Are you considering renting out your Broward County property? If you are, doing so could be one of your best decisions ever! Whether you’re relocating to another state, need to upsize, or downsize, selling your home may not always be the most profitable decision.
The economy, for instance, may not be doing great and you may want to wait until it improves for a better sale price. You may also owe more than you can make by selling the home. So, the reasons for converting your house into a rental property rather than selling it could be varied and profitable.
But renting out your home could be more trouble than it’s worth if you fail to make the right considerations. Luckily for you, we at TrueNest Property Management have put together this blog to help:
Understand Your Responsibilities
First and foremost, you need to determine whether being a landlord is right for you by knowing the responsibilities that being a landlord entails. While renting out property offers a variety of benefits, it does place significant responsibilities on the landlord.
Some of the responsibilities include:
- Filling the home when it’s vacant.
- Managing a security deposit.
- Responding to maintenance issues on time.
- Handling disputes between tenants.
- Abiding by relevant landlord-tenant laws.
- Enforcing the terms of the lease agreement and resolving any lease violations.
- Filing tax returns during the tax season.
Get Your Property Rent-Ready
Renting out a desirable property is beneficial in a variety of ways. Firstly, it helps attract a sizeable prospective tenant pool if you get the marketing aspect right. So, attracting many prospects increases your chances of landing a quality tenant.
Secondly, it can help you maximize your income by charging more. A home with desirable features and amenities will be more valuable than one without.
So, how do you prepare your home for prospective tenants? Here are some things you could do.
- Thoroughly clean it.
- Ensure appliances are working as they should.
- Repaint tired-looking walls.
- Make needed repairs.
- Spruce up the curb appeal.
Know the Fair Housing Laws
As a landlord, you are required to treat your tenants respectfully, fairly, and equally as per the Fair Housing Act. The act was passed by Congress in 1968 and makes discrimination in housing on the basis of certain protected classes unlawful.
You must treat your Broward County tenants fairly regardless of their race, color, nationality, religion, disability, familial status, sex, or pregnancy status as per the Fair Housing Act. If you have any questions regarding this, it’s best to contact a property management company such as us at TrueNest Property Management.
Market the Property
At this point, your property is now rent-ready, so you need to market your property to make sure quality tenants can see it. This is also another skill that you should hone, in order to run a successful investment business in Broward County.
To begin the marketing process, you need to draft a rental ad and take great photographs. You must make the ad detailed yet concise in order to provide prospects with as much information as possible. It must also be enticing in order to improve the odds of a tenant clicking it.
Next, you must distribute the ad extensively in order to reach as many prospective tenants as possible. You should use a combination of conventional and traditional methods for maximum reach. This can include social media, rental listing sites, yard signs, and local classifieds.
Screen Tenants Effectively
Finding a high-quality tenant is a great way to ensure your rental property is profitable and valuable for the long term. A high-quality and qualified tenant will keep paying rent every time it’s due along with maintaining the property to the standards you set out in your lease. Meaning a more secure and stable investment.
Once you are through the marketing process, you should start the screening process immediately to try and find one of these quality tenants. So, during your first contact with them, called the pre-screening process, you should learn more about the tenant by asking questions such as:
- When are you looking to move in?
- Are you ready to pay the move-in costs?
- Will you provide authorization for background checks?
- How many people will be living with you?
- Have you ever been evicted before?
- Do you have a pet?
- Do you smoke?
- How much income do you make per month?
You should only schedule a property viewing with prospects who have answered your questions well. Then after the showing, make sure to require the interested prospects to fill in a rental application form. Finally, verify the information provided and then pick the most qualified tenant.
If you own and manage a pet-friendly rental, make sure to also conduct adequate pet screening before welcoming anyone to your residence.
Hire a Property Management Company
Renting out your Broward County rental property may not be a simple task, especially if you’re a new Broward County landlord. In such an instance, your best option may be to hire a professional property management company.
A good property management company will help simplify all your responsibilities as a landlord. They will handle everything from pricing the property, finding desirable tenants, and collecting rent, to ensuring you and your property are compliant with Florida laws.
Renting out your Broward County rental property can be incredibly rewarding. But you have to do it right. If you need expert help, look no further than TrueNest Property Management. Our superior property management services will handle all your property needs. Get in touch to learn more!
Disclaimer: This blog should not be used as a substitute for legal advice from a licensed attorney in your state. Laws change, and this post might not be updated at the time of your reading. Please contact us for any questions you have in regard to this content or any other aspect of your property management needs.