The “landlord” title comes with as much responsibility as it does prestige. From vetting the tenants to collecting rent payments and managing repairs and maintenance, the list of responsibilities of a homeowner and landlord are never-ending. Hiring a competent and reputable property management firm could take the weight off your shoulders by shifting the workload to an experienced property manager that will ensure your asset is well-protected and maintained. Working with the right property management group could drastically improve your experience with real estate and make the introduction to the lucrative business.
The learning curve for finding the best property manager who is experienced, responsive, and transparent is high, and the search for a local firm could easily become an overwhelming task of its own. Knowing where to start your search and what questions to ask your potential property manager before committing to a particular one requires hours of research, especially for a first-time landlord. So, to eliminate much of the guesswork for you and to simplify the process of comparing multiple property management companies, we have put together a comprehensive guide to finding and comparing the best property management firms in Great Orlando, the US fastest growing city.
What To Look for When Searching for A Property Management Company
Understanding your needs is a crucial step in the process of searching for a property management group. Having a clear understanding of what services and how much they really cost will help filtering through the ocean of potential firms available. The majority of property management companies offer a standard set of services such as tenant placement, rent collection, and managing repairs and maintenance among many others. Filtering through hundreds of seemingly same services could prove to be quite frustrating, which is why in our review we compiled a list of factors that will help in determining the right candidate for your property management needs.
Orlando and its booming real estate market call for a variety of property management companies, after all, the more the merrier. So, if you are scanning the market for a new property management company to compare, worry not, we got you covered. Below is our take on Orlando property management leaders, thoroughly researched and vetted property management companies.
|Specialized Property Management||Realty Medics|
|Leasing Fee||$400||50% of 1st Month Rent||100% of 1st Month Rent||100% of 1st Month Rent||75% of 1st Month Rent|
|Management Fee||7% of Monthly Rent||8% of Monthly Rent||$79||$99||8% of Monthly Rent|
|Lease Renewal Fee||$50||25% of the rent||$349||$475||$0|
|Google Reviews||4.7/5 based on 132 reviews||4.0/5 based on 98 reviews||5.0/5 based on 26 reviews||4.8/5 based on 372 reviews||4.3/5 based on 563 reviews|
|Real Estate Services provided?||Yes||Yes||No||Yes||Yes|
|Total Cost (based on $1800 rent)||Management Fee $126 x 12= $1512 +$400=$1912/yr.
|Management Fee $144 x 12=$1728
|Management Fee $79 x12=$948
|Management Fee $99 x 12= $1188 +$1800=$2988/yr.
|Management Fee $144 x 12=$1728
Mila Realty doesn’t limit their services to solely property management. Their in-depth knowledge of the real estate market and exceptional customer service determines them as a top turnkey provider in Great Orlando area. Renowned for their excellent ability for finding a simple and effective solution for any seemingly complex and difficult situation makes Mila Realty the leader in Orlando property management market. Dedication to the needs of both Landlords and Residents is what truly sets apart this firm from other local property management companies. Rental income protection is the key feature in their property management strategy. Also, not only they are available around the clock to address any potential issues that may arise, utilizing the top notch approach and technology, efficiency is their strong capability. Mila Realty property managers are recognized as a trusted and effective realty group in Orlando and surrounding areas.
Mila Realty Pricing
Perhaps the most impressive feature that distinguishes Mila Realty from other real estate management groups in the area is the low startup cost for beginner landlords. By offering unique property management packages, Mila Realty ensures that their expert services are available to everyone who needs them, even those with a smaller initial budget.
All three property management packages provide valuable services that include market rent analysis, screening, and background checks, attorney-prepared lease, and rent collection among many others. The key differences are noticeable in the additional services such as 24/7 assistance and assistance with tax returns, bonus options that the basic package does not offer. The basic package starts at $0 and offers the essential services needed to successfully transition your landlord duties to a team of professional property managers. With the entire cost contained within 1st month’s rent and 0% ongoing monthly costs, the basic package attracts many first-time landlords in need of assistance.
Both the gold package starting at a 7% monthly fee and the platinum package with a 9% monthly fee offer a tenant placement (Lease Fee) only $400 flat fee. On top of the basic services are exclusive perks such as 24/7 assistance, low-cost or free lease renewal, tenant liability insurance, and even assistance with tax returns. The platinum package provides additional irreplaceable value such as eviction protection and a 14-day lease guarantee. Additionally, Mila Realty provides 12 months Tenant Placement guarantee, which means free tenant replacement in case of lease breach. Together, the three packages offer a variety of choices where every landlord will find an option that best suits their needs for an affordable price.
What Customers Have to Say
With over 100 positive reviews there is one thing all current and past customers can agree on, Mila Realty has made their home buying, selling, or property management process a breeze! Customers are raving about the professional and friendly experience when it comes to Mila Realty property management. With round-the-clock availability, technology, and fast response times, new and existing clients and tenants get the answers and help they need in no time. Previous customers continue to refer new clients to the firm based on their positive property management and real estate experience.
The Realty Medics
The Realty Medics took a unique approach to property management when they decided to base their operations on technology developed by a NASA engineer. As a property management group, they are extremely keen on implementing technology into their day-to-day tasks and are quite successful with it. They serve a rather expanded geographical area ranging from coast to coast in the Central Florida vicinity. Offering a variety of services not limited to property management, they are a trusted and effective realty group in Orlando and surrounding areas.
The Realty Medics Pricing
Similar to Mila Realty, this property management group offers multiple tiers aimed to appeal to a larger audience. Their packages are divided into four subgroups: The 8% package, 9% package, 10% package, and the Lease Only package.
The Lease Only package is by far the most limited, offering only the most basic services such as finding tenants, it does not, however, include rent collection, property maintenance, nor move-out inspections. With no monthly fee, this is by far the most economical option of them all, however, it is extremely limited and will not suit the majority of landlords that have no prior experience in real estate.
The remaining three packages provide the necessary services to get you started on your landlord journey, however, they require a higher upfront and ongoing investment. The 8% package requires a payment equal to 75% of the first month’s rent as a tenant placement fee, this reduces to 50% for the 9% package and 35% for the 10% package. When pieced together, the costs of hiring this property management group are quite high and wouldn’t suit the majority of beginner investors.
What Customers Have to Say
Realty Medics have received average reviews, particularly from recent clients. Based on over 500 reviews, they sport an average score of 4.3/5. The primary concern for clients has been a lack of professionalism and high employee turnover rate which in turn reduced trustworthiness and overall customer experience. To be entirely fair, there are many positive reviews that describe the company as successful at meeting their needs and expectations as both landlords and tenants, however, the high number of low to average reviews makes future renters feel uneasy at best.
HomeRiver Group – Orlando is part of a larger national property group, perhaps one of the largest in the country. With that impressive title comes a lot of prestige as well as drawbacks. The company provides all possible real estate services including construction and renovation. While this may be of benefit to many, it could potentially result in the local firms stretching themselves too thin. The HomeRiver Group prides themselves in being the market leader nationwide and providing their clients with the newest technology available. If you are looking for a one-stop shop from acquisition to renovation, hiring a group of national recognition could prove to be effective for hands-off investors whose value not personalized experience but rather convenience and efficiency.
HomeRiver Group Pricing
Services provided are limited to the basic necessities of property management and there is only one basic package offered, there is little room for customization and there are no additional options available to beginner investors wanting to dip their toes in the real estate waters. The monthly management fee is at a constant 8%, while the leasing fee is at 50%. The lease renewal is also priced at 25%, making none of the services complimentary nor tailored for low-budget properties.
What Customers Have to Say
With local reviews nearing the 100 mark, the average score hovers at 4/5 stars. While this may be an acceptable score for many, when compared with other local property management firms, it is mediocre at best. The customers frequently mention a lack of responsiveness and high employee turnover. Many quote disregard for maintenance and repair requests, an important factor for both tenants and landlords. Although the positive reviews outweigh the negatives, there is certainly room for exploring other options.
Specialized Property Management
Specialized Property Management is a local property management group in Orlando that offers its clients a wide range of services. Their badge of honor lies in the cost-effective maintenance options as well as responsiveness to all tenant requests. Their round-the-clock customer service is a real highlight for those weary of late-night emergency situations that require immediate assistance. This could be a real benefit to landlords of multiple properties where the incidents are statistically more common. Specialized Property Management is a seasoned property management firm that has retained the trust of the locals over the years and could prove to be a sufficient option for those searching for a responsive and customer-centric alternative.
Specialized Property Management Pricing
A differentiating factor between Specialized Property Management in other firms is their pricing. Rather than basing their monthly fees on a percentage-based system, they price their tiers a fixed dollar amount, a benefit to some while a drawback for many.
Offering three unique tiers, the standard fee starts at just $99 per month, while the professional is $129, and the premium is priced at $189. The flat monthly fees are accompanied by a leasing fee starting at 100% for the standard tier and reducing to 75% and 60% with the higher more costly tiers.
The lease renewal fee could prove to be the costliest for new landlords. The standard package starts at a $475 renewal fee, followed by $375 for the professional tier, and $250 for premium. On top of the flat monthly fees and leasing fees, this could result in quite a pricey partnership.
What Customers Have to Say
Despite the costliness, Specialized Property Management is well-liked and reviewed by both their landlords and tenants. Sporting above the average reviews, they are highly recommended by their clients and are praised for their responsiveness and helpful attitude. For landlords with higher budgets, this property management group could be one of the top contenders.
Mynd Management is a new to the market group that prides themselves in the protection of their landlords. By offering guarantee plans such as pet guarantee, rental income guarantee, and eviction guarantee, their primary focus is ensuring safety for their client’s income and property. The level of protection varies and increases with the cost and plan selected. Regardless of the plan, however, the basic necessities of every landlord are met, including 24/7 emergency support as well as repairs, inspections, and maintenance. Mynd Management is a safe choice for landlords whose primary intention is income protection.
Mynd Management Pricing
Mynd management, much like its competitors, offers a tier system. The three plans differ in cost as well as services and protection offered. So, if your driver for choosing this property management group is their protection promise, you will find yourself having to opt-in for the highest tier to get the benefit.
The Core plan is the most basic tier and costs a flat $79 monthly fee for the management service. The leasing fee is 100% and lease renewal, although cheaper than some local firms, comes in at $349. The core plan includes pet damage protection.
The Avid plan monthly cost is $129 with a 50% leasing fee and $299 lease renewal. At this stage, eviction protection is included in the cost. While the Peace of Mynd does offer all three protection services, including pet protection, eviction protection, as well as income protection, it is by far the most costly of all three plans at a $179 monthly fee. Although the highest in price, the third tier includes a $0 leasing fee and a $0 lease renewal.
What Customers Have to Say
Mynd Property Management is a fairly new firm with their most recent review dating back to November 2020. While their short list of reviews is rather positive, with many satisfied landlords and tenants, the lack of experience in the market could prove to be an obstacle for landlords looking for knowledgeable and tenured agents. Nevertheless, for those that are open to trying new businesses and working with them through initial hurdles, Mynd Property Management could bring an innovative approach to the current market and prove to be an attractive option.
The Final Countdown
Finding the right Orlando property management company to fit your needs could be the deciding factor between a successful and dreadful real estate experience. The right property management group will not only take the pressure off from finding the right tenant to collecting rent and providing legal assistance, but it will do so without costing an arm and a leg. In a competitive market such Orlando or Kissimmee, filtering through the many property management firms is uneasy. Many resort to making empty promises with no intentions of fulfilling them, while others provide an obscure service at a high cost. Both situations put property management firms in the spotlight, and not for a good reason. There is, however, a light at the end of the tunnel for those searching for a reliable and cost-effective property management solution.
Mila Realty and their experienced property managers are true experts in all areas. By providing a wide range of services, inexplicable level of incredible customer service, all at competitive pricing, Mila Realty has earned the title of the best property management company in Orlando and surrounding areas. So, if you are searching for an expert team who values transparency, communication, and great customer experience, consider Mila Realty as your very best Property Manager in Great Orlando area.