5 Major Strategies for Property Management in Orlando
Property management is no easy task. Whether it’s a large apartment complex or several single-family homes, there are many things you need to consider. Fortunately, here are 6 major strategies for property management in Orlando to use for simplifying activities and becoming more profitable.
- Collect the rent. You need money coming-in so you can make your monthly payments that may include a mortgage on the rental property, property taxes, insurance and more. The best way to collect the rent is to make it easy for tenants to pay by offering several different payment methods. There’s the old-fashioned way by receiving payment in the form of a paper check or cash. But, today it’s much easier to accept electronic payments through bank transfers. You can also include the option for tenants to make the payments reoccurring automatically so they never miss a payment.
- Exclude utilities. Most property managers no longer include utilities in the rent payment such as electricity, gas, water, and cable services. Requiring tenants to pay their own utilities makes them responsible for conserving energy and resources to save money.
- Establish standards. What do you really know about your tenant from a credit report or references, probably not much. As part of the major strategies for property management in Orlando, you need to have a set of standards for the tenant to comply with to stay in the rental unit. Listing these standards as a condition of occupancy makes it easier to enforce legally if necessary. Some items to include are:
- Pay rent on or before the due date.
- Pay utilities on time that are not included in the rent.
- Maintain the property in acceptable condition, this requires a walk-through together to document any visible issues before the tenant moves in.
- Appropriate community behavior, meaning no loud parties in the middle of the night.
- Will pets be allowed? If not, make sure it’s documented
There are many other items to include, but make it clear to your tenants that you will not tolerate breaking any of the rules.
- Be a great landlord. Okay, so far we haven’t painted a very good picture of what is expected from a tenant. But in reality, most tenants are good. As a property manager, the best thing you can do to ensure your tenants pay the rent on time and take care of your property is to provide good service. The rental agreement is a two-way street. You are expected to meet your responsibilities by addressing repairs and responding to calls.
- Stay on top of maintenance request. Having a system in place to track and address tenant requests can organize and prioritize activities. A property manager can prepare a more formal method for maintenance request submissions, for example a paper form provided to you either by fax, mail, or in person. Or, you could accept request through email and phone calls and keep a log of all requests with tenant submission date, when you addressed the issue, and a description.
With the above major strategies for property management in Orlando, you should be well on your way to improving tenant relationships and maximizing profits.