Verandah Central Florida Blog

Property Management Or: "How I Learned to Stop Worrying and Love Being a Landlord!"

Pamela McNab-Syvertson - Thursday, July 25, 2019

Managing a property in Orlando can be a full-time job, even if that wasn’t originally your intention. There is an extensive knowledge base to cover when running a rental on your own: marketing, photography, tenant screening, tenant services, lease form creation, rent collection, accounting, maintenance—the list goes on and on. That’s why we suggest partnering with a property management team: at Verandah Properties, we have the knowledge and the experience to handle every aspect of your rental! To demonstrate, let’s discuss some common "pain points" you may be experiencing as a landlord and how we can help.

Close up of hand with laptop and media iconsMarketing

The many hats of a landlord start with marketing your rental. This means writing a great ad, posting your listing, and including professional photos that will engage applicants. This is a skill that many spend four years getting a bachelor’s degree to do, so it’s okay if you don’t feel equipped to market your listing in the best way possible.

  • Photography: Anyone with a decent smartphone seems to be a photographer these days, but that doesn’t mean they’re professional grade. Here at Verandah Properties, we know how to stage your home and connect you with professional photographers to include with your listing.
  • Market Analysis: We’ve included this here because part of marketing your rental is knowing how much to ask per month. It’s not as simple as just covering expenses—far from it! If you take that approach, you may price yourself out of your area of Orlando, and the rental will remain vacant. Our team of experts understand the ins and outs of the local market and keep up-to-date information. With each new year or renter, your investment will be renting at the best price the market can yield.
  • Quick Turnover: If you find yourself sitting with a vacant property often, it may be that you’re not reaching enough of the right applicants. The goal of marketing rental properties is to keep your vacancy periods short and non-existent if possible.

Face profile made of overlapping house imagesAll Things Tenants

It may seem strange to some, but many investment property owners don’t consider the complexities of dealing with the very tenants who will be growing their investment. Working with tenants can be extremely difficult—one wrong move could land you in legal hot water! Our staff at Verandah Properties understands what it takes to find the best tenants for you and keep those tenants satisfied throughout their lease.

  • Tenant Screening: Finding reliable tenants is a tricky process. You want to ask the right questions and run credit and background checks on each applicant while avoiding discrimination. The Fair Housing Act (FHA) has stringent tenant screening policies, and your local laws may have even more guidelines to follow, so it’s crucial to stay up-to-date with these rules and regulations. For example, a person with a physical disability may ask to see your upper duplex. However, it would be against the law for you to warn against this if you’re not equipped for handicapped entry to the top floor. Verandah Properties understands these laws and has set policies and procedures by which to screen tenants while protecting your investment.
  • Calls at All Hours: One major stressor for property investment landlords is the private time they lose to devote to other work, family, and friends because of tenants needs. Hiring Verandah Properties will allow you to breathe and go about your day-to-day while we provide around the clock customer service and satisfy even the neediest tenant.

Forms and Policies

Along with tenant screening, a landlord must be prepared with policies and paperwork from move in to move out. There are templates online that you can follow, and most legal information can be covered with individual research, but it takes a lot of time and effort and most likely an expensive consultation with an attorney.

  • Lease Creation: With a lease, you want to ensure there are no discrepancies in what is allowed, what your rent collection policies are, and what happens if procedures aren’t followed. With an established property management team like ours, this lease is already completed for you, and we will be the ones to enforce said policies.
  • Eviction: This is by far the hardest part of owning a rental property. Each state has its own set of guidelines, and if they’re not followed to the letter, then you could end up paying through the nose in legal fees as well as damaging your reputation. Verandah Properties works to ensure that:
    • Evictions are avoided at all costs with robust tenant screening and adherence to lease policies.
    • If an eviction is necessary, you and your investment are safe, and the eviction is handled legally.

Maintenance

The final pain point we would like to touch on is maintenance: from simple fixes to emergencies, we at Verandah Properties have you covered.

  • A Network of Maintenance Specialists for Every Need: As a property management company, it’s vital that we maintain relationships with contractors and specialists. We’re also able to offer consistent work to maintenance crews and specialists alike, which can lead to discounted rates and better overall service than may a sole landlord.
  • Emergency 24/7 Coverage: A proper property management team should always adequate coverage for emergency maintenance needs. It’s rare to have the electricity go out or a pipe burst when it's convenient, which is why Verandah Properties covers you 24/7.

Just because you didn’t anticipate the stress that accompanies being a landlord doesn’t mean that you should get out of the property investment game! Contact Verandah Properties today and see how we can help reduce your stress and grow your investment the right way.

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