Have you decided to buy a vacation home in Orlando and rent it out to holiday visitors when you’re not using it? If you don’t live in Central Florida, you will need someone to look after your interests, so you can ensure that your property is generating positive cash flow by keeping it occupied and maintained properly.
Your local realtor should be able to recommend a rental and property manager for you when purchasing a single family home. However, if you purchase a unit in a condominium-style resort, these services may be included, so you won’t have to hire a separate management company.
Regardless of whether you hire a team or one is provided for you, here are some of the responsibilities that a rental and property manager should handle for you:
Traveler bookings – A full-service property manager should take care of advertising and securing short-term rental guests for your vacation home. If your property is not fully booked during the times you are not occupying the home, you may have to hire someone else to do the job.
Income and expense statements – Your rental manager should provide monthly reports showing income generated and expenses incurred on your property. It’s not a good sign if your manager isn’t keeping you up to date and fails to provide information such as maintenance receipts and income records.
Payment processing – Make sure you understand how your manager will be collecting rental payments and forwarding the money to you. Confirm what fees will be charged, as well as when and what rates currencies will be exchanged if you won’t be paid in U.S. dollars.
Cleaning & Maintenance – Rental management companies may have trusted maids on staff, or have relationships with quality cleaning services to keep your property neat and tidy between rentals.
Property managers should have a list of companies they use regularly to handle any repair issues that may arise with your property such as plumbing problems. Your manager should also be checking on your vacation home regularly to ensure everything is in good working order, and that the landscape is being maintained properly.
A good manager will provide you with detailed repair reports, and a regular inspection report once a year. If you don’t receive those reports, and you start getting complaints from rental guests, that’s a big red flag that indicates it’s time to fire your manager.
Team Donovan specializes in helping people buy a second home in the Orlando area that can be used for short-term rental income. We have excellent relationships with property managers and can recommend a team that will be a good fit for your property. Contact us today at 407-705-2616 to learn more.