Like most major cities within the United States, Orlando is a metropolitan intermixture consisting of a variety of residential neighborhoods. This makes it a great area for urban development and competition, especially when it comes to a diverse rental and housing market. The top three areas of Maitland, International Drive, and Lake Nona Medical City all comprise the urban core of Orlando’s rental market, thus paving the way for healthy competition in price and quality.
The city of Orlando is best known for its southern hospitality and sense of leisure. These are the top two industries that drive the local economy. Because the average urban worker craves convenience over daily commuting, the metropolitan housing market can enjoy the benefits of doing business in the inner city. This results in a good, strong competitive real estate market that requires much in investment and ownership. Because private landlords love an opportunity to make money while providing a much needed service, there are times when it becomes crucial to invest in multiple properties in multiple neighborhoods. Landlords may find it difficult, if not impossible, to attend to different responsibilities at multiple sites. As tenants in every building have certain needs, it is a daunting task for a single landlord to wrestle with a variety of different problems at each location. This is why it becomes a necessity to hire a professional property management company.
Private landlords can certainly benefit from the services of a professional property management company. What a good company can offer is an honest assessment of the value of the property and advise each landlord as to the maximum amount of monthly rent that should be charged. Due to their many years of experience in doing business with a variety of clientele, most good property management companies have an abundance of knowledge regarding the many laws of ownership. Landlords can get a break by hiring a good management company to do the following: showing property to new and prospective tenants, collecting rent, handling maintenance issues and emergencies, and accounting and bookkeeping. A good quality property manager can help landlords in keeping up with state and local laws regarding building codes by providing periodic updates online. They can also help their clients to remain current on new property tax laws and ways to adjust rent while keeping in tune with such laws. Additionally, they have the power to collect demographic data, which helps in considering the location of the building to be managed. Tenant screening and background checks can be done using a team of professionals with good research experience in running police, credit, and employment reports. They can also be used to check references for potential tenants.
According to Florida state law, when a property manager is hired to manage a property, a real estate broker’s license is not required. However, managers who are contractors or who are paid on commission are required to hold that license. Licensing fees typically run on or around $105 per application, and 72 hours of classroom instruction must be completed prior to taking the exam. Potential managers must be in good moral standing in order to apply. Such laws surrounding these and other issues ensure that only those who are willing to practice good business ethics be allowed to manage property for someone else.