When you are selecting a property management company here in Orlando, it’s important to compare apples with apples, oranges with oranges and like with like. Many companies here market themselves as property managers, but they really aren’t. There has been a distinct change in the market over the last few years, especially with the recession and the change in the property market. Many of these people calling themselves property managers are actually sales associates who found it hard to sell properties. They need regular income so they became property managers. This does not mean they have the qualifications necessary to be your property manager.
Here in Orlando, the landlords who see real results work with property management companies that have been around for a long time, have a lot of experience and have seen everything and anything that comes with tenants and rental properties. Ask detailed questions when you are interviewing property managers, and make a list so you can compare the way each property manager answers your questions.
It’s not all about price. Most of the reputable and professional property managers in Orlando will charge similar fees. The percentages and the dollar amounts may vary, but you’ll find the same style of fees. If one of the companies you are considering comes up with a cost that is suddenly a lot cheaper than what you’ve been seeing from other property managers, you have to ask yourself why. In my experience, those tend to be the sales associates who are playing at rental management because they are trying to win business. They might be trying to compete with lower prices because they cannot compete with their experience level and the services they provide.
You need to know your property manager has resources. Find out if there is a dedicated marketing department. Property management in the modern world is becoming less about managing homes and more about managing people. We are moving away from traditional newspaper advertising and going totally online, using the internet for advertising. Find out if the company can put your property out to the maximum number of people using the latest video and web technology. Ask if your property will be offered to big employers. When your rental home is marketed to reputable employers in the area, you know you are getting a tenant with a good salary who is able to pay the rent.
Ask about legal representation and whether they have attorneys on retainer. Even with good tenants, we have unusual questions that need an attorney’s help. Good property managers have attorneys on retainer to offer legal opinions. If you go to court, the cost starts at about $1,000, and can be higher. Avoid that cost by using the experience and resources provided by a property manager with legal representation. Ask about eviction policy. You don’t want a property manager who is quick to file an eviction because it costs you money. You also don’t want a property manager who avoids the eviction process and instead pushes the tenants out; causing an unpleasant situation that can result in risk to your property. You do want a property manager with a firm policy of dealing with delinquent tenants who knows how to handle the situation.
Experience is priceless in our industry. Check out the level of experience and make sure they have resources. For a small difference in property management fees, you will save a lot more money in the long run. If you have any questions about choosing a property manager, please contact us at Warner Quinlan.
