Managing any type of real estate related endeavor can sometimes be fraught with demands from tenants, as well as from the property itself. So, while owning rental real estate can certainly be rewarding from a financial standpoint, going the route of being a landlord can also be draining on your time.
With that in mind, there are a few “secrets to success” that can help you with effectively managing your rental property, while at the same time keeping all of your other obligations neatly in place.
First, it is essential to practice good marketing techniques. This means advertising in the right places for the tenants you want to attract – and, when you do have interest in an empty unit, be sure that you do a thorough job of screening before handing over the keys.
Even though this can take some additional time, it is well worth it to have more assurance that those you entrust to reside in your investment will treat it with the proper care – and that they will pay their monthly rent when it is due.
Delegating some (or even all) of your landlording tasks can also be beneficial in running your property more effectively, as well as efficiently. For instance, having a list of phone numbers on hand for professionals in the areas of plumbing, electrical, HVAC, and other specialties can end up saving you a great deal of time and frustration. Plus, it can better ensure that if something breaks, it will be fixed properly.
It can also be advantageous to hire a property manager who can take over the duties of finding and screening potential tenants, collecting the monthly rent, and fielding any of the phone calls that come in regarding maintenance issues.
If you own rental property in Orlando and / or the surrounding area and you’re seeking an experienced property manager to handle the day-to-day duties on your investment(s), give us a call today.
