Should I Contact an Orlando Property Manager before Buying an Investment Property?Liam Pool
Smart investors know that working with an Orlando property management company can lead to better investment decisions. While a real estate agent can do an excellent job of showing homes and helping you negotiate the purchase details, you need an expert in the local rental market who can talk to you about the property’s potential as a rental home. You’ll want to know how much it will rent for, how long it will take to rent it out, and whether any major repairs or renovations will be necessary before it’s ready for the market.
Establishing Investment Goals for Orlando Rental Homes
The Orlando rental market is pretty diverse. The area is large geographically, and covers downtown neighborhoods as well as suburban areas to the north, south, east, and west of Orlando. There are single-family homes in established neighborhoods, new construction properties in gated HOA communities, and plenty of multi-family buildings and units.
To make a good decision on what you want to buy in Orlando, you’ll need to know what you’re hoping to accomplish. Maybe this is your first purchase or maybe you’re adding additional assets to a growing portfolio. Talking through your plans with an experienced local property manager can help you define your goals and decide what you’re really looking for and where you can find that perfect property.
It’s also a good chance to look for additional opportunities. Orlando property managers work with brokers, investors, and real estate professionals every day. We can show you where to look and how to find a great potential rental property.
Comparative Market Analyses and Orlando Property Management
Rental property comps are a lot different from real estate comps. When you’re renting out a home, you’ll need data that reflects what similar properties are renting for in the area. It can be tempting to check out Zillow or Trulia or Craigslist to see what homes are being advertised for, however that’s not quite precise enough. The listing amount could be different from what the actual rental price is. You need reliable information before you buy, and a property manager can provide that.
You’ll need to know the tenant pool in the local area as well. Orlando tenants are looking for well-maintained homes in good locations. They want easy access to work, school, and recreation. They want responsive management and online rental payments and maintenance requests. By working with a property manager before you buy, you can make sure you’re choosing a property that’s going to attract a large pool of well-qualified renters.
We always recommend that you talk to a professional management team before you invest in Orlando rental properties. There’s a lot of opportunity here, and you’re going to have a successful investment experience if you surround yourself with experts.
If you have any questions about investment property, please contact us at Homevest, where you’ll find expert Orlando property management, real estate, property rentals, and HOA management. We serve all of Central Florida, including Winter Garden, Doctor Phillips, Baldwin Park, Winter Springs, and Windermere.