Leasing Your Home

10 Tips for New Landlords

Renting your home in Southwest Florida could be vastly different than other areas around the country. A lot goes into being a good landlord. If you are new to rental real estate, a little advice can help make the process of owning and managing a rental property easier. Here are some quick tips on things to consider when you are looking to maximize your revenue and the experience you have:

Manage the Property Like a Professional

Make sure you are complying with our state and county regulations as wells as Fair Housing laws. Interact with your tenants as a professional management company would, with clear professional standards, established systems and procedures, and legal forms and documents. It is well advised, if you are inexperienced, to hire a professional. They know the market, they know what needs to be done to adhere to state and local laws, and they have the resources to bring you top dollar and good tenants.

Be Thorough With the Screening Process

One of the most challenging parts of being a landlord is choosing a quality tenant. Screening tenants can be difficult. If your rental is priced competitively in the market and in good condition, it's likely you will receive a lot of interest from prospective tenants. A well-thought-out screening process with established requirements for tenants will help weed out tenants who won't qualify.  Be prepared with application forms.

Know the Rules and Regulations of Your Community, as Well as the Application Process, if Any, for Your Homeowner’s Association

Have the forms and documents ready to give potential tenants so they know what is expected. It will cover such things as pets, vehicles allowed, parking, use of the amenities in the neighborhood, length of the application process and fees involved, and criminal background checks.

Have a Thorough Florida State Approved Lease Already Prepared

It is wise to have an attorney review or prepare it for you, if you are not working with a professional. You will want it to cover things such as who will pay utilities and maintenance expenses, pet allowances or restrictions, property alterations, sub-leasing, parking, number of occupants or guests, renter’s insurance, etc.

Establish an Escrow Bank Account to Hold Security and Damage Deposits

It should be a separate account that is held in a Federally insured bank in the State of Florida. Be familiar with using electronic banking to make it easy for tenants to pay you. Venues such as Zelle, Venmo, PayPal, etc. could be set up in advance.

Look for Other Income Opportunities

In addition to rent, you can collect ample departure cleaning fees, application fees, processing fees, pet deposits or additional pet cleaning fees, etc.

Evaluate the Market and Competing Rental Properties

Know what is currently offered and the past years’ rental income obtained by other Landlords for relevant properties in your neighborhood. Know the market trends and anticipate increases so that you are not renting at under market value.

Determine Where and How You Will Market Your Property to Attract Tenants

You should have your property staged and looking in great conditions for photography. Hire the best photographer you possibly can. Don’t skimp on the costs because how your property looks on-line is vital to the interest you will receive. What is your internet marketing strategy and which website portals are most effective for you to use? Be prepared to respond quickly to on-line inquiries.

Plan for How You Are Going to Show the Property to Potential Tenants

Will you be able to do it yourself? If you do not live in our area full time, you might want to hire someone to be the “on the ground” person to do things such as show the home, post eviction notices, be on call for emergencies 24/7, periodically inspect the property, etc.

Conduct a Condition of Property Inspection Prior to Tenant Taking Occupancy

Document condition of your home, room by room, with your tenants and have them sign off on it. Take videos or photos of any rooms and personal possessions or furnishings that belong to you. Prepare an Inventory and attach it to your lease. For a free copy of a Condition Form or Property Inventory, email or call us.

Bottom Line: There are many other things that affect your profit in leasing your investment properties, such as tax incentives and deductions for real estate, HOA fees and security deposits, utilities that exceed averages, etc.

We are here to help you maximize your profit. We are experienced and are known for our world class marketing and customer service. We have been leasing homes since 1976 and have successfully served hundreds of clients in resort markets in multiple states. We are well connected, organized and efficient.

We are here to answer your questions, give you a smooth Landlord experience, and put the most dollars into your pocket! Allow us to discuss how we can maximize your profits, which should offset our very reasonable fees. For a complimentary rental consultation and analysis, call today, 239-537-4785.

We Would Love to Work With You!

We have earned our reputation for excellence in real estate marketing and client service through creative innovation, distinctive quality, almost 40 years of experience buying and selling luxury homes in resort markets, and genuine passion for what we do. From your very first phone call and beyond, we are committed to exceeding your expectations. Our goal is to give you the best real estate experience you have ever had. It would be our pleasure to serve you!

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