In the first quarter of 2024, there was a vacancy rate of 3.4% in the Orlando area, according to MMG Equity Partners. As you may know, both commercial and residential space in Orlando is a premium and not easily obtained. The last thing you want is to pay for a property that's empty and not generating rental income.
The best way to optimize operations and tenant satisfaction is through proper facility management. That means taking care of your tenants and your property, as well as understanding your responsibilities as a property owner.
Here are some facility management strategies to employ for more success.
Emphasize Tenant Satisfaction
Arguably the most important thing to do as a property owner is to keep your tenants happy. That means responding to their maintenance requests as quickly as possible. Maintain open lines of communication so they know about any property updates or upcoming inspections.
Tenant satisfaction tips also include community engagement. Tenant appreciation events can encourage a positive atmosphere.
Perform Routine Maintenance
Another way to keep your tenants happy and avoid legal disputes is with routine maintenance. Implement a proactive maintenance schedule to prevent major issues from arising, such as a broken down HVAC system. You'll also want to include plumbing and electrical inspections.
If you want more efficiency in property management in Orlando, you can implement digital property management tools. These can help with tasks like rent collection and maintenance requests.
Improve Rental Property
Rental property optimization involves taking steps to increase its value and appeal.
One way to do so is by maintaining the landscaping and painting exterior surfaces. This should not fall under the responsibility of a tenant unless they explicitly request it.
Some of the most high-impact improvements for commercial properties include:
- Increased energy efficiency
- New appliances and amenities
- Security upgrades
- Parking garage access
- Window replacements
Stay Compliant With Regulations
Both local and state regulations dictate areas such as tenant rights and building codes. It's important that you research these regulations so you can abide by them.
Stay up to date on any changes to avoid potential legal issues. It'll also look good for your reputation if you're compliant.
Invest in Property Management in Orlando
When in doubt, invest in the help of property management services. These companies specialize in managing properties on behalf of owners. You can use their services if you work a full-time job, own properties in another city, or lack real estate experience.
You can rely on these companies to screen rental applicants, handle maintenance requests, and much more.
Facility Management Made Easy
Facility management in the Orlando area is important, especially because you're going up against a lot of other similar properties. The best way to stand out is with a good record and happy tenants. You'll need to make these market-specific adjustments to adapt to local demand.
PMI Property Alliance provides property management services throughout the Orlando area. Our services cover everything from residential to commercial properties. You can even hire us for short-term work.
Reach out today to learn more and schedule a consultation.
