If you've dipped your toe into the world of Ft. Lauderdale real estate, for rent by owner is a tempting route to follow!
Who doesn't like the idea of managing their own business, and keeping all the profits? That said, there's more to property management than meets the eye. From marketing to evicting and everything in between - rent by owner puts you firmly in the driver's seat.
Let's take a look at some tips for managing a property so you can make a success of being a Ft. Lauderdale landlord!
Know Florida Landlord-Tenant Law Inside and Out
One of the most important property management tips we can share with you is to get to know Florida landlord-tenant laws.
These set out your rights and your responsibilities, as well as those of your tenant. Don't assume that you or the tenant has certain rights. Check what the law says and then follow it to the letter.
Pay particular attention during tenant screening, when drafting the lease, and if you have to evict your tenant. It's also easy to get sued if you don't maintain your rental property to the right standard.
The State of Florida provides a lot of practical advice for landlords and tenants to reduce the possibility of disputes and lawsuits.
Prepare the Property for Renters
Before advertising your for rent by owner property, it's important to get it to a good standard.
That means ensuring the plumbing, hot water, and heating systems work correctly. You should also ensure that it's structurally sound, in good decorative order, and free of pests.
Check local health, building, and fire codes to make sure that you've met your obligations.
Do Your Homework Before Marketing
You likely have an idea in mind of how much rent you want to charge for your property. But first, do your homework.
If you put the property on too high, people won't show up to view it. Too low, and potential tenants might suspect there's something wrong with it.
One of our best new landlord tips is to check what local properties went for online. Also, talk to local agents about how much similar properties are renting for.
Even better, let a property manager use their local knowledge to your advantage.
Get Tenant Screening Right
Good tenants are what make a for rent by owner property successful. No for rent by owner guide would be complete without the advice to conduct this process very carefully.
Make sure that you follow the law to the letter and do not discriminate. But also make sure that you don't ignore red flags in background checks.
Maintain Your Property
You've got great tenants, now keep them happy.
Schedule regular maintenance checks. Encourage them to report any issues to you. You want them to be as invested as you in keeping your property in great condition.
What's Easier than For Rent by Owner?
For rent by owner certainly can be a way to maximize returns on your real estate investment. But our brief guide on how to manage a property has shown that there is a lot involved!
Many owners find that working with a property management company helps their bottom line. You get all their experience and expertise and don't have any of the headaches.
Talk to the Ft. Lauderdale team of Home River Group. We will explain how our services can help you successfully manage your real estate investments.