Tag: Orlando Real Estate

Five Details Not To Be Overlooked As A Property Manager And Why

Posted on by Jenny Zamora

Working as a property manager can be a rewarding but challenging job. With any given property, there are special considerations and circumstances that must be taken into account. However, there are some universal details that should never be overlooked when managing a property:

Insurance

All property managers should have a comprehensive property insurance policy in place to protect themselves against lawsuits and other potential damages. For example, in the event that a resident claims to have slipped and fallen on the property as a result of poor upkeep, having an insurance company in place to handle the subsequent claim is vital. It’s also important to have insurance for any unforeseen damage that could happen to your property from fires, floods, and more.

Upkeep

Upkeep means having a dedicated maintenance staff on hand at all times to make sure that the property is clear of hazards. This includes having snow plows and salt during the winter when slip and fall accidents are most common. You should also be sure to keep the lawn looking nice and free of debris. Failure to have dedicated maintenance can result in liability, as well as turn people away from your property.

Security

Property managers never know when an emergency may occur on the premises, even when they are not there. That is why having a professional security company on hand is so important. Trust Security Services can answer to emergencies and crimes on the property as needed and restore order until the police or other officials arrive. Without a security company, chaos could ensue on property.

Rent Collection

There will inevitably be times when tenants will not pay their rent on time. To avoid a confrontation or poor customer relations, property managers should have a separate entity to handle late rent notifications and even eviction notices. Hiring a third-party company for this kind of work is advised for most property managers who wish to keep relations with tenants positive.

Screening Software

Those who apply for occupancy of a residence on the property should be thoroughly screened. This includes not only a credit screening but a reference and background check as well. Having quality software that can quickly and accurately run an applicant’s record makes the approval process easier and keeps the community safe as well.

There are numerous aspects of one’s job as a property manager that simply cannot be overlooked. By keeping these five important factors in mind, it is possible to run a safe and happy rental community while making one’s job as a property manager easier and less stressful in the process.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Home Inspection 101: How to Make Your Home Flood Resistant

Posted on by Jenny Zamora

There is plenty of damage that can be done to a home by even minor floods. People often underestimate the necessity of preparing their homes to resist flooding until it is too late. However, you can arm yourself with the information needed to secure your home from one of mother nature’s most sudden and dangerous actions. When you have the proper protection, you can count on avoiding rotting wood, ruined carpets, hardwood floors, or dangerous mold.

From the Ground Up

Elevating the home is one of the most effective ways to provide it with protection from flooding. When you elevate a house, it is recommended that you alter the base of the home as well for further protection. Fills or open foundations are ideal ways to keep your home steady while still allowing floodwaters to pass beneath them. For most homes, crawl-space construction presents the most viable option, utilizing piers to get the job done. Should this method not be available to you, explore the options that exist with pile construction. Where insurance for flood damage is concerned, this is the only option for protection that will actually lower your premiums.

Prepare From Every Angle

You can guard your home against flood waters by putting barriers around the structure. The earth itself, or masonry and steel walls can be very effective when it comes to redirecting floodwaters away from the home. This technique is most effective in shallow flooding plains. Small levees are easy to construct and can typically be made from local materials at a small cost. This approach can also protect more than one building. In urban areas, floodwalls can be constructed that take up less room when property space is limited.

Sealed to Satisfaction

Ensuring that your home or building is watertight goes a long way in offering protection. Known as dry proofing, this technique takes advantage of many different sealing techniques. Walls should be coated using specially designed compounds. Additionally, when floods are about to strike, vents and other exterior opening should be temporarily closed off and blocked by sandbags. However, according to Orlando water removal specialists, this technique should only be used for buildings that employ sound, slab foundations that are completely free of cracks and other types of damage.

Reduce Potential Damages

The home can also be protected against the need for water removal by engaging in what is know as wet-flood proofing. This technique is used to limit the damage done by flooding once the ground becomes saturated. Basements and below-ground areas can crack and buckle under underwater pressure. This method actually allows the water into underground areas to reduce the pressure while also replacing wood construction with materials such as masonry work that will not be damaged by the water.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Crescent Central Station Reviewed by City Council for Transportation Impact Fee Credits

Posted on by Jenny Zamora

The Orlando City Council met on February 24 to take another look at the high-end apartment complex in downtown Orlando that backs up the neighborhood’s busiest Sun Rail station. The transit-based multipurpose development seeks to win the transportation impact fee credits from the City Council. This would help site owners Rida Development Corp. save some big bucks.

Former site owner Rida to save over $2 million

Word is that Houston-based developers, Rida would save $275,839 if the Orlando City Council agrees to collect the fees in credits. Rida was the owner of the site at the corner of Livington Street and Orange Avenue where the apartment complex is now being constructed. Its ownership of the site dates back to 2008 when the site was known as the Pizzuti Block.

The main Lynx Central Station and Sun Rail commuter station of downtown Orlando is located in close proximity of the apartment complex.

According to the Orlando Sentinel, this Orlando real estate development will spread out over 6.4 acres of land and also sport a unique transit-based layout that allows residents, visitors and workers to walk through the Crescent Central Station apartment complex as they commute to and from the Sun Rail station.

What the $56 million complex is supposed to look like

Construction at the Crescent Central Station located in Orange Ave. at 480 N has been planned to be carried out in phases. The first phase of the project involves erecting a six-story high residential apartment complex with 279 apartments, an adjoining parking facility, and an open retail space spanning 12,000 square feet.

Apart from the luxury apartments and dedicated multilevel parking space that goes seven levels high, the apartment community will also sport a public park and pedestrians will be able to access the Sun Rail/Lynx station. Developers also plan to make the facility bicycle-friendly, in addition to facilitating pedestrians.

The 12,000 square feet of free space on the ground floor of the complex dedicated for retail will be owned and managed by Rida. Further, businesses that lease in or operate from the Crescent Central Station will be required to fund or at least subsidize the ridership of complex residents and employees, transiting through the station.

The initial phase of construction has been projected to cost around $56 million and real estate agents in Orlando have associated it with increased commercial and residential activities and leasing, not only in the complex itself but also in the neighborhood.

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Real Estate Industry Basks Under the Glory of Reduced Foreclosure Rates

Posted on by Jenny Zamora

CoreLogic has some great news for Orlando realtors and the Orlando real estate industry in general. The American business intelligence agency that provides financial and real estate information and analytics to businesses and the feds, reports that the foreclosure rates of real estate properties in Metro Orlando reduced again in December 2013.

This brings in a ray of hope for real estate agents in Orlando who have been worried for quite some time due to the high rates at which properties in the city get foreclosed. Even with a  decrease in the foreclosure rates in December, Orlando still sports foreclosure rates higher than the national average.

Foreclosure rate 3.65 percent down from same time a year ago

 

CoreLogic reports that 6.69 percent residential properties in the Sanford-Kissimmee-Orlando area were  slapped with foreclosure in December 2013 – 3.65 percent down from the foreclosure rate in December 2012 (10.34 percent).

CoreLogic, which trades on the New York Stock Exchange as CLGX also reported that the national average of residential-property foreclosures for December 2013 was 2.09 percent. Further, the report also revealed that homeowners of the Metro Orlando area had become more regular with their mortgage payments.

The delinquency rate dropped by 4.53 percent in December 2013. CoreLogic reported an 11.04 percent of mortgage payments coming in later than 90 days in December 2013. A year ago mortgage defaulters in the Metro Orlando area peaked at 15.57 percent.

As is the case with foreclosure rates, the Metro Orlando mortgage delinquency rates top the national average of 5.03 percent this year. Back in 2012, the rate stood at 6.40 percent for the same month.

Orlando realtors anticipate improved sentiments in near future

 

The health of a state’s real estate market greatly influences the health of the overall economy of the state. Listing agents in Orlando reveal that reduced foreclosure rates in Metro Orlando is promising news for the Orlando real estate market because it not only signifies that the housing market is improving, it also helps boost the values of other residential properties.

Add to it the fact that lowered foreclosure, as well as mortgage delinquency rates, are elementary proof that the market is less distressed and the financial status of homeowners is improving.  You’ll know why real estate agents in Orlando are tying this news to the hopes of a stronger market and more buyer confidence in the near future.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Landlord Money-Saving Maintenance Tips

Posted on by Jenny Zamora

Being a landlord means having a lot to do on your plate. A lot of people who’ve never worked in this line of business often think the job of a landlord is to sit at home, cozily raking rent money his way. The truth can be quite different however, as there are many small tasks that need the attention of a landlord, otherwise the rental property may indeed suffer serious issues. The following tips will give you the basics of what you can expect when it comes to maintenance:

  • Exterminate!

You don’t have to think twice when it comes to pests and insects of all sorts. You know they’ll be a problem the moment they show up, so you must make sure you keep them contained and eliminated as quickly as possible, before they spread to the rest of the property or other homes or apartments. You should leave the task to a professional exterminator checking for any signs of pests on a three month period just in case.

  • Water damage checks

You should check for leaks on a rainy day at best, as this will allow you to see the leaks happen in real time, giving you a chance to note where they are for future fixes. You could also do that when the snow and ice of winter start melting and giving way to spring thaw. You should make sure you check any weak spots around roofs, walls and ceilings. You can also look under the sinks and water heaters for any possible leaks. The damage from humidity and water logging can be catastrophic, depending on the nature of the home itself, so pay heed to the signs at all times.

  • Check the grout and caulking

As time goes by, the grout between bathroom and kitchen tiles will crack, thus allowing moisture to sneak in and under the surface. You should always make sure you fix any holes or cracks by replacing the entirety of the grout and caulking in the affected area, so you will prevent possible water damage.

  • Testing smoke and carbon monoxide detectors

These devices must be checked on a regular basis to ensure they are in working order and capable of protecting the home in question. You should set up a testing schedule, such as the beginning of each month or the day of rent collection to inspect them. You should never underestimate the importance of these detectors, as they save lives and help prevent damage to the property and legal action. Detectors have lifespans, however, such as five years for CO detectors and ten years for smoke detectors, so change them if necessary.

  • Changing air conditioning filters

You should make sure you do that as well on a semi-annual basis. This will help keep the system working at top efficiency, saving money and the health of your tenants. Regular check-ups and replacements will ensure the air ducts are not contaminated, keeping them free from debris and insects.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields