If you're looking for a company to manage your investment property, you've come to the right place! Being prepared with a list of questions to ask a new property management company is the best way to make sure you hire someone with the experience necessary to manage your home. Here are some of the questions we suggest you ask anyone who you are considering hiring:

1. How would you market my investment property?
   • There are so many different ways to advertise a home for rent. Make sure the company you choose has a clear, multifaceted plan for how to find the perfect tenant.
2. How do you decide on the proper rent amount?
   • Performing an up to date Market Rental Analysis is the best way to determine what the rental value of the home is. Click here to submit for yours today if you're searching for a property management company in Orlando.
3. How do you select tenants?
   • Extensive background and credit checks, income verification and rental history checks are the minimum requirements when choosing tenants. A good property management company will present all options to the owner for final approval.
4. Do you handle any HOA requirements for the home?
   • Passing along all communication to your manager is one of the perks of having a property management company take charge of your property. Some will even handle payment of HOA dues if necessary.

5. How do you handle maintenance issues?
   • Many property managers have long standing relationships with local contractors and vendors, and may even have discounted rates depending on their volume of work. Find out what their response time is and take a look at reviews to see if tenants have left any feedback about their response to maintenance issues.
6. How do you pay your investors and do you provide monthly/yearly statements?
   • Direct deposit is an easy way to ensure that funds are received in a timely manner. Monthly statements are essential to ensure that you are able to report accurate information when tax season rolls around.
7. What sets you apart from other property management companies?
   • This is a great way to gauge what the company’s values are and make sure that they align with what you have in mind. Plus it will give the company a chance to gush over what makes them unique! 

Once you've interviewed your top contenders, it's time to narrow down the list and hire someone! Even though finding someone to trust in taking great care of your home can be overwhelming, it can also bring you peace of mind when you find the right fit. Hopefully this article took some of the guesswork out of the process and helps you if you're searching for a property management company in Orlando and beyond! Contact us if you want to hear our answers to these questions and make sure we are the right fit for you!

Hiring a property manager can be an intimidating task to take on. You’re probably looking through so many options – all claiming to be the best ones for the job. The truth is, there are many companies out there that will do what you need them to do and many out there that will take advantage of your business. How do you decide which type of company you’re speaking to?

What are people saying?

Reputation is extremely important when you’re looking for a company to manage your property. Many people seek personal recommendations from friends, coworkers, family, etc when making decisions for everyday life activities. Of course, you’d choose that Greek restaurant that your best friend raves about over all of the rest because you trust them! But what happens when you don’t know anyone that has worked with a great Orlando property management company before? How do you know which company is going to be the best fit for you? Reviews can provide that level of trust that you’re looking for in the company whose care you’re leaving your investment in. Great reviews can help confirm a company’s reputation to help you feel safe in your decision.

The 5 Star Property Management Company

Not only is the number of stars a key metric for success, but the number of reviews can be just as important. Would you rather work with a company with a perfect 5 star review average based on 3 reviews? Or a property management company with a 4.7 star rating and 200 reviews? The more consistent positive reviews a company has, the better indication of what their actual reputation is in the industry.

Pay attention to how the company responds to negative reviews. Are they seeking solutions, or are they placing blame? Are their responses thoughtful and genuine, or are they dismissive? You can tell a lot about a company who takes accountability for their business practices and seeks to reassure their customers and make things right.

Finally, look for patterns in the reviews. Are tenants constantly talking about how quick the company is to handle maintenance requests? Are owners praising the company for being responsive and keeping them in the loop? Figure out what is most important to you in a property management company and see if the reviews fall in line with what you are looking for.

These are all things you should be paying attention to when you are searching for the perfect property management company. Taking the time to research each company’s reputation and reviews is just one piece of the puzzle, but we hope this article made the process of finding your Orlando property management company just a little bit easier.

Investing in rental properties can be just as scary as it can be lucrative. Are you having troubles finding what direction to land your first step in this Real Estate Investment Journey? In this post, I will draw a basic road map to help you reach your Investment Destination. This article is for beginner investors seeking to invest in rental property.

Location, location, location! 

This is an oldie but goodie. Location is key to finding a rental home to purchase. I'm sure you've heard the "dollar per square foot" term before in the Real Estate Sales World. Rental homes are valued per square foot as well dependent on their location just like a Real Estate sales Transaction is. Each zip code has a general market value calculated for every square foot. A knowledgeable Property Management Company will have the tools to calculate this value to the cent per square foot for you.

Believe it or not, there are different trends for larger units compared to smaller units. For example, if you are purchasing a 1 bedroom property, be sure to choose a location close to transportation, restaurants, downtown, etc. For larger units, the investments property would tend to cater to families. In this case, the location should be close to grocery stores, parks, and desirable school districts. Location will set your rental units apart from other in less desirable areas. It can make your property stand out among others, and a good location will make up for that outdated kitchen or storage issues. Renters typically select their home based on location first, and other features second. You can't remodel the location so make sure to put the most thought into the location of your investments as opposed to the upgrades. 

Is it Ready to be Rented? Tic Toc

Your vacancy rate and renovation costs will impact your year end returns significantly. It is important to fill your vacancies as quickly as possible to maximize your return on investment. Ideally, your property is rent ready with little to no work. You can find a property manager before escrow closes and start the advertisement immediately and have your first rent payment within weeks of closing. If you purchase a project it will be just that... a project. This means it could than planned, Minimizing your  Return on Investments. Leave those timely projects for the flippers. You've got residual income to make. Remember Time is Money. Tic Toc.

Is it already rented? Not always Trash to Treasure

Purchasing a property that is already rented is the most effective way to buy Investments properties. It will yield the highest ROI providing instant rental payments. If you do your research, it could also be the safest way to invest in real estate. Reaching out to current Property Management Companies and inquiring if any of their investors are ready to liquidate their real estate portfolio is a great way to start your search. Just as you are ready to begin your investments property journey, there may be somebody ending theirs. If you are lucky, you can find a property that is already rented. This approach is a win-win. You can close on the property and start collecting rent immediately. The referring management company will more than likely have an established relationship with the tenant and know the history of the home. This saves you time on interviewing and selecting a qualified Property Management Company. Make sure to review the current lease with the tenant and payment history to ensure that the tenant is a qualified tenant. Qualified tenants that have long term plans to stay in the home add value. Some are skeptical on this approach as they question why the current investor is selling. Is it too good to be true? It is important to consider that this investor may have had a long fruitful history with this property and simply just is ready to cash out. Ask to see their year-end profit and loss sheet from their current management company for the last few years. It may not be Trashed but certainly can be Treasure. 

Is it even rentable?

Some subdivisions and planned communities do not allow renters at all. It is important to look in the bi-laws and determine this before purchasing the property. Most single-family homes don't come with rental restrictions unless they are in a subdivision with an Home Owners Association. While HOA's are designed to protect their community, this protection tends to be more geared toward owners occupying the property instead of their renters. The issues between HOA's and investors and their renters stem from their fear of the property values lowering because of the lack of property maintenance and or lack of pride of ownership a renter might come with. This is a large misconception that can be squashed with the representation of a reputable Property Management Company with a track record of finding qualified quality tenants. A good property management will also have established relationships with many of the different Home Owner Association management staff. 

If you're considering purchasing a condo or townhouse, check on the rental restrictions and application process. Some communities have a ratio of renters to owner occupied units that they need to maintain. Others have a screening process for tenants while others may not have any rental restrictions. Be aware of what the application cost, process and turn around time is. Some Associations only approve applications once per month. Many tenants can't wait a month to be approved as the typical search starts about 30 days before they need to move. Be careful when selecting a community with no rental restrictions. A community that is selective with its residents will provide a safer environment for your future tenants. Safety is one of the most important factors prospective tenants look for. Finding the right community with the right restriction have a positive impact on the value of your investments home. 

When you’re looking for property management services in Orlando, there are many good reasons to work with us at Debbie Gloss Properties. I have been involved in property management for the last 17 years, eight of which have been with my own company. The work is enjoyable, and I still love the challenge. Today, we’re talking about a few things to consider when you’re looking for a property manager.

Property Management Orlando: Marketing and Tenant Selection

You want a well-managed property where your investment is maintained, rental income is generated, and expenses are managed effectively. The first step in accomplishing this is to select an acceptable tenant. At JML Realty Investments, LLC., we do this through internet marketing. Web advertisements are posted on my own website, and those ads are sent out to other sites, providing a broad range of coverage. It helps to get a number of showings because in the end, this additional activity will give you more choices when it comes to tenant selection.

Property Management Orlando: Application and Screening

The next step in tenant selection is processing the application. We look at credit and criminal histories, and we verify background. In verifying the background, I’m also looking to verify that the tenants have paid their rent on time and maintained the properties in previous rentals. Ask former landlords what the property’s condition was when the tenant moved out. Check income as well, and make sure the applicant is qualified to rent the property. Tenant selection is a critical factor. You’re asking if the tenant can pay the rent and take care of the property. This cannot be overemphasized. It’s the start of good property management.

Property Management Orlando: Communication and Maintenance

Once a tenant moves into the home, it’s good to maintain the relationship with positive reinforcement. During inspections, you want to look at the condition of the property. See if there’s any work that may have been neglected. This is also an opportunity to talk about the tenant’s concerns. Communication with your tenant is important to maintaining your home and retaining the tenants long-term.

If you’re thinking of rehab work or remodeling, it may be easier to do that over time. It seems to work better that way without having a large cash outlay all at one time. You want to maintain your home and avoid deferred maintenance so your ready if your going to sell or re-rent the property. If you have deferred maintenance, you’re going to fall below market value. Weather you want to hold onto your home for tax deductions, appreciation, or cash flow, you need to be market ready at all times.

If you would like to talk more about Orlando property management or you’d like a free rental analysis with no obligation, please contact us at JML Realty Investments, LLC.

A problem you may encounter is a tenant not paying rent. Today, we’re talking about this topic and sharing some steps you can take if you find yourself in this situation.

Tenant Communication

First, ask questions. Find out why your tenant is late with the rent payment. If they have had a life event, that’s going to require a different approach than if it’s a small monetary setback. There might have been some unexpected expense that they encountered, and they’ll be able to catch up with rent quickly. If they pay you when they say they’re going to pay you, check your lease and the charge the proper late fee. You can accept the rent and move on. However, if there’s been a divorce, a job loss, or something big that’s happened, it may be insurmountable and things won’t look like they’re going to improve quickly. In these cases, you probably want to ask them to vacate.

Agreement to Vacate

If your tenant cannot catch up with rent, ask them to sign an agreement to vacate. This agreement states they have a specific date by which they need to move out. If they agree to sign this, you know that they will cooperate and it’s more than likely you will avoid an eviction. That’s good news because evictions are costly and time consuming, and you want to avoid them if you can.

Three Day Notice to Vacate

If your tenants aren’t willing to sign an agreement to vacate, you want to serve a Three Day Notice to Vacate. This tells them they have three days to pay the rent or leave the property. You have to avoid holidays, and you cannot count weekends in the notice period. Post this on the door. Either it will get their attention and they’ll come up with the money, or the three days will pass and you have the right to start the eviction process. At this point, hire an attorney to help you, or gather the paperwork yourself that you can file at the county courthouse in the county where your property is located.

Property Management Orlando: Screening

You’ll want to get through the eviction quickly and move onto the next tenant. Make sure you vet and screen your tenants well before you rent to them. You want to know they earn enough money and have good credit. Make sure they have a good rental history and can take care of your property. Paying attention to these things will help you avoid renting to someone who stops paying rent and ultimately needs to be evicted. If you don’t settle on someone and you pick the right tenant, you avoid a lot of this.

If you have any questions about Orlando property management, please contact us at JML Realty Investments, LLC. We know this is a confusing issue, and it can be hard to move forward. We’d be happy to talk about it with you.

This blog features Winter Park Property Management information and education. To contact JML Realty Investments, please visit our website or contact us.

Today we are talking about some of the work that a property manager does to look after your investment and ensure it stays protected while a tenant is in place. The first item to address is marketing. We search for a qualified tenant by placing ads on our own website and on other Internet sites where potential renters are looking. We take the calls that come in from those ads and we spend some time assessing those callers and establishing feasibility for showing the property. Once someone applies to rent the home, we will conduct a thorough screening that includes a credit check and a criminal background check. After we gather all the information, we call the property owner and talk about the potential tenant. We provide our opinion and if the tenant is approved by the owner, the tenant signs a lease and a deposit is given to be placed in escrow. At this time we prepare the home for the tenant to reside at the property. After the tenant moves in we conduct periodic inspections of the property. During those inspections we look at both the interior and the exterior. On the exterior of the home we check for trees that may be hanging too low on the house, full gutters and exterior wood rot. On the interior of the home, we check for issues that the tenant may need to address. If we see a carpet that needs to be cleaned or a wall socket plate that has been cracked we address those issues with the tenant at that time. Every time we begin working with a property, we consider what it will take to keep the property maintained and prepared for rental or sale. When it’s time for a lease renewal, we talk to the tenants about their plans. It’s important to review the previous year and review the lease. There is an increase in the rent if the tenant is going to renew so we address that with the tenant. If the tenant decides not to stay and vacates we then prepare the security deposit in accordance with Florida Statutes. It’s critical to follow the rules that are set out for landlords regarding security deposits. This is a brief summary of what we do to look after your investment. If you’d like to discuss further, please contact us at JML Realty Investments, LLC.

Today we are talking about why it’s a good idea to invest in Orlando. There are a number of reasons and the first thing that comes to the mind is that the prices here are still good. You’ll find the homes very affordable and if your property is financed, you will still be able to take advantage of good rates. These two factors together mean that a favorable return on your investment in Orlando is not hard to achieve. This area has really become a renter’s market. This means the rental pool is large and highly qualified. There are a lot of people in Orlando who had trouble during the market fallout and while they are recovering, they are still not entirely confident in their situation or in the market. That lack of confidence is preventing people from purchasing homes again, so they’re renting. Many of the areas here are desirable to tenants because the homes are attractive and in good condition and there are also excellent schools in the area. These are the things you really want to look for when you’re investing; nice neighborhoods and good schools. A good management company can help you navigate the purchase of your investment as well as help you with any repairs and maintenance that’s needed prior to renting the property out. There are a number of tax advantages to owning rental property as well. It makes a big difference at the end of the year. An accountant can help you see how it reduces your income taxes and how the depreciation can work for you. Investors looking for property want to have cash flow and a good return. You might want to consider using your IRA as an investment tool to buy and hold income producing properties. You can continue to buy this way and it helps you with your gains. If you have any questions on this topic, please contact us at JML Realty Investments, LLC. We would be happy to discuss the details involved in owning an investment home.

Today we are talking about how to select a property manager in Orlando. There are good property managers and bad property managers out there, and it’s important to be able to identify the difference. Lots of people are calling themselves property managers but they don’t have a real estate license or any experience in the field. Look out for that. There are also a lot of real estate offices that have jumped into property management in recent years. This does not always create good property management. Taking care of a rental property is totally different from real estate sales. The two career paths really don’t correlate. What you need is a property management company with skill, experience and knowledge. When you are screening and selecting a property management company, take a look at their process and get an idea about how they conduct business. Look at the individual property manager you’ll be working with as well. Most work under a broker and you may never see or speak to that broker unless there’s a problem. Ask about actual experience, and make sure you get to know the professional you will be working with and that they have experience in the field. Other things to consider – a good property manager will pay attention to detail. They will solve problems creatively. There is no room for a property manager who allows an owner to be taken advantage of. There has to be a proactive relationship between the property manager, the tenants and you, the property owner. Communication lines must be kept open at all times. A good property manager will stay on top of maintenance and constantly be looking at ways to reduce your costs. They won’t make unnecessary repairs but a good property manager will keep up with your property and make sure it is well maintained so you get the best return on your investment. It’s important to find out what a property manager will do to minimize vacancy. A good property manager will rent your property as quickly as possible. You also want a manager who has a detailed tenant selection process. Find out how they determine who your tenant will be, and if they are arbitrarily selecting the tenants or requiring you as the property owner to also give your stamp of approval. These are just a few things to consider when you’re separating bad property managers from good ones as you search for the right professional to manage your property. If you have any questions, please feel free to contact us at JML Realty Investments, LLC.

Our topic today is screening tenants. This is an important part of property management, and there are ways you can pre-qualify a potential applicant before you show that person your rental home. Get some information from them when they call or email to inquire about the property. Ask about their intended move in date. If their planned move is more than two to three weeks from your vacancy date, you might want to reconsider showing them the home. Or, you can also ask them if they are willing to accommodate your vacancy time frame. Talk to the potential tenant about pets. If they do have a pet and you are accepting pets, ask what type of breed they have. Bully breed pets should always be avoided because of the bite risk and the liability it will create for you. If your tenant wants to move in an acceptable pet, ask the tenant to get a pet bite policy attached to their renters insurance. You should also ask to see vet records on the pet, and make sure they’re current. You can find out how many people would be living in your property by asking your potential tenant if the house would be just for him or her. If there are four people trying to move into a one bedroom condo, that will not work. After a tenant views the property and you receive an application, verify all the information on it. You should do this before you even run the credit check and the national criminal background check.  Make sure an applicant’s family income is going to be at least three times the amount of rent. That’s a rule of thumb in this industry and it’s used to establish whether they can afford the property. Take a look at credit and the national criminal searches. On the criminal check, you might think you have found a match, but always verify the information with the company that ran the search. This is simply because some names are very similar and the name that popped up might not be the person applying to rent your home. These are just a few tips for screening tenants. If you have any other questions or you’d like additional information, please contact us at JML Realty Investments, LLC., and we’d be happy to help you.

Give us a call at (407) 921-9635  or fill out the form below.

Our topic today is how to prepare your home for the rental market. There are a few things you can do to ensure it gets a good response and a lot of interest. Price the Home Prior to placing your web ad, it’s a good idea to look at other web ads to see how many comparable properties are on the market and what the asking rent is. You’ll also want to look at the past six months to see what those properties that are similar to your home have rented for. Those two numbers will give you a reliable rental range and you’ll get an idea of how to price your home before putting it on the rental market. Curb Appeal Curb appeal is extremely important when you’re renting out a property. People will drive by before they contact you and if your exterior looks nice and the house seems to be in great condition, they’re going to call you and want to see it. The lawn must be mowed and the weeds should be removed from the flower beds. Make sure your windows don’t have any torn screens and give the house a good pressure wash. That will ensure the exterior has a really nice, clean look. On the inside, take the time to look at your home from a tenant’s perspective. You want a property that is thoroughly cleaned and well maintained. Check the blind slats and make sure there aren’t any missing blinds or sagging blinds. The paint must look fresh on the walls. If your flooring is worn and your carpeting looks old, it’s a good idea to replace it with tile. Once you put down tile, you’re not going to have to do that job again. It’s a one-time project that will keep your floors in great shape. There are so many nice colors and textures and shapes of tile; it will help your home, especially in the main living areas. It gives the space a very appealing look. Many of the properties on the rental market don’t pay attention to these details, so a property can be sitting vacant which would not happen if it was in good condition. If you have any questions, or you’d like help getting your property ready for the Orlando rental market, please contact us at JML Realty Investments, LLC..

We are talking today about why you should consider working with JML Realty Investments, LLC. In recent years, we have received a lot of contact from owners who are very unhappy with their property managers. It is clear that many of the situations they face could have been avoided if experience and knowledge had been applied. It’s very important to avoid having a poorly managed property. At JML Realty Investments, we make sure your investment is maintained, rental income is generated and expenses are managed. Tenant Placement The first step in our property management system is to locate feasible tenants for the property. We do this through an aggressive marketing campaign. We run a number of online ads and we use our website, which feeds out into many other sites. This approach brings in more showings and activity, which provides a larger pool of rental choices for our owners. It’s important to do a background check on prospective tenants. We perform credit and national criminal searches and we also verify their rental history with both past and current landlords. We check those rental references to see if they paid rent on time and if they successfully maintained the homes they lived in. The importance of the tenant selection process cannot be stressed enough, and it’s something we’re very good at. When tenant screening is overlooked you run the risk of getting stuck with a problematic tenant for the entire term of a lease. Communication During the course of a lease, we focus on maintaining open communication. We talk to the tenants frequently and reinforce positive behaviors during property inspections and also by addressing their concerns. This is done in order to keep your property well maintained. Vendors Most of the vendors we work with have been with us for 17 years, which is almost the entire time we’ve been in property management. These are licensed professionals who don’t overcharge for work. It’s a priority to not spend money when it isn’t necessary. We balance that with the need to keep your home well maintained. A property’s condition is an important factor when you’re selling it or re-renting it. It’s important to avoid deferred maintenance. We advise owners to take care of any maintenance that needs to be addressed so their home stays in saleable or rentable condition. This will prevent you from having to place your home on the sale or rental market below other comparable properties. As a property owner, it’s important for you to know your home is being taken care of and that your property manager is communicating openly with you. If you have any questions about what we do, please contact us  at JML Realty Investments, LLC.