According to a study by data company Clever Real Estate, Orlando has the highest vacancy rate (15%) in the country. There are now close to 161,000 housing units vacant in Orlando. If you're among accidental landlords in the city, you need a plan to find renters.
Before renting out property in Orlando, apply this advice. These Orlando landlord tips can help you remain competitive.
You can boost your occupancy rate to maximize your earning potential. Read on to excel among beginner landlords!
Understand Local Laws
Before selecting renters, research Florida's landlord-tenant laws. These laws cover:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Small claims lawsuits
- Late fees
- Tenant rights to withhold rent
- Landlord habitability duties
- Termination and eviction rules
Consider partnering with an experienced property management company to navigate these rules. Their expertise will help you remain compliant. Otherwise, you may face lawsuits or fines that can affect your profitability.
Create an Emergency Fund
Start building an emergency fund to cover taxes, repairs, and evictions. To save money, use a proactive approach. Schedule routine inspections to spot signs of problems before the property deteriorates.
Research similar rental properties in Orlando to compare to yours. What amenities and features does your property lack? Consider making a few upgrades, such as:
- New floors
- New kitchen appliances
- Fresh paint
- Backsplash
- Bathroom renovations
- Improved landscaping
These upgrades can make the property more attractive to renters. Make sure to mention these upgrades when optimizing your online listing.
For more financial planning help, consult an experienced property manager. They can help you make sound decisions for long-term growth and success.
Automate Processes
Save time and money using automation tools and property management software. For example, you can provide renters with access to an online portal. From there, they can pay rent, send inquiries, and submit maintenance requests.
Respond to tenants promptly and professionally. Prompt responses will show tenants you care about their needs. Improving their satisfaction rates can lead to more renewals.
Find and Retain Tenants
Develop a property marketing strategy to find renters in Orlando. You can use:
- Search engine optimization
- Content marketing
- Social media marketing
- Paid advertising
- Email marketing
Create virtual and video tours to help your online listing stand out. Once you generate applications, develop a tenant screening process. Outsource this task to select great renters you want to retain.
Invest in Property Management in Orlando
Instead of applying these tips alone, look for property management in Orlando. A full-service company can handle:
- Rent collection
- Inspections and maintenance
- Tenant screening
- Property marketing
- Evictions
- Legal advice
Relying on their experience and expertise will help you gain a competitive advantage in today's competitive market. With their help, you can ensure your long-term financial success as a property owner.
Succeed Among Orlando Accidental Landlords
Competing with other accidental landlords in Orlando can be daunting. Instead of doing it alone, partner with a property management company. Rely on their expertise when renting out property.
PMI Main Street MGMT is part of a fast-growing franchise that's been changing the industry for nearly 20 years. The experience and trust we've gained are reflected in our comprehensive services.
Trust our state-of-the-art technology and award-winning services to maximize your profitability. Contact us now for a free rental analysis.
