It's clear that Southwest Florida rent prices are continuing to rise, meaning this is a great time to be a landlord in this beautiful part of the state. If you're a new property owner, you've made a wise investment.
However, learning how to manage a rental property isn't as easy as it looks on TV. A lot of work goes into making your investment worthwhile.
We're here to help. Read on for a few quick property management tips.
Maintain Your Property
Owning a rental property isn't always easy. You need to keep that property in excellent condition if you want to keep your tenants happy and reduce your vacancies.
Regularly inspect the property and address maintenance and repair issues promptly. A well-maintained property attracts and retains good tenants.
Keep records of maintenance and repairs for legal and financial purposes.
On that note, you should also consider putting money towards new amenities when you can. Yes, it costs money, but this is an investment.
Screen Your Tenants Well
Most tenants are going to be great and they'll respect your property. However, there are a few bad apples. Managing a rental property means learning how to find tenants that are actually good for your property.
Screen your tenants to determine their credit, income, and rental history. Make sure you're abiding by all fair housing laws when you're choosing tenants.
It's okay to be flexible during the tenant screening process. Many landlords will allow tenants with no rental histories, for example, if they have good credit and reliable income.
Setting Competitive Rental Rates
Setting the right rental rates is crucial when it comes to attracting and retaining good tenants while ensuring a reasonable return on your investment.
Research the local rental market to understand current rental rates for properties similar to yours. Online platforms, property management companies, and classified ads can help with this. You don't want to charge too far over or under comparable properties.
Again, keep in mind that a well-maintained, updated property with desirable features can get you more money than a more "basic" property.
Extremely high rents may lead to longer vacancies, so don't over-price your property unless the local market can withstand that.
Consider a Professional Property Manager
Investing in Florida real estate is tough! If you're struggling to manage your property, why not let someone else take care of it?
A professional property manager can help you screen tenants, market your property, arrange maintenance, and so much more. This allows you to focus on your other responsibilities and it can give you peace of mind.
That's How to Manage a Rental Property
Learning how to manage a rental property doesn't happen overnight. These tips will help you adjust to your new role as a landlord. You'll get the hang of managing your property before you know it.
And if not, a property manager can help you! At Gulf Coast Property Management, we help Southwest Florida landlords get the most out of their investments.
Reach out to us so we can chat about your property management needs today.