Easy Ways to Improve Energy Efficiency in Rental Properties

by Elsa Soto | Sep 9, 2022 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Renters

Easy Ways to Improve Energy Efficiency in Rental Properties

Florida's Housing Market Overview (500 × 261 px)

Easy Ways to Improve Energy Efficiency in Rental Properties

Energy Efficiency: What Does It Look Like?

A rental property can be made more energy efficient in many ways. The cost of some upgrades may be relatively low, while others may be more expensive. In the long run, however, most efficiency upgrades are worth the money because of the utility savings. In order to determine whether a rental property is energy-efficient, let’s look at what it looks like. Solar panels are one of the most energy-efficient features of most homes.

Solar Panels.

Solar panels are an excellent way to reduce energy costs significantly. Since solar panels have come a long way in recent years, investing in a solar system for your rental property has become much more cost-effective. Some solar installers may also offer incentives or payment plans that can help reduce your upfront costs. Plus, many states offer a healthy tax deduction for solar energy systems.

Doors and Windows Sealed.

Right now, you can upgrade your rental property by sealing its windows and doors. Poor energy efficiency is often caused by air leaks. Your rental home can be instantly more efficient by simply caulking around door and window frames or adding some weather-stripping.

Updated Windows.

Replace your windows if your rental property is older and the windows haven’t been updated for a long time (or ever). Due to their double-pane design, new windows are remarkably energy efficient. Besides reducing condensation and moisture damage, new windows can also solve other problems. Depending on the type of window you choose, there may also be a nice tax deduction available to help offset some of the initial cost.

Proper Insulation.

In order for a home to be energy efficient, insulation is essential. Your rental may suffer from problems like frozen pipes, climate control issues, and even shorten the life of your air conditioner without proper insulation in walls, attics, and basements. If you haven’t checked your rental property’s insulation levels in a while, now is a good time to have an inspection done.

Energy Efficient Lighting.

Sometimes, improving energy efficiency can be as easy as changing a light bulb. In fact, switching all of the light bulbs in your rental property to long-lasting LED bulbs could save you both time and money all year. Energy-efficient lighting is designed to stay lit for months or even years, significantly reducing the cost and frequency of replacement.

Not Sure Where to Start?

Improving the energy efficiency of your rental properties may not be difficult, but it will take time and, potentially, an initial investment. With so many ways to create an energy-efficient home, you may not be entirely sure where to start. If that is the case, consider contacting us here at Remax Heritage Bardell Real Estate to learn more.

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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Pros of Hiring Property Management

by Elsa Soto | Aug 5, 2022 | Blog, Homeowners, News, Property Management, Real Estate News, Renters

Pros of Hiring Property Management

Pros of Hiring Property Management

At some stage in their rental management journey, most landlords inevitably confront a crucial choice: should they engage a property manager or not? This question may arise when a landlord contemplates renting out their initial property, or it may emerge as their business expands and they acquire more properties. Regardless of the particular circumstances, there are several advantages to weigh, but ultimately, the decision typically revolves around the factors of time and money.

What is a Property Manager?

To begin with, it’s crucial to grasp the role and responsibilities of a property manager or property management company. A property manager is an external entity employed to oversee the day-to-day operations of a real estate investment. Depending on the specific property manager, they can handle various property types, ranging from individual houses to multi-unit complexes.

Many property management services offer comprehensive solutions, taking care of everything from marketing your rental property to rent collection. However, there are also property managers who handle most of the daily tasks while allowing landlords to make certain decisions or handle specific tasks, depending on the negotiated terms of the relationship.

While the following list is not exhaustive, property managers often possess the capability to perform various tasks, including:

Advertising and promoting the property to attract potential tenants.
Conducting interviews and screening prospective tenants to ensure their suitability.
Facilitating the execution of lease agreements between landlords and tenants.
Collect rent on behalf of the landlord
Manage maintenance and repairs

Why Consider a Property Manager?

There are various factors that may lead a landlord to contemplate the hiring of a property manager or management company. One possible reason is when the number of rental units in their portfolio surpasses their capacity to effectively handle the management tasks. Additionally, if the property is situated in a different city, state, or even country, having someone else manage the rental can prove beneficial.

Another scenario arises when a landlord finds the concept of passive rental income appealing but realizes that managing properties does not align with their skills or personality traits. Alternatively, a landlord might prefer to retain control over certain aspects of the business, such as tenant selection and screening, while delegating day-to-day matters like maintenance and repairs to a property management company.

In any of these cases, it becomes important to weigh the advantages and disadvantages of hiring a property manager.

Pros of Hiring a Property Manager

There are several compelling reasons to consider hiring a property manager, primarily driven by the aim to enlist the expertise of a seasoned professional who can save landlords valuable time across various rental-related matters.

Filling a vacancy

A proficient property management company possesses the necessary resources and local market knowledge to swiftly fill a vacancy. They employ a meticulous screening process, such as the one provided by TransUnion SmartMove, to ensure the selection of the most qualified tenants available.

Setting the right rental rates

A reliable property management company will conduct a comprehensive market analysis to determine the optimal rental price for your property. This ensures a delicate equilibrium between maximizing monthly income and minimizing vacancy rates.

Managing vendor relationships

A property management company often establishes partnerships with preferred vendors, enabling them to negotiate better rates for maintenance and repair services. These vendors are motivated to deliver quality workmanship to maintain a positive relationship with the property management company.

CONCLUSION

When contemplating whether to hire a property manager, landlords often find themselves weighing the factors of time and money. If managing their property portfolio becomes excessively time-consuming and they have the financial means to afford a property manager, it may be the optimal choice. Conversely, landlords who prefer a hands-on approach and possess the time and skills necessary to oversee rental units within a manageable distance might deem professional property management to be too costly an investment.

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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Here’s Where Florida’s Rental Markets Rank

by Elsa Soto | Jul 29, 2022 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Real Estate News, Renters

Here’s Where Florida’s Rental Markets Rank

Here’s Where Florida’s Rental Markets Rank

By Dave Berman

Miami charges the seventh-highest average rent in the nation and is No. 1 in Fla. at $2,846. Jacksonville is Fla.’s least expensive with rent averaging $1,748.

Gainesville, Fla. – These are the highest and lowest rental housing markets across the nation, based on average monthly rent, from among 107 metropolitan areas studied.

We’ve also included a list of Florida metro areas’ rankings. Data is from the Waller, Weeks and Johnson Rental Index, an ongoing project co-produced by the Florida Atlantic University Real Estate Initiative, Florida Gulf Coast University’s Lucas Institute for Real Estate Development & Finance, and the Alabama Center for Real Estate at the University of Alabama.

10 areas in the U.S. with highest rent

1. San Jose, California: $3,199

2. San Francisco: $3,157

3. Ventura, California: $3,014

4. New York: $3,004

5. San Diego: $2,946

6. Los Angeles, Long Beach, Anaheim: $2,864

7. Miami, Fort Lauderdale: $2,846

8. Boston: $2,762

9. (tie) Honolulu: $2,584

9. (tie) Riverside, California: $2,584

10 areas in the U.S. with lowest rent

1. Youngstown, Ohio: $853

2. Wichita, Kansas: $937

3. McAllen, Texas: $1,051

4. Little Rock, Arkansas: $1,059

5. Des Moines, Iowa: $1,152

6. Akron, Ohio: $1,162

7. Toledo, Ohio: $1,175

8. Omaha, Nebraska: $1,193

9. Dayton, Ohio: $1,206

10. Scranton, Pennsylvania: $1,207

U.S. ranks for 10 Florida areas

(National rank / monthly rent)

7. Miami-Fort Lauderdale-West Palm Beach: $2,846

13. North Port-Sarasota-Bradenton: $2,331

14. Port St. Lucie: $2,266

19. Fort Myers: $2,073

20. Tampa: $2,055

21. Orlando: $1,999

29. Melbourne: $1,881

35. Lakeland: $1,808

39. Daytona Beach: $1,788

44. Jacksonville: $1,748

Year-over-year rent increase for 10 Florida areas

(National rank / year-over-year change)

1. Fort Myers: +32.38%

2. Miami-Fort Lauderdale-West Palm Beach: +31.70%

3. North Port-Sarasota-Bradenton: +30.88%

5. Tampa: +26.93%

6. Port St. Lucie: +25.54%

8. Lakeland: +23.92%

9. Orlando: +23.70%

10. Melbourne: +22.46%

11. Daytona Beach: +21.88%

15. Jacksonville: +20.39%

Source: Waller, Weeks and Johnson Rental Index as of June 2022

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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What Does A Good Property Management Company Do?

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

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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