Investors may always be looking for the next big thing: that money-making buy that will put them into a new league. However, it can be hard to "go it alone" as a property investor. Most excellent, savvy investors in the real estate world are well-networked and know how to marshall available resources.
An Orlando realty and property management company, for instance, is one such resource. This combined front helps you not only solve the issues of managing your day-to-day operations as an investor but also help you easily grow your holdings!
The right property managers are so much more than the sum of the tasks they handle: their insight into what rents quickly, what rents for high prices, and what stays rented long-term are invaluable when making your next property purchase! Pair that with realty experience, and you're set for growth.
We Know What Renters Are Looking For
- Property managers spend the majority of their workday interacting with renters and rental properties.
- They see which of the properties they manage are always hardest to rent out, and which ones are snapped up off the market at high rental rates.
- As a result, your property manager is a better investment advisor than you might think! When they also have a realty as an addition to their business, you'll find they have additional insight to share about what kinds of properties are performing best in your market right now.
- They also will have noted which neighborhoods are taking off and worth investing in by noticing details like how long listings are up before they get qualified applicants to indicate rising or falling demand.
Your Orlando realty and property management company is a partner who can also help you with the more "niche" elements of investing. This includes what kinds of properties are renting, such as single-family homes versus townhouses, and the features in a home that tend to make a renter excited to submit an application.
If all it requires to take a less-valuable property and turn it into an in-demand unit is a few small updates and tweaks, your property manager can see the potential in the properties you are considering and point out a couple of quick ways to make them more appealing—and set them on the path to growing in value.
We Help You Shift From Homeowner to Investor
Homeowners approach the purchase of a house with a lot of particular concerns: yes, they want the home to appreciate in value, but their primary needs revolve around the family, and what will be best for their comfort and affordability. As an investor, however, you're working more in the probabilities world:
- What is the likelihood that the next family in your investment property wants 2 or 3 bathrooms?
- What is the probability that they'll enjoy having a large yard versus being fine with a smaller footprint?
Your Orlando realty and property management company can help you be less focused on:
- "Would I personally want to rent this house?" and shift your mindset to
- "Would a broad swath of local renters find this property appealing for this price?"
This change in mindset is crucial as you grow your rental property portfolio.
We Focus on ROI: Can the Market Deliver What You Need?
Another important consideration that can be hard to stomach as you add properties to your investment real estate portfolio is the realization that a particular property seems wonderful but won't yield a good return on investment.
This could happen if, for instance, a fixer-upper is located in a neighborhood where it would need a lot of expensive repairs in order to fetch a standard rental rate. The earning potential might just not be there, given the state of the property. On the other hand, there might be a pristine, move-in-ready property that is on sale for a pretty penny, to the point where the costs of upkeep and the costs of the mortgage really can't justify the rental rate you'd be able to get.
An experienced property manager with an eye on realty can gently help you keep your eyes on the ROI prize—so that you don't make an investment that won't yield good returns.
We Deliver to Help You Grow!
Remember that your property manager's occasional insight into your growing portfolio is just one of many other benefits of having a great property manager and Realtor combined! An Orlando realty and property management company helps you through the process of finding your next portfolio addition, getting that new property listed, finding renters, maintaining the property, and fielding inquiries over time.
Verandah Properties has the experience in this market to help guide your decisions toward properties that are a valuable addition to your investment portfolio in the Central Florida market! Still looking for answers to your biggest investing questions? Check out our free Guide to Real Estate Investing: Grow Your Portfolio, or read more property management tips here on our blog!