Taking an active interest in area commercial and residential growth, an Orlando Property Management Firm maximizes the cash flow for your property through several means. Maintaining full capacity of your property is always the primary goal. However, there is far more to be had with utilizing a property management firm than just keeping a tenant.
When one thinks of a property manager, the first thing that comes to mind is someone to help them rent the property out. In fact, a property management firm can be contracted to handle everything from finding the tenants to dealing with complaints and starting the eviction process. The property owner works with the firm in deciding how many days to day interactions they want in dealing with the property before agreements are put into place.
In the general area of what many individuals associate property management firms with is finding tenants. This is a broad aspect that can be broken down into far more areas than one may think or understand it to be about.
- Market the property– they know where to advertise and what to include in the ads, what attracts people to properties, the area as well as what may need to fixed to be cosmetically appealing to the property.
- Screening Tenants– Requiring applications, running criminal background checks, reducing chances of discrimination, experience in selecting better clients who are more responsible in paying their bills, trustworthy and credible
- Setting Lease Agreements– Protecting the owner and the property with set terms on the length of the lease, security deposit as well as any other necessary provisions.
- Moving Out or Evictions– Property managers handle all move outs and evictions. In the case of evictions, they understand all the necessary procedures, paperwork and ways to proceed with the process.
- Setting the rent– the Orlando Property Management Firm knows the area and what the going rates are for your particular style of property. They can price it accordingly to attract the right tenants. When rates in the area rise, they are able to implement these increases at the right time.
- Collection of Rent – You can be hands off when it comes to collecting rent. They set the date the rent is due and are responsible for collection and assignment of late fees.
Maintenance and Repairs
- Maintenance/Repairs-Never experience the late night calls and dirty hands again. The property management firm has a team of contractors that are either their own or outside contractors that do the work for them. They are responsible for keeping the property up and running for everything from the plumbing to electrical without you ever having to get your hands dirty.
- Budgets-The Orlando Property Management Firm should maximize your cash flow by sticking to a predetermined budget that has been agreed to at the start of your business relationship. However, keep in mind that there are emergencies where the budget may need to be set aside.
- Taxes– You may not be aware that many property management firms can in many cases assists you and or prepare and submit your taxes for you on your property investments. Talk with your property management firm today. We are more than happy to set aside the time to help you.
This is only the tip of the iceberg for how an Orlando Property Management Firm can maximize your cash flow. However, this is where it all starts and without this solid base, the rest of the structure can not exist. There are no questions or concerns that you may have that are not worth an answer. An excellent relationship with your firm starts with communication and an understanding of exactly what a firm can and will do for you.