If you want to made additional income, becoming a landlord can be a great choice as long as you have all your ducks in a row. The extra income can bolster your savings or help you pay down debt.
Of course, different people will have different motives for investing in real estate. Regardless of your motives or goals, you’ll have to make the appropriate considerations for your investment to become worthwhile.
There are a number of steps involved in setting up a successful rental property, which is why many property owners in Orlando enlist the help of a local property management company.
In this article, we’ll give you a basic overview of what you need to do to rent out your Orlando home.
Steps Involved In Renting Out Your Orlando Home
Know the Responsibilities Involved.
Being a landlord isn’t for everyone. While anyone can certainly own an investment property, there are a number of skills and responsibilities involved in being a successful landlord that some people can find overwhelming.
So, you’ll have to decide whether you are going to manage the property yourself or hire a pro. If you don't have knowledge of how to handle leases, security deposits, evictions, and other procedures, becoming a landlord.
The following are some questions that can help you in this regard:
Do I have the time to treat the investment like a business?
Am I prepared to screen prospective tenants?
Do I understand Florida's landlord-tenant laws?
Do I live near my Orlando rental property?
If you answered “yes” to all these questions, then it’s certainly possible for you to self-manage the property.
However, if you answered “no” to any of these questions, then hiring a professional property manager may be the best option for you.
Make Your Home Rent Ready
In a down market, tenants tend to be choosy and attentive in the kind of homes they rent.
That’s because increased availability means that renters have multiple options to consider.
Many things go into preparing a home for renting. One of these things is giving the home a thorough clean. Hiring an excellent cleaning company in Orlando is essential to having the cleanest house and rental property.
Ideally, you’ll want to start every leasing cycle with a professional level of cleanliness. This will enable you hold your tenants to the same standard upon vacating.
Besides cleaning, you’ll also want to make crucial replacements. Buy new batteries for the smoke detectors and carbon monoxide alarms.
Also, start off your new tenants with a new filter in the HVAC system. Don’t forget to let them know when the next replacement is due.
You also don’t want to forget about appliances. Make sure they are working properly and efficiently. You may even want to spend a little extra time inspecting and servicing them to extend their useful life.
ShelbyClean is the highest-rated residential home cleaning company in Orlando and Central Florida. Contact SheblyClean today, for your free cleaning quote or weekly service.
Create an Eye-Catching Rental Ad
Once you’ve straightened out your home, the next thing is to market it to prospective tenants. Start by developing a list of features that best highlight the home. The goal here is to make it stand out from the competition.
So, take note of the most desirable features the home may have. Examples of these include a dryer, an air conditioning system, and a garage. The location may also be something desirable.
When writing the ad listing, you’ll want to include several important things. One such thing is a catchy headline. In the headline, make sure to include key factors such as the rent price, number of bedrooms and bathrooms, and the location.
Next, offer as much information in the description part as possible. But always make sure not to overdo it.
The last thing you want is for the listing to be too wordy. Use descriptors such as “private,” “charming,” “beautiful,” “landscaped,” and “luxurious” to make the ad enticing.
And last but not least, make sure to include high-quality photos.
Start the Marketing Process
Once you’re done creating the ad, begin the syndication process. You’ll want the ad listing to reach as many prospective tenants as possible.
And since tenants search for their next apartments differently, you’ll want to combine different marketing approaches.
Go online—list your property on top rental listing sites such as Zillow, Apartment.com, and Rent.com. Also, go the ‘traditional’ route—use yard signs and advertise on local newspapers, whenever possible.
Hire a Property Management Company
Converting your Orlando home into a rental property may seem simple. But inasmuch as being a landlord has its perks, it can be an arduous task.
If you are just starting out, hiring an experienced Orlando property management company may be the best option for you. A comprehensive property management company may be able to take all the burden off your shoulders so you can achieve peace of mind.
A competitive property management company may be able to help you:
Market your rentals to the best tenants: An experienced property manager can create targeted listings to enable you land the right tenants. And because that’s what they do regularly, they will typically be able to do it quickly.
Screen tenants to minimize chances of renting to the wrong ones: No two tenants are ever created the same. A qualified property manager will have a meticulous screening process to help you rent to the best prospect.
Maintain your Orlando home: A good property management company will usually have built long-standing relationships with local vendors and contractors. Some will even have an in-house team of their own. The vendors and contractors will help ensure your home is always cared for.
Collect rent for you: For most investors, cash flow is the #1 reason for investing in a rental property. Sadly, missed or late payments cause some not to realize this goal. Hiring an experienced property manager can help ensure you get paid on time, every time.
Evict tenants on your behalf: If you need help evicting a tenant, an experienced property manager can help. Good property managers understand the law and apply it when necessary.
Just make sure to hire the right property management company. Conduct interviews and pick the one that has your best interests at heart.
Renting Out Your Orlando Property: the Bottom Line
Renting out your house in Orlando, Fl can be a smart move. But that can only be ‘smart’ if you do proper diligence.
Hiring a professional can save you time and enable you maximize the potential of your rental home.