Orlando Investment Property – Guide to using a Property Manager
There are a lot of people who feel that when it comes to property, they would like to deal with everything on their own. While there could be merits in this, a far better option is to take the services of a property management company. Property management companies take monthly charges in return for the property security and maintenance facilities. Incidentally, the property management market is quite fragmented with so many players trying to cope with the demands of discerning and demanding consumers. There are a few players that would like to build up scale and magnitude so as to expand globally and also consolidate by means of mergers and acquisitions.
Property management companies come under the purview of the Companies Act under which they are constituted. This implies that these companies have to comply with the provisions of company law. These companies have the ability to handle various legal matters that a property might face. While property management companies specialize in managing and handling various property related issues, it is true also that many of them are rather small and basic in nature. Some of them may also be in a time warp and may not have woken up to the benefits of modern technology like e-mail.
There are many property marketing related services that property managers offer. They attempt to find a qualified resident and also render services by evaluating residents, getting leases signed and also renewing the same. Other services are upkeep of the property and lease negotiations and renewals. The company also provides support to the managers and has in-house staff to lead to a collaborative effort. The main objective is to make the project commercially viable and enhance the value of the project at the same time. But to do this, laws relating to building codes, affirmative action rules and commercial business practices need to be adhered to.
When it comes to the area of evicting recalcitrant and problematic residents, these residential property managers are able to save costs substantially. Also, when it comes to getting information about the property, residents want to know more than just unintelligible abbreviations like w/d, hw fl, d/w, a/c. Those who want to move into the building would like to see floor plans, know details of the building and also information dealing with its location.
Property managers are partially regulated – if they accept a fee for letting a property on behalf of a landlord they must be associated with a licensed Real Estate Agent. If they do not accept a letting fee but work solely for a proportion of ongoing rental income they are not regulated. Property managers are experienced in every aspect of a building’s interior and exterior and have working knowledge of the mechanical, electrical, plumbing, and structural systems. All building systems are maintained by monthly preventive maintenance contracts. Property managers are involved in all types of real estate including commercial and industrial, condominiums, residential, and farm and ranch.
Basic accounting services can also be provided. Most full service property management companies will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month.
Filed under Orlando Property Management, Tips for Investing in Orlando | Comment (0)Orlando Property Management Companies – Real Property Management & Realty, Inc.
During the housing crisis, foreign and out of town investors are looking outside of their local areas for investments. (Which by definition would make them foreign or out of town investors.) One such interest is in Orlando investment property. Dealing with issues or problems that arise from a few states away, or even a country away can be worrisome, so looking for a local property management company that suits your needs, and more importantly your costs, is beneficial for any potential investor. The following information is for a company dealing primarily in long term unfurnished residential properties in Orange and Seminole counties only.
Real Property Management & Realty, Inc.
The first question on any investor’s mind screening management companies for their Orlando Investment Property, is, “How much is this going to cost?” The primary concern, and the one that will most likely add up to the largest cost, is the monthly fee. Real Property Management & Realty charges 10% of the monthly rent. This company also claims to be the only company with a Tenant Eviction Guarantee. To understand what this is I asked Ron York, founder of the company, to explain. He said if his company recommends a tenant who has passed the background check they have performed, and if the owner for some reason has to evict that tenant down the road, Real Property Management & Realty will pay all of the court costs, lawyers fees, and any other fees associated with the eviction process. (This is a crucial point to make, as most management companies will give a recommendation on prospective tenants, but this is the first time I’ve come across a company willing to stand behind that recommendation. One of the most important qualities in an investor and management company relationship is trust, and I think the addition of this guarantee is a concrete step towards establishing just that.) Part of the guarantee requires the company find a tenant, and the leasing fee is equal to half of the first month’s rent (this cost is lower than other companies which might be because it’s a requirement in order to have the company maintain your property).
Accidents happen, but keeping your investment in good shape requires timely inspections and repairs. To act quickly on urgent repairs a reserve of $250 is required. A security deposit, in an amount agreed upon between the Orlando investment property owner and Real Property Management & Realty, is held in trust by the company. Also to ensure the highest quality tenant is put into your property, each prospect pays $50 for a background check consisting of national credit, criminal, and eviction checks as well as credited previous landlord checks (meaning the landlord was an apartment community or property maintained by a property management company).
In case of emergencies a 24 hour service is avaiable, which is important to both the investor and the tenant.
For more information on Real Property Management &Realty, Inc. please contact Keith Race at keith@rpmrealty.net or use the following information.
Fax: (407) 897-3355
Orlando Property Management Companies – Orlando Realty and Property Management
Owning Orlando investment property is a nice idea because of the location. Being a hot spot for tourist travel there is a large population of employees in the service industry looking for housing. Should you be an out of town investor, one thing to consider is looking into a management company for your investments.
Orlando Realty and Property Management
Dealing primarily in residential long term property management, this company is located in Orlando, Florida. Here is the basic information on charges and fees that will help you determine if this company is a good match to manage your Orlando investment property.
The first question is the monthly fee, which is 7% to 10% of the monthly rent. The variance, I assume is due to the number of properties they manage for you, with perhaps location and monthly rent charged factoring in as well. The reserve is $350, which is held to cover any minor emergencies that sometimes occur with even the best of tenants. Out of town investors should also take notice of the fact that this company can find and screen potential tenants. The leasing fee for finding a tenant is equal to one month’s rent. The tenant is also required to put down a security deposit of another month’s rent, which is held in escrow by Orlando Realty and Property Management.
Once a potential tenant is found, a variety of background checks are performed as insurance to maintain the standard of your Orlando investment property. These checks include Criminal (including Sex Offender), Credit and Eviction Checks as well as Employment and Landlord Verification. In case of an emergency, there are numbers, faxes and emails answered 7 days a week. (Note: It was not stated whether a 24 hour answering service was provided, but I assume messages are checked after business hours for dire emergencies. A good question to ask however, both for you and your tenant, should you contact this company.)
Should you be interested in contacting this Orlando Realty and Property Management both to find or manage your Orlando investment property, ask for Jay Meyers, with the company info listed below.
Orlando Realty & Property Management
Keller Williams Realty at the Parks
444 N. Mills Ave., Orlando, FL 32803
Office: 407-641-5049
Fax: 407-842-7206