Did you recently, unexpectedly inherit property in Orange Park, FL? Congratulations! Unfortunately, you're about to have a lot on your plate.
Instead of doing it all alone, the most successful accidental landlords outsource. In fact, fewer than 50% of landlords manage their own properties. With help, you can thrive in today's competitive market.
Not sure where to start? Read on for the four tips you need to ensure your success!
1. Research Local Laws
Before allowing tenants to move into your investment property, research local housing laws and regulations. Otherwise, you could make a mistake that leads to hefty fines or legal trouble.
Follow all local, state, and federal housing laws. Review The Fair Housing Act. Understand Florida's landlord and tenant laws.
Consider partnering with a property management company. An experienced property manager will keep up with new laws and regulations. They can ensure you remain compliant and avoid fines.
2. Invest in Tenant Screening and Marketing
Ensure you find reliable renters you trust to live in your Orange Park rental. Develop a tenant screening process. Consider outsourcing to gather comprehensive reports.
These reports should include:
- Criminal checks
- Background checks
- Credit scores
- Employment verification
- Eviction histories
Avoid tenants who have a history of evictions or complaints from previous landlords. Choosing reliable tenants could help you find renters worth retaining. Increasing lease renewals can boost your occupancy rate and ROI.
Reach potential tenants using digital marketing strategies. These include paid advertising and social media marketing.
Have a real estate photographer capture images and video footage of the property. High-quality images will attract more applicants.
3. Keep Up With Maintenance
Keep your Orange Park property in good shape and meet housing quality standards. Schedule routine inspections to catch problems before they get worse. Complete maintenance to ensure the property is habitable.
Investing in maintenance and repairs will make the property more attractive to future renters. This will help you avoid expenses later. Create an emergency budget and get landlord insurance to cover unexpended repairs.
4. Hire a Property Manager
Remember, the most successful landlords don't do it all alone. A full-service property management company can handle:
- Tenant screening
- Evictions
- Property maintenance
- Rent collection
- Marketing
- Accounting
Choose a company that uses state-of-the-art technology. They can offer you and your tenants access to an online portal. Using a tenant portal will streamline communications, increasing satisfaction rates.
Happy tenants will rave about living in your property. They can help you attract future renters. They may decide to renew their leases or share positive reviews online.
An experienced property manager can help you track local laws, draft a lease agreement, and more. With their help, you can make informed decisions to maximize your earning potential.
Orange Park's Top Accidental Landlords
Want to become one of Orange Park's most successful accidental landlords? Don't apply these tips alone. Instead, hire an experienced property manager.
Our team at PMI Davis Realty can maximize your profitability while minimizing your workload. Rely on our 20 years of local industry experience and proven strategies. Contact us today to navigate your rental journey with confidence!
