Investors purchasing distressed foreclosure condos and short sales in the Orlando area are usually from out of state – or even the country, which usually precludes them from managing the property themselves. Most simply opt to use an Orlando Property Management company.
However, locals might be tempted to go the do-it-yourself route – not a bad idea necessarily if you have just one unit, so long as you know what you’re doing: So long as you can handle how to background & credit check a prospective tenant and draft a water-tight Landlord/Tenant contract for lease; so long as you know how to properly escrow their deposits according to Florida Law, andÂ so long as you know how to correctly collect rent or institute eviction proceedings if things go awry.
Some of our clients are folk who thought they’d give it a stab themselves only to realize that for about $80 a month (10% of gross rent) they can wash their hands of the whole headache and just collect a check. It’s money well spent and I’d recommend that route for most landlords – with one proviso. Not all Orlando property management companies are created equal.Â A good proportion of our clients are made up of landlords that have been “burned” by other property management companies. One local company here is notorious for the way they handle both their renters and their owners with renters not having important maintenance items addressed, and landlords not getting their rent on time. And as recently as yesterday, I received a heads up on another company that is allegedly mis-appropriating funds.
Condo MetropolisÂ started its property management division to service our investor clients who were purchasing through our real estate division. We already have close relationships will all of our buyers by the time we take on their units to manage, we have faith in each other and a level of trust has been established. Each landlord is a face to us, not just a number. As licensed Realtors we are also able to help those investors dispose of their assets when the time comes without having to look for another agent. In this way, we support the entire life cycle of of the investment: Purchase, rent, resell.
If you’d like more information on our Orlando property management program, see our Owner / Landlord management page and then contact us on 407-290-3408 or email: Management@CondoMetropolis.com