Top Rental Management Challenges Solved: How Homevest Streamlines Your Investment Experience

What’s your most frustrating challenge as you rent out property? 

Maybe it’s unreliable tenants or emergency maintenance. 

Maybe it’s something else. 

We work with a lot of owners and investors as Orlando property management experts, and we’ve put the top rental management challenges into a list. We’re also sharing how we solve these recurring issues, and what Homevest Management does to streamline the entire investment experience – from acquisition to lease renewals.

1. Late Rental Payments 

One of the biggest headaches for landlords is chasing down late rent. When payments aren’t made on time, your own financial security is suddenly in danger. Here are a few ways that we make sure rent is collected on time and without any hassle:

• We have a strict rent collection policy, which outlines how much rent is due, when it’s due, and how it should be paid. This is included in the lease agreement and we discuss our expectations with our tenants. The rent collection policy is enforced consistently. 
• We allow for online payments. This is extremely important if you want to avoid late rents. When tenants have the convenience of paying online, they’re more likely to pay rent when it’s due. With online payments, they can schedule withdrawals in advance, save their payment information, and pay easily from their phone or other online device. Be flexible and allow for multiple payment types so tenants don’t have a reason to pay late.

Serving a Three Day Notice to Pay Rent or Quit can be unnerving for landlords and rental property owners. We take care of all those collection activities if it becomes necessary.

2. Turnovers and Finding a New Tenant

Turnovers are expensive, they’re time consuming, and they can drag on longer than you expect. When you have one tenant move out, you need to spend time and money preparing the property for a new tenant. Then, you have to invest in marketing and advertising to find that tenant. 

We streamline the turnover process by having our preferred vendors in place and ready to get to work as soon as we have the property back. We’re also strategic about advertising, pricing, and property condition, ensuring that we reduce vacancy and find a tenant quickly.

3. Keeping Up with Maintenance and Repairs 

Maintenance is essential. It protects the value and condition of your property. 

It’s also expensive. And, it’s not always easy to find a contractor or a vendor who can give you the quality of work you need right away, and in your budget. 

At Homevest, we have partnerships in place with the best service providers in central Florida. Because we provide such a high volume of work, they prioritize the needs of our properties and offer us the best pricing. This not only streamlines the repair process, but saves our owners money. Avoid maintenance challenges by:

• Developing a preferred list of vendors
• Saving and budgeting through a maintenance reserve
• Prioritizing preventative maintenance to avoid expensive emergencies and deferred repairs

This is one of the best reasons to work with an Orlando property management company: streamlined and efficient maintenance.

4. HOA Violations 

A lot of rental properties are in HOAs. That’s good news, mostly, because it means your property value is protected and there’s a consistency and an appeal to your rental property in a well-maintained community. There are also amenities and activities offered that cannot be found everywhere. 

But, there are lots of rules and regulations, too. You’ll want to keep tenants informed by providing a full list of bylaws as well as those rules and regulations. We make sure they understand that if they cause a problem, they’ll be held accountable. 

5. Tenant Screening Struggles

Proper vetting is essential before you approve a tenant for your property. But, many landlords struggle with screening because they don’t have the resources or the technology – or the knowledge – to ensure that they’re screening thoroughly but in a way that’s compliant with all fair housing laws. 

At Homevest, we screen for:

• Credit
• Income
• Rental history

We conduct complete background checks to ensure that the tenant we place is qualified, able to pay rent, and likely to take good care of your property. 

6. Unapproved Residents and Subletting 

You do not want anyone living at the property who has not been properly screened and listed on the lease agreement. Maybe a tenant has had a “guest” stay for months. Or, maybe a boyfriend or a girlfriend has moved in. Perhaps you have noticed that it’s not even your tenant living at the property – but someone else. 

Document this, and address it with your tenant right away. Your lease agreement should strictly forbid subletting the property without prior approval. And, you’ll want to limit the amount of time that a guest is welcome in the property. At some point, they become residents, and you’ll want to protect yourself and your property by ensuring they’re subject to the lease agreement and your screening standards. 

7. Unapproved Pets

If you allow pets into your property, you’ll want to put together a pet policy that outlines your breed restrictions, size restrictions, and the limit to the number of pets you’ll allow. You’ll want to collect a pet fee and maybe even pet rent. Sometimes, a tenant will move a pet into a home without permission.

We’ll pre-approve all pets before we allow them to move in with a tenant, and if we discover that someone has a dog or a cat that has not been approved, we’ll send a letter instructing them to come into compliance immediately. Depending on the property, that may mean moving the pet out of the home or paying the necessary fees and having the pet screened.

8. Holdover Tenants 

What do you do if the tenants in place do not leave when their lease ends, but they also don’t renew the lease agreement?

This rarely happens when your property is managed by Homevest. We will approach the lease renewal period in plenty of time to know exactly what the tenant’s intentions are. When the lease is going to be renewed, we negotiate a new rental rate, sign the lease, and enjoy knowing our tenant is happy and in place for another full year. If the tenant does not indicate they want to renew the lease, we ask for a notice to vacate and take the lead in establishing move-our procedures. If a holdover tenant does not cooperate, we move to evict them.

9. Evictions and Legal Disputes 

Eviction benefits no one. Your tenants have this on their rental record and in their credit history, and you’re left without rental income for as long as it takes to get the tenant removed. At Homevest, we streamline the eviction process by working hard to avoid it. This is done through careful tenant screening, good tenant relationships, and an enforced lease. If we do have to evict, we move quickly, filing the necessary paperwork, and trying to work with the tenant to come to some resolution. 

Other legal disputes may involve security deposits, habitability issues, or lease violations. Make sure all of your policies are documented so you can defend yourself if you are taken to court. We are the first line of defense for our owners; making sure that they remain in compliance with all laws and regulations. If there’s a legal dispute with a tenant, we will handle it to its successful resolution.

10. Surprising Costs of Self-Managing 

A lot of landlords are shocked to find the ongoing costs can be pretty steep, especially when they don’t have the resources, systems, and experience that an Orlando property manager has. When you’re managing on your own, you’re struggling with vacancy and turnover. You’re worried about evictions and how to keep your tenants happy. You have to show your property when it’s vacant and spend time screening applications and creating lease agreements. You have to worry about legal mistakes; what if you don’t refund the security deposit in time?

The time and money that you spend on your rental property quickly adds up. There’s also a lot of stress involved. The frustration of an emergency repair in the middle of the night…a rent check that bounces…a tenant who has painted the walls without permission or left behind so much property damage that it exceeds the amount of the security deposit. 

Is all of this worth it? 

Move out of the role of full-time, hands-on landlord and let this be a more passive investment for you. Smart investors know that leaving all of the leasing, management, and maintenance to a professional property manager saves money and increases revenue. It also provides peace of mind, which can never be quantified. 

Let’s talk about how we can help you have a better – and more profitable – rental experience. Avoid these common challenges, and work with us.

Contact us at Homevest Management, Inc. for all of your Orlando property management needs. We serve all of Central Florida, including Winter Garden, Doctor Phillips, Baldwin Park, Winter Springs, and Windermere.