manager is taking your money, but not doing much else, it probably is time to send them packing.

Six key reasons to send your property manager packing.

1. Poor Communication

A good Orlando property manager will be proactive. They will know what is going on at your property. They will provide you regular reports. How much of your time do you spend managing your property manager. After Hurricane Irma, your property manager should have contacted you about your property.

Your property manager should promptly return your calls or emails. Also, you should have an on-line Owner’s Portal, that keeps you informed about your property.  In addition, you must be able to trust that your property manager is properly looking after your property. You should be 100% certain that your property manager is doing a good job for you. Are you confident that your property is being managed properly? If not, then it likely time for a change.

2. Regular Property Inspections and Assessments

Does your property manager conduct an annual inspection inside the property and an assessment of the exterior every 3 to 4 months? Because these property assessments identify maintenance issues early, they will save you repair cost, before they become too expensive. Also, it lets the tenant know that the property manager cares about your property.

Regular inspections ensure your property remains in good condition. You should be receiving reports that identifies the type of repairs needed, if any. A detailed inspection report of your property should be provided to you each year. If you don’t live close to your property, then you are relying on your property manager to watch your property for you.

3. Tenant Maintenance Requests

   If a tenant has a needed repair, your property manager should immediately inform you. Then manage the repair to get it completed quickly and properly. If your tenant contacts you because the property manager is not being responsive to the tenant, then it’s time to find another manager.

Not making needed repairs will strain the best landlord-tenant relationship. If the repair is critical and makes the home uninhabitable, your tenant may have grounds to break the lease.

4. Poor Tenant Screening Procedures

A big part of the property manager’s job is to get your property rented, but not everyone will qualify. So if your property manager is doing a good job of screening tenants, then you will have few tenant’s issues. Before you hire a property manager, find out the percent of tenants that they’ve had to evict. This number should be less than 2%. Proper tenant screening is a fundamental reason to hire a property manager.

5. Monthly Report

   investment property reports

Each month you should receive a profit and loss report showing the income and expenses related to your property. The report will list how much rent was collected, how much was deducted in property management fees, any maintenance expenses, etc.

Today, you should receive these reports on-line through the Owners Portal. These reports are provided in multiple formats for your records. If you have multiple properties, combined reporting should be available. If you aren’t getting these reports, ask for them. These reports should be available to you.

6. Is the Management Fee greater than 10%?

The industry standard for residential property management is around 10% of the monthly rent plus a tenant finder’s fee equal to the first month’s rent. The management fee is dependent on the services performed.  You should understand the services that you are getting for the fees.

Are you interested in saving money? Then check out Real Property Management Freedom, because they offer tiered management fee pricing. This is based on the services that the property owner desires.

Talk with your Property Manager

In conclusion, if you experience poor service from your property manager, discuss your concerns with them. Your property manager may be able to address your concerns and correct any deficiencies. Most will appreciate the opportunity to correct the problem.