You have a rental property or are planning to get into the real estate business in Orlando? The concern that must have hit your mind time and again is on the management of the property. Will you handle it yourself or will you hand it over to a property management company? It goes without saying; you have to choose a good company.
To help you get the answer, here are Pros and Cons of Orlando Property Management Companies. First, the pros:-
With the management firm, you basically hand over the property to them to run. Principally, you could be living on a tropical island somewhere in a different continent, and your company still functions, thanks to the property management company. An excellent property management offers the clients a 24/7 calling service. You do not have to get personally up and go to the site of the property in the case of those night emergencies. On top of that, you do not have to deal with the piles of paperwork that come with the leasing of the property. It is important to mention, the company will do all the marketing and advertisements for your property. Its saves you from the hassle.
With the aid of a property management firm, you are almost 100% certain you will get a tenant who is worth your property. This is in the sense that, he or she will pay the rent on time, and they are less likely to cause disturbances or destruction to your property. This is because, for every applicant they receive, they conduct thorough background checks. They contact, their current and previous employers, they contact the former landlord, and they also do credit checks with the financial institutions.Tenant retention. A good property manager knows how to keep the clients satisfied. They cater to the customer’s needs timely and professionally. They also trustworthy when it comes to running their daily activities in as far as your property and client are concerned. Such a firm knows how to establish a good rapport with the tenants. Following the satisfaction the clients get, they will likely extend their stay in your property.
A satisfied tenant will be less troublesome when it comes to paying the rent. This is because they feel they are getting their money’s worth. In connection with a client who is willing to pay rent in good faith, is the property management company that will collect the rent in good time. The firm handles collecting the rent in good time and reconciling all the monthly records and reports. They do all the follow up with the financial institutions involved in the transactions.
Enough of the pros of using a property management company in Orlando. The only thing that may be seen as a disadvantage is that all these services are not free. Excellent service comes at a price. For instance, in most property management firms, they usually take the entire first month’s rent. Rightfully so, because they did the tenant screening, they advertised the property and they showed it to the prospectors among other things, that could have cost you a lot of money. After the first month, they usually take a percentage of the rent, on average 8-10%. This may reduce you profit margins.
The question now remains which one would you prefer? This information should help you come to the right choice.