Property management advice

[Gilles D.]

Hello everyone,

So I recently acquired 2 new rentals, central Florida area.

One around 3rd week of November, the other early December.

Both are in great areas, priced at market rents.

I'm working with a friend of mine who does PM and is a realtor as well.

I was wondering, what is realistic in terms of vacancy? People say 5-10% usually...

What makes it so that one PM company could rent your property out so much faster than another?

My understanding is you want to put it on as many platforms as possible and you just have to wait? So I've been told.

How does one PM company have the advantage over the other? By doing more marketing? Having a more extensive data base?

I figure that the bigger they are (not necessarily better), that they also have more people looking to rent through them.

Both units are still vacant, and I understand that it's December/January and not ideal to get tenants in(long term lease).

Anxious to get them rented out.. Wanting some perspective to make a decision here soon.

I understand that mixing business and personal relationships probably gets avoided for exactly this reason...

Nonetheless, I wanted to see with you guys what your experience is and what is reasonable to expect. Even in this period of the year.

Thanks all and have a great NYE!

[Nathan Gesner]

Quote from @Gilles D.:

There are too many variables to know exactly what the problem is.

The difference? Experience, understanding of the market, and how hard they work at it.

Things tend to slow in November/December because people are busy with holidays. Beyond that, you shouldn't have a problem renting in Florida where the weather is nice and moving is easy. I have a noticeable impact in my market because of snow, ice, and cold wind that motivates people to stay put.

Your manager should be giving you regular updates to explain what efforts they've made and why your homes aren't renting. If they aren't, then you should consider looking for a more professional manager.