Property Management 

Property management is all about the efficient pursuit of profit maximization for rental properties. Whether your home is single family "class-A" property (that means it's a newer-built, good condition home), a class B or class C single-family home (which means it's an older-built, lower priced rental home), or maybe even a multifamily property, the right property manager can make all the difference in turning that real estate from a loss-leader into a high profit margin investment property.

Rent Rate Maximization

Special attention should be placed on rent rate maximization, maintenance management, and renewals. These three factors can contribute heavily to the profitability of your rental property, but perhaps none more so than maintenance,  which has the power to make or break the performance of your cash flow property.

Maintenance Management

We recommend that you place close attention to the maintenance performance of your home's even if you're using a qualified third-party property manager. Many times, you have special information about the mechanics of your home that might be useful for property managers to know in order to make optimal maintenance decisions. So share that information readily, and be prepared to talk actively with your property manager. The more information they have, the better the maintenance decision they can make for you.

The Importance of Renewals and Vacancy Management

Renewal rates contribute highly to the overall profitability of your investment property. Doing whatever you can to minimize vacancy should be a critical objective for your Property Manager. Never be afraid to push renewal rates. Mark your rent prices to the market, and you'll benefit from today's appreciating rent rates in Central Florida.

Technology in Property Management

Technology plays an increasingly vital role in Property Management. For tools for renters for rent payment, maintenance management, and leasing, to tools for owners in accounting, reporting, and information, and tools for managers to make their job more streamlined, each part of this industry is being improved daily by the use of smart technologies. And while technology can never replace a strong fundamental knowledge of the technical aspects of Property Management, every experienced Manager is made better by good technology. Talk with your Property Manager about how they use technology to better serve you and to maximize the profitability of your investment property.

Property Management Referrals

HomeProp co-founders Peter Murphy and Chase Clark built Home Encounter into the largest property management company in the eastern United States between 2006 and 2016, before they sold the company to HomeRiver Group. They have not opened HomePropPM - Property Management By Investors for Investors. Learn more about this innovative company here.