How Can a Property Management Company Commit to Excellence?
03 nov 2018
Currently, the number of companies focused on property management has been substantially rising. We, as an accounting and consulting firm that has a close relationship with our clients, have seen great discontent with many of these companies. Often times, these property management companies are suffering from a lack of professionalism as they manage their properties. Additionally, many people complain of the low income generated by the rents, even though their properties have been successfully rented. On top of that, there are exaggerated maintenance charges and the cost of housing repairs that are never actually completed. In the end, the homeowner is the one who loses.
With all of these struggles in mind, it is easy to see why opportunities for new property management companies are growing every day. At the same time, new companies sometimes struggle at following a solid business plan that leads to both profits and a differentiated commitment to excellence.
First, here are some important facts:
• Forbes reports that 60 million people visited the Orlando area in 2015, making it the most visited tourist destination in the country.
• Rents grew 3.4% in the last 12 months, above national and state levels, according to Moody’s. Foreclosure laws have helped keep house prices significantly below their last peak, but rates are rising.
Source: Real Wealth Network
With continuous growth in this segment in the greater Kissimmee area, authorities are focusing more and more on ensuring that business is being carried out according to the requirements of the city, county, and state regulations. Consequently, in order to avoid multiple fines, loss of customers and guests, and to maintain the quality and morale of the business, it is essential that property management companies and its rental properties are properly regulated.
At Dominium, we offer complete consultancy from the formation of the company to the acquisition of operating licenses, contracts and much more for those who wish to start their property management business. We also offer accounting services, sales tax, tourism tax and estimated tax filing for management companies that are already in the market, but are seeking to improve the quality of their services. At Dominium, we can take care of ANYTHING else a businesses might need, so that the property management company can specifically focus on its internal management. Paying attention to what matters the most, the management of their business, will allow the company to avoid common, yet serious mistakes that result in the loss of clients.