If you want to enjoy the benefits of renting out an Orlando home without all of the headaches and responsibilities that come with it, you’re not alone. This is why so many investors and property owners hire professional Orlando property managers. Being a landlord isn’t for everyone. You’ll have to decide whether you’re ready to do it all on your own, or whether you’re better off working with an experienced local professional.
Here are some of the most important questions you’ll have to ask yourself.
Where are you Located?
The Orlando rental market attracts a lot of attention from investors outside of the state and even outside of the country. If you’re not planning to stay in Orlando, renting out a home here without the help of local property managers may be difficult. You won’t be able to respond to the needs of your tenants right away, and filling vacancies will likely require you to come back to Orlando to show the property and manage turnover repairs and cleaning.
Can you Separate from the Home Emotionally?
If you’ve lived in this property yourself and now you’re renting it out, you may find that it’s difficult to cut your emotional ties. However, to be a successful landlord, you have to treat this property as a business. If you don’t think you can do that, property management is essential so you have someone taking a professional approach and making decisions that are in your financial best interest.
How Well do you Understand the Orlando Rental Market?
You need to know something about the Orlando rental market in order to be a landlord here. This will tell you how much rent you can charge, what kind of improvements and updates you’ll have to make to attract good tenants, and what you’ll have to do to retain your renters.
Do you Have a Team of Vendors and Contractors?
Your property will definitely require maintenance when you’re renting it out, so you’ll have to have access to licensed, insured, and cost-effective vendors and contractors. At the very least, you’ll need a plumber, electrician, roofers, HVAC technicians, cleaners, and landscapers. Many landlords struggle to keep maintenance costs in check. You have to invest in preventive and routine maintenance in order to protect the condition of your property, but you don’t want to spend thousands every year just to keep your rental home running.
Will you be Available to Your Tenants 24/7?
There’s also emergency maintenance that will require your attention. Unless you’re working with an Orlando property manager, you’ll be the point of contact for your tenants. If something goes wrong or there’s an emergency at the property, you’ll need to be responsive. Tenants will need access to you 24 hours a day and seven days a week.
Do You Understand Rental Laws in Orlando?
Landlords need to comply with dozens of federal, state, and local laws. You’ll need to understand fair housing laws and how a service animal differs from a pet. You’ll also need to know Florida’s eviction laws and what’s required in collecting, holding, and returning a security deposit. It’s easy to make an expensive mistake, especially when it comes to tenant screening and separating normal wear and tear from tenant damage at the end of a lease term.
Owning an Orlando rental property can be lucrative, but being a landlord can be risky. We can help. Contact us at Park Avenue Property Management.