Accidental Property Manager: Part II

In our last Orlando Property Management blog, we went over some of the things to look out for when hiring a property management company if you are a landlord with a condo, town home or single family home.

Fraud, embezzlement, firings, loss of license: we’ve seen it all before and it often starts when real estate agents get into property management part-time, without knowing what they’re getting themselves into. What most agents quickly find out is that property management is all about finances and book-keeping, and most eventually discover that they’re better at selling real estate than trying to manage it. Anyone can call a plumber or collect a rent check. But when it comes to taxes, leases and evictions, things can come unstuck very easily. So get references whenever you can because in our experience most owners don’t realize they’ve picked a bad management company, until it’s too late.

So what’s important?

Education: One thing you might consider is whether or not the property management company aspect of their work is full time, or just an add-on to a Realtor’s business. Look for some evidence of the company’s managers having shown some educational commitment to the cause. For example, specialized courses such as the Certified Real Estate Property Manager course in Florida.

Contracts: Some landlords, aware that things can go wrong, get fixated on the contract itself and start wanting to change it around to suit them believing they can pre-empt problems this way. This doesn’t usually work (although at Condo Metropolis we try to accommodate where possible) simply because the contracts are usually drawn up by the company attorney and each clause is there for a reason.I would never advise against reading any contract carefully but the truth is, if your property manager is doing their job, if you’ve chosen well and have an honest, scrupulous manager, the terms of the contract will play second fiddle. I’d rather sign an ominous looking contract but know that my property manager will always have my back, regardless of whatever their attorneys may have included in their contract, than a more landlord friendly contract with an incompetent or dishonest manager. Because in 99% of cases, it’s the managers actions that interest you, not what clauses may or may not be in your contract.

 

If you’d like more information on our Orlando property management program, see our Orlando Property Management page and then contact us on 407-290-3408 or email: Management@CondoMetropolis.com

2 Comments

  1. Property Management in Orlando? Definitely a good thing. Nice article here, thanks for posting it!

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