Thinking of investing in an Orlando rental property? If so, good news: Orlando's rental market is robust enough to be a great source of passive income.
Of course, not every property investment fits the definition of passive income. In fact, they often require you to manage everything from property marketing to tenant screening. So how do you find some time for yourself?
Well, one answer to this question is to hire a property manager. Here are some things a good manager will do to protect your Orlando investment property!
Conduct Local Market Research
Setting a competitive rental price is a tough balancing act. The best way to do it is to look at what your competition is doing. Knowing the average rent in your local Orlando real estate area gives you a baseline you can work with.
A local property management firm can help you conduct a reliable market analysis. They'll also identify the unique features of your property (such as smart technology) that may allow you to charge higher rates.
Find Reliable Tenants
Investment property management is all about attracting long-term tenants. They're the people who pay rent on time, treat your property with care, and stay longer. But even if you can attract them, you need to be able to identify them.
The screening process is the ideal time to sort the wheat from the chaff. A good property manager will have a streamlined screening process that includes:
- Credit checks
- Criminal history
- Employment checks
- Landlord references
Keep the Property Maintained
Property maintenance is a major part of keeping tenants happy. Small issues like faulty appliances can become big issues in no time. If you don't react quickly, you'll have to spend more on repairs and risk annoying your tenant.
This is where hiring a property management firm makes a lot of sense. They have a regular inspection schedule and can send vetted contractors to fix issues as they appear. They can also suggest value-boosting renovations.
Uphold Property Regulations
Rules and regulations are the boundaries that ensure your property is running smoothly. That said, keeping track of these regulations requires constant attention, as they change quite often.
Fortunately, property managers do this for a living. They already know all the rules that may affect your real estate investment, such as:
- Fire safety regulations
- Florida building codes
- Building inspection details
Provide a Positive Tenant Experience
At the end of the day, most property investment strategies boil down to providing a positive tenant experience. If you can make your tenants feel welcome, they'll be more likely to treat your property with care.
A property manager can help you make this happen by maintaining a close-knit relationship with your tenants. The best firms also have a 24/7 emergency line for any issues your tenants may encounter.
Protect Your Investment Property Today!
Hiring a property manager allows you to make money from your investment property with a fraction of the effort. The only question is: which property management firm will save you the most money, time, and stress?
At Bahia Property Management, we think we should be your number-one choice. We're a BBB A+ rated firm that can take care of all aspects of managing your Orlando property. Start by getting a free rental price analysis right now!
