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What Does A Good Property Management Company Do?

What Does A Good Property Management Company Do?

by | Jul 15, 2022 | Blog, Homeowners, Property Management, Real Estate News, Renters

What Does A Good Property Management Company Do?

What Does A Good Property Management Company Do?

 

Are you a landlord or a real estate investor? Let me tell you, one of the toughest choices you’ll ever face is whether to hire a property management company to take care of all the daily operations of your property. Some landlords prefer the DIY route to save some cash, but partnering with a reliable property management company can really amp up your property’s profitability and give your rental portfolio a boost.

So, what exactly does a good property management company do? Well, here’s a rundown of the essential services you can expect from a top-notch property management company.

1. Effective Collection of Rent from Tenants

If you’ve got a bunch of rental units under your belt, you know firsthand how much of a hassle it can be to personally collect rent from each and every tenant. That’s precisely why you should consider enlisting the services of a trustworthy property management company. A reliable property manager will make sure that all your tenants pay their leases promptly and in full.

Now, if you’re short on time and aiming to channel most of your efforts into growing your business, bringing on board a dedicated property manager who can handle the daily operations of your property is a smart investment. Trust me, it’ll be totally worth it.

2. Regular Property Maintenance

One of the main reasons why landlords turn to property management companies is to escape the constant barrage of tenant calls. Let’s face it, sometimes the problems tenants face may not be major, but they can be time-sensitive and require immediate attention. Picture this: a distressed tenant who misplaced their keys and can’t get into their place calls you in the middle of the night. Yikes!

Neglecting these issues can lead to serious complications with your tenants down the line. That’s where a reliable property manager comes in. They’ll swiftly address all property concerns, lightening your load and ensuring that your rental properties are operating at their best.

Moreover, a top-notch property manager will conduct regular property inspections and ensure that routine maintenance tasks like lawn care, plumbing issues, drywall patching, pressure washing, and any other tenant services are promptly taken care of. Rest easy knowing your properties are in good hands.

3. Sourcing of Tenants

Finding tenants for your rental property is one thing, but finding the right tenants is a whole different ball game. That’s where a reliable property management company comes into play. They’ll make sure to conduct thorough screenings of prospective tenants, preventing you from ending up with tenants who are financially unstable, maxed out on credit cards, and likely to struggle with monthly rent payments.

A competent property manager will go the extra mile by contacting previous landlords and delving into the tenant’s criminal background. Trust me, the last thing you want is a tenant who puts you or the entire neighborhood at risk. With a diligent property manager on your side, you can rest assured that your property will be occupied by responsible and trustworthy tenants.

4. Bookkeeping

When it comes to property management, bookkeeping plays a crucial role. It’s the backbone that keeps your finances in check, minimizes tax burdens, and ensures a steady cash flow. A reliable property manager understands the importance of maintaining accurate books. In case they don’t provide bookkeeping services themselves, they can offer valuable guidance on outsourcing a skilled bookkeeper who can contribute to the growth of your business. With proper bookkeeping in place, you’ll have peace of mind knowing that your financial matters are well taken care of.

5. Effective Handling of Defaulters

Every now and then, tenants find themselves entangled in significant problems like lease violations or even criminal activities. While some issues can be resolved through direct communication with the tenant, others may escalate to the point of involving lawyers and even heading to court. Here’s where a reliable property management company comes to the rescue. They’ll expertly handle these challenges on your behalf, sparing you the time and emotional distress of dealing with such stressful situations. With a competent property management team on your side, you can breathe a sigh of relief knowing that complex issues are being effectively managed, allowing you to focus on other aspects of your life.

Looking for rental services in Orlando – we can help.

We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click HERE to learn more and how one of our property management professionals can help you!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Questions to Ask Before Hiring a Property Manager

Questions to Ask Before Hiring a Property Manager

by | Jul 8, 2022 | Blog, Homeowners, Real Estate News, Renters

Questions to Ask Before Hiring a Property Manager

Questions to Ask Before Hiring a Property Manager

Property management is a complicated, fast-paced business, so it’s important to find the right property manager for you and your rental. Some qualities to look for in a potential property manager may be:

  • A positive attitude
  • Communicative
  • Detail oriented
  • Organized
  • Honest
  • Passionate about real estate

There’s more to being a successful manager than these traits, but these should give you an idea of the person you should be looking for to fill the job. The property manager you should be looking for is a professional who strives to keep your rental property occupied, well maintained, and your tenant(s) content. But the question is, how do you find a quality property manager? Just like with any other job opening, it’s important to give each candidate a proper interview.

What Questions Should I Ask Potential Property Managers?

As a landlord, you want to find a property manager that you trust, so we’ve gathered the top 20 questions to ask each candidate during an interview that we hope will guide you to the right choice.

  1. What services do you offer your clients? The goal is to find a property management company that can market, lease, and manage your property. It’s important to make sure this company can provide top-notch maintenance, conduct inspections, and administer in-depth background checks.
  2. How many rental units do you manage? Too few rental units may mean that this candidate is either inexperienced or has lost clients due to poor service. Too many rental units could suggest that you will not be given the best service from this candidate. The number you’re comfortable with is, of course, up to you.
  3. What experience does your company owner have in managing rentals? If the company owner has never managed a rental, it’s possible that their company will lack the ability to effectively help you with your investment property.
  4. How do you determine the rent for each property? The right property manager should be able to complete a comparable market analysis of all other available listings near your property in order to determine how much to charge for rent, with the addition of factoring in the unique aspects of your rental property, like a pool or an upgraded kitchen.
  5. Are you an active real estate investor? The company’s leadership should be investing in the real estate market themselves. If they do not understand investment in your market, then they may not be able to give you the service you require.
  6. Can I cancel my management contract? To avoid getting stuck in a contract, be sure to ask what conditions will be necessary to cancel your management contract. If a company is offering you an inescapable contract, you should begin to look elsewhere. Always have an attorney look over a contract with a potential property manager before you sign.
  7. What are the management fees? It’s important to understand your average monthly fee. Some companies may offer a flat rate, and others will offer a rate based on the rent amount.
  8. Do I still pay when the property is vacant? If you’re dealing with a flat rate, then you will likely still be charged even when your unit is vacant. If this doesn’t work for you, let your candidate(s) know.
  9. Are there any miscellaneous fees? If the deal is too good to be true, then it may be just that. You don’t want to find yourself in a situation where you’ve signed with a company just for them to charge you extra fees along the way.
  10. If I want to list my property, do I have to sell it with you? Some property managers may ask you to sign a contract that requires you to sell the property with them should you decide to list it. However, the kind of company you’re looking for should not require this, but rather offer their brokerage services to you instead.
  11. Do you offer direct deposit for your owners? If you prefer to get payment by check, then that’s perfectly fine. However, if you’d like the option to have payment directly deposited in your account, be sure to ask the candidate about this option.
  12. How do you collect rent from tenants? Many property managers allow tenants to pay by check, money order, or online. If you have a preference, be sure to make that clear with the candidate and ask how they choose to collect rent.
  13. Do you conduct property inspections? Most property managers do conduct inspections and require a small fee. It ensures that management will catch problems before they turn into major issues.
  14. Do you offer eviction warranty (screening guarantee)? Should you need to evict a tenant, some companies will offer eviction warranty for a small fee that will give you great coverage.
  15. How do you market properties? You want to find a property manager who advertises properties through a variety of channels to give your rental the best possible chance of staying occupied, as well as someone who can write an excellent property description that captures the value of your rental.
  16. How long are your properties typically vacant? The average vacancy time after a property is ready to be rented should be about two to four weeks. Any longer than this suggests the property manager may be struggling to find tenants.
  17. What are your income and screening requirements for applicants? It’s important for you and your property manager to agree on the standards necessary to rent your property. For instance, many landlords and property managers agree that the tenant(s) must make three-times the rent for their application to be approved, among other reasonable requirements. Look for a property manager who will ask the right questions during the screening process.
  18. Do I have any control over the lease agreement? You want to have some input about the lease agreement if there are certain rules or regulations that are important to you. But remember that the right property manager should be able to provide a lease that’s tailored to you and your property.
  19. Do you charge for maintenance and repairs? Ask the property manager if they charge a fee to the landlord any time that they do maintenance. This will all depend upon your contract, of course. If you can, negotiate that maintenance fees are to be included in your monthly payments so that you don’t end up paying extra for every maintenance request.
  20. Will I get updates on my properties? Your properties are your investment, so you’ll want proper updates on them to see if there have been changes in the market, to the quality of your rental, or in tenancy.

It’s important to ask any and all questions you have when hiring a property manager. You want to find the best candidate for you and your rental, and with these questions, we’re hopeful that you’ll do just that.

Source : Apartment.com

Looking for rental services in Orlando – we can help.

We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click HERE to learn more and how one of our property management professionals can help you!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Existing-Home Sales Fell 3.4% in May

Existing-Home Sales Fell 3.4% in May

by | Jun 27, 2022 | Buyers, Mortgages, New Construction, News, Real Estate Components, Real Estate News, Renters, Sellers

Existing-Home Sales Fell 3.4% in May

WASHINGTON (June 21, 2022) – Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors®. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4% from April to a seasonally adjusted annual rate of 5.41 million in May. Year-over-year, sales receded 8.6% (5.92 million in May 2021).

“Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,” said NAR Chief Economist Lawrence Yun. “Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions.”

Total housing inventory2 registered at the end of May was 1,160,000 units, an increase of 12.6% from April and a 4.1% decline from the previous year (1.21 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021.

“Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,” Yun added. “Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers.”

The median existing-home price5 for all housing types in May was $407,600, up 14.8% from May 2021 ($355,000), as prices increased in all regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record.

Properties typically remained on the market for 16 days in May, down from 17 days in April and 17 days in May 2021. Eighty-eight percent of homes sold in May 2022 were on the market for less than a month.

First-time buyers were responsible for 27% of sales in May, down from 28% in April and down from 31% in May 2021. NAR’s 2021 Profile of Home Buyers and Sellers – released in late 20214 – reported that the annual share of first-time buyers was 34%.

All-cash sales accounted for 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, down from 17% in April and 17% in May 2021.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in May, essentially unchanged from April 2022 and May 2021.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April. The average commitment rate across all of 2021 was 2.96%.

Realtor.com®’s Market Trends Report(link is external) in May shows that the largest year-over-year median list price growth occurred in Miami (+45.9%), Nashville (+32.5%), and Orlando (+32.4%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+14.7 percentage points), followed by Las Vegas (+12.3 percentage points) and Phoenix (+11.6 percentage points).

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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5 Steps BUYERS Don’t Want to Skip – Even in a Hot Market

5 Steps BUYERS Don’t Want to Skip – Even in a Hot Market

by | Jun 15, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, News, Real Estate News, Renters, Sellers

5 Steps BUYERS Don’t Want to Skip – Even in a Hot Market

5 Steps BUYERS Don’t Want to Skip  – Even in a Hot Market

 

 

Florida is one of the hottest housing markets in the U.S., making buying a home challenging. Here are five tips for finding the best real estate deals in Florida and having a smooth closing:

 

 

1. View properties in person to make sure you see any aspects of a home not included online. Touring listings with an experienced real estate agent, who can spot potential concerns, is always wise. If you must rely on a virtual showing, you can have an agent visit the property and make a purchase offer contingent upon a satisfactory professional home inspection.

 

2. Be cautious when buying a home remotely, so you don’t fall prey to any scams, such as fake listings or overpriced properties.

 

3. Use trusted financial institutions for making necessary payments, such as a good-faith deposit to a brokerage with a purchase offer. Online payment apps, such as PayPal and Venmo, don’t offer the same protections as a traditional bank with FDIC insurance.

 

4. Make sure your finances are in order before spending too much time searching for your dream home. Getting a mortgage preapproval is best so you know how much you can borrow and at what terms. It may also carry weight with a potential seller evaluating multiple purchase offers. Also, make sure your credit is healthy so you qualify for a mortgage with the lowest interest rate possible, which can save thousands of dollars over the life of your loan.

 

5. Use an experienced real estate agent who understands the market where you want to buy a home. They can help you navigate the potentially complex process of making offers, negotiating terms, completing contingencies and getting to the closing table. The right agent can help you get an offer accepted when competing with other buyers in a hot real estate market. Source: Laura Adams, senior real estate analyst at Aceable, a mobile education platform that offers accredited real estate education in Florida and the U.S.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Most Baby Boomers Say ‘We’re Not Moving’

Most Baby Boomers Say ‘We’re Not Moving’

by | Jun 14, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Renters, Sellers

Most Baby Boomers Say ‘We’re Not Moving’

Most Baby Boomers Say ‘We’re Not Moving’

2 out of 3 (66%) adults 55 and older plan to stay in their current homes in a break from their parents who largely downsized or moved to adult communities.

WASHINGTON – Baby boomers hold the majority of real estate wealth in the U.S., and two out of three don’t plan to give that up. As they age, more plan to stay put in their current homes, with 66% of adults aged 55 and older saying they expect to age in place, according to a Freddie Mac survey.

However, non-moving boomers could exacerbate the housing supply shortage, which has dropped to record lows over the past two years.

It’s also a generational change. Unlike many of their parents, baby boomers are veering from traditional patterns of selling later in life and downsizing to a smaller home or moving to assisted living.

Thanks to rapidly rising home values, boomers’ financial gains over the past five years may better equip them to stay in place, too, the survey says.

Still, baby boomers acknowledge that their home will require some renovations to make the space more appropriate for aging in place. But they feel confident that their personal savings and long-term retirement and investment accounts will allow them to afford to do so.

A 2021 survey conducted by AARP found that many homeowners would need to modify their current home so they or a loved one could live there:

  • 79% say they need to modify bathrooms with grab bars or no-step showers
  • 71% say their home has inside and outside accessibility issues
  • 61% say they need an emergency response system
  • 48% say they need smart-home devices like a voice-activated home assistant or a doorbell camera

Over the next two decades, the number of households headed by people aged 65 and older is expected to increase from 34 million to 48 million, according to Urban Institute data.

Source: “Majority of Aging Adults Likely to Age in Place,” Freddie Mac (May 23, 2022)

© Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-4688

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Beautiful Champions Gate Home Just Listed

Beautiful Champions Gate Home Just Listed

by | Jun 10, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, New Listing, News, Property for Sale, Property for Sale in Orlando, Renters, Sellers

Beautiful Champions Gate Home Just Listed

1035 Blackwolf Run Rd, Davenport, FL

$482000

4bed – 3bath – 4791.6 sqft lot

Welcome Home!! This immaculate 4 bedroom 2 ½ bathroom home in ChampionsGate, greets you with over 2300 Sq Ft of living space. The spacious kitchen has many upgrades including stainless steel appliances, quartz countertops, gorgeous 42” cabinetry and a huge kitchen island. The spa master bathroom features a brand new tiled walk-in shower, separate soaking tub, dual sinks, and a custom walk-in closet with built-ins. Relax or entertain in your private fenced in backyard, with a stunning view of the 7th hole at Champions Gate Country Club. This gorgeous getaway comes with top of the line amenities such as, FULL GOLF MEMBERSHIP and access to the resort style amenities including resort style pool and playground just steps away from your front door. Looking for something more exciting?! Just hop in your golf cart and head over to the Plaza and Oasis where you can enjoy a full service resort style experience. Owners of the Country Club have exclusive members only access to the Plaza – enjoy a meal with your buddies or relax alongside one of the pools or spas. Looking to entertain the whole family?! The Oasis has something for everyone, from movie theater, water park including lazy river, splash pad and resort style pools. On top of the amenities your HOA also includes gated 24 hour security, complete lawn care, trash, cable, phone and internet. Being just down the road from all the theme parks, this property will not last long so schedule your tour today. Live the Florida lifestyle!!

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