Posts

Will A Recession Affect Property Management In Winter Park

Will A Recession Affect Property Management In Winter Park?

/0 Comments/in /by

We’re hearing a lot of talk from economic experts recently, and many of them are starting to talk about the likelihood of a recession in the not-too-distant future. If you own, or are considering buying, residential rental property, you may be wondering how a recession might impact you and what changes you might need to make in property management to protect your investment. While the Great Recession that began in late 2007 was a painful blow to most property owners, if another recession does happen at this point, it’s far less likely to cause such massive upheaval in the real estate market. You can take some steps now to reduce your risk as a rental property owner.

Why The Great Recession Was An Exception

In short, bad mortgage practices were a major cause of the Great Recession. People were saddled with mortgages and rates they couldn’t afford, and the vetting process for income verification was sorely lacking. As the job market weakened, homeowners found themselves unable to continue paying those mortgages, and they had little to no equity to fall back on. Lenders and investors who purchased had purchased those loans also failed as an increasing number of homeowners defaulted, and property values plummeted. Since then, the mortgage industry has been more carefully regulated and homeowners, overall, have more equity.

Smart Property Management Practices To Adopt Now

Now is a good time to review and revise your tenant screening criteria. Establishing a fixed set of criteria for judging applications to rent your properties is a critical part of protecting yourself against discrimination claims, and it can also help you keep stable tenancies throughout a potential recession. Consider whether you need to adjust your minimum requirements for income, credit score, or length of employment, and whether it may be a good time to add situations where you may accept tenants with a co-signer, extra deposit, or increased rent.

Professional Property Management In Winter Park

Working with a professional property management firm for your residential rentals in Winter Park and the rest of the Orlando area can help you maintain a steady income, even if another recession does happen. The team at Belmont Management are highly experienced in residential property management, and we’ll work with you to stay legally compliant while protecting your investment and income, now, and in the future. Call or contact us online for a consultation.

 

Note: Please keep in mind that this is an overview of the important points, but by no means does it constitute a prediction of the economy, nor of the impacts it may have on the residential rental market.

Make The Most Of Your Property Maintenance Budget

Make The Most Of Your Property Maintenance Budget

/0 Comments/in /by

Property maintenance is a significant expense for rental property owners, which means that it’s critical to the profitability of that rental that you make smart decisions about what maintenance projects to do and when to do them. Some issues are required by law, and you have to take care of them whenever the need arises: electrical, heating, and safety issues, for example. Other issues, though, may not be legally required, but they’ll help you attract tenants faster and keep them longer, which cuts your costs.

Do As Much As You Can When Units Are Empty

In addition to the required work you need to get done before a new tenant moves in, you may want to consider vacant periods as an opportunity to get other maintenance projects done efficiently and likely at a lower cost than when the unit is occupied. With tenants in place, you or your workers will have to work around their schedule, personal property, and the occupants themselves to get your work done. In an empty unit, you can take advantage of discounted rates when the trades you need to hire are slower: early morning, mid-week, or last call of the day. Get the roof inspected and have any needed repairs done, and have pest control work done while there’s no one to complain about the mess, noise, smell, and inconvenience.

Consider maintenance issues that will help you rent faster and keep good tenants in place longer. Fresh paint, replacing outdated or inefficient bathroom fixtures and kitchen appliances, updating light fixtures, and cleaning and repairing or replacing carpet can all go a long way to making tenants want to move in and stay put.

Professional Rental Property Management For Deeper Savings 

When you work with a rental property management company, you gain advantages when it comes to property maintenance, among other vital issues. Belmont Management Group has negotiated rates with the vendors and contractors who provide the services and materials we use to keep our clients’ rental properties in top shape. For owners, that means that when your property needs repairs or maintenance, you’ll almost always pay less than you would on your own. Call or contact us online to learn more about how working with Belmont Management Group can make your rental property turn a better profit for you.

 

NOTE:

Please keep in mind that this is mostly a summary of the important points, but by no means does it constitute or cover all of the requirements of a compliant property maintenance budget.

Tenant Screening Questions | Orlando Property Management Company

Tenant Screening Questions To Ask Before You Show A Vacancy

/0 Comments/in , , /by

Showing vacancies to prospective tenants can be a huge time investment for owners of rental properties. By establishing a set of pre-qualifying questions, publishing them on your website, and consistently asking them of every prospective tenant, you can cut down the amount of time you spend on prospects that will never pan out. By publishing these questions and regularly asking them, you add a layer of protection against allegations of discrimination, right up front.

  • Move-In Date – You know how long you’re willing to hold a vacancy for the right tenant. Maybe it’s two weeks, or maybe as much as a month. Whatever it is, don’t agree to show your property to people who want to move after that time period, and asking a prospect’s move-date up front also allows you to screen out people who need to move before your property will be ready.
  • How Many Occupants Will There Be? – This is one that can generate discrimination complaints if you don’t have a strict policy in place, and you can demonstrate that you follow it. For many rental property owners, two people per bedroom is a maximum they’re comfortable with. Whatever your maximum, per room and per unit, set it, publish it, and stick to it!
  • How Long Of A Lease Do You Want? Most property owners hope to see longer leases, as opposed to shorter ones, though in certain market conditions, signing leases that are too long can be a negative. Make sure your prospects’ expectations are a match for your best interest.
  • Do You Have Pets? – Knowing how many and what type of pets a prospect has up front allows you to offer lease terms that factor having those pets as residents.
  • Do You Know Your Approximate Credit Score? – Not every prospect will know their exact FICO score, but they should at least have an idea of their score range. If you have a hard minimum score, tell them what it is and that it’s non-negotiable before you set an appointment. 
  • Have you viewed the property online/driven by? – It’s amazing how many people will call for a viewing of a place they’ve never driven by or taken a virtual tour of. It’s a simple way to spare everyone’s time, if it’s not a match.

Professional Rental Property Management: The Ultimate Time-Saver

Whether your rental properties are in Winter Park or Orlando, or spread out in between, working with a rental property manager will help free up a great deal of your time. Belmont Management Group provides tenant screening and showing along with maintenance and repairs, inspections, collections, and even evictions. Call or contact us online to schedule a free consultation.