Introduction: At Orlando Property Management Realty, we focus exclusively on helping our clients rent out their properties at top dollar to qualified tenants. If you are looking for a property manager in Orlando Florida, or if you are having trouble with your current tenants, we can help.
These are just a few of the property management services we provide our owners:
* Aggressive Marketing
* Tenant Screening and Qualifying
* Credit and Criminal Background Checks
* Direct Deposit
* Lease Negotiations
* Rent Collections
* 3-Day Notice, Non-Renewal Notice
* Video Tours
* Yard Sign Placement
* MLS Listing Service
* Broker Referral Program
* Six Month Rental Guarantee
* Repair Issues
* Licensed Maintenance Contractors
* Home inspections
What do property managers normally charge?
Most people know that if they want to hire a real estate agent to sell their home they will most likely have to pay a 6% commission to get the job done. However, things are not so black and white when it relates to property management companies in Orlando. There are many factors that will determine what property managers may charge for their services. We must first understand that property managers can provide two types of services, tenant placement and or management services. If you are only interested in having a property manager find you a tenant you will most likely have to sign a non-management agreement with the agent. The property managers will market the property, show the property, qualify the tenant and eventually get the tenant to sign a one year lease agreement. Once the tenant is placed the agent is done and the home owner takes over. It is common for the property manager to charge the owner 1st month rent for this service.The second option is to have the property manager manage the property. The responsibilities are the same as tenant placement however after the tenant is placed the manager is responsible for collecting rent, handling maintenance issues, holding deposits and disbursing funds to the owner. It is common for property managers to charge the owner 50% of the first month's rent and 10% of the rent afterwards for managing the property. No matter if you are looking for tenant placement or property management services, always read the fine print and make sure there are no upfront fees or strange cancellation policies in place.
Common mistakes when renting out your home:
In today's market place, home owners are not able to sell their homes, so renting out their home is the best alternative; However, becoming a landlord overnight might not be as easy as you think.The following are some of the most common mistakes home owners make when renting out their homes.
Make sure to get the tenant to fill out a rental application and get their permission to obtain reports such as credit history and criminal record. Job verification is also key.
Right lease form:
You might be tempted to go and get a simple lease from your local office supply store, but if the lease does not provide state specific provisions they may very well be able to get out of the lease. Hire a professional to draw up the paperwork.
The last thing you want to do is break the law, but that can easily happen if you don't know the rules. Be careful not to ask questions about race, age, sexual preference or disabilities. Also understand that you cannot refuse to rent your home based on these issues.
Upkeep and repairs:
As a landlord, you should always be in charge of any major repairs, letting the tenant do it themselves will always come back to haunt you later. Always use licensed and insured vendors and always make sure you see the finished work. If you are out of town the best thing is to hire a competent property manager to manage the property.