Hiring an Orlando property manager is an excellent way to ensure your rental property is protected and profitable. Maybe you’ve managed on your own for a while and it’s more work than you anticipated. Or, perhaps you know you should be earning more and spending less and you need the resources and expertise of a professional.
Working with a management company is a great idea, but you want to make sure you’re working with the right management company.
Here are five warning signs that you should absolutely pay attention to when you’re hiring an Orlando property manager. Let these be the red flags that steer you in a different direction.
1. Communication is Difficult or Delayed
If you’re not even a client yet and you’re already having trouble getting in touch with the management company, that’s a bad sign.
You need a team that’s responsive and accessible. To succeed with your investments, your property management company must communicate well. They should do more than communicate well with you; they should also communicate well with vendors and contractors and be proactive about their responses to prospective tenants when your property is vacant. You want to know your tenants are also getting the attention that they need.
When phone calls aren’t getting answered and messages aren’t being returned, you should avoid hiring that property manager. Look for an Orlando property management company that takes communication seriously.
2. Their Property Management Reputation is Iffy
Before you hire a property manager, do a little digging and find out what kind of reputation they have.
It’s easier than ever to poke around and discover what current and former clients think about a company. Check online review sites and read any testimonials that are on the company’s website. If they don’t have any raving reviews – that’s a bad sign.
3. Orlando Tenant Retention is an Issue
Tenant screening should be rigorous, consistent, and thorough. It should result in a well-qualified tenant who is easy to work with and follows the terms of the lease agreement. You need to know that they place good tenants, but you also need to know that they are retaining good tenants.
Always ask a potential property manager about their turnover rate. How well do they keep the tenants who are already in place? Do most tenants renew their lease agreements and stay for the long term? Retaining tenants leads to lower vacancy and turnover costs, so you want to make sure you’re not going to lose your renter every year.
4. Legal Knowledge is Lacking
New laws are always going into effect, and existing federal laws like the Fair Housing Act must be followed to the letter. There are constantly new developments with service animals and support animals. Many states across the country are getting tougher in terms of rent control and what can be used during background checks. Florida is generally a landlord-friendly state. However, you still need to know your property manager understands security deposit laws and habitability standards.
If you’re hiring a property manager and they can’t talk about how they managed the eviction moratorium, it’s a bad sign. If they don’t know the difference between a service animal and a companion animal, you don’t want to work with that management company.
5. They Can’t Explain Their Orlando Property Management Fees
Management fees should be transparent and competitive. Talk about what they charge and how they charge for their leasing, management, and maintenance services. If there are hidden costs or fees that cannot be explained, you need to find a property manager who is comfortable talking about what they charge and why.
We’d be happy to tell you more about our own methods of managing Orlando rental properties. When you’re hiring a management company, please contact us at Park Avenue Property Management.