Do you have a property in Jacksonville that you intend to rent out?
Renting-out a home can be a lucrative idea if done well. You can then use this potential income to increase your savings or pay down debt. But while your motives to rent out a property can be varied, being a landlord is still a challenging job. So, to run a successful rental investment, you’ll need to be patient, knowledgeable, and hardworking. To that end, we at Nest Finders Property Management have put together the following tips to help you get started.
Understand Your Responsibilities
Before you can become a successful landlord, you need to understand your responsibilities. It’s only after knowing what the job entails that you can gauge where you need to improve. Being a landlord goes beyond just collecting rent month after month. As a landlord, it is your responsibility to do the following.
Market the property when looking to fill a vacancy.
Maintain the property to the required habitability standards.
File returns during the tax season.
Screen prospective tenants.
Repair the unit whenever necessary.
Abide by all applicable rental laws.
Get Your Home Rent Ready
You may not be able to rent your home as it currently is. This is especially true in a down market, where prospective tenants have plenty of options. To ready your home for occupation, you need to make it desirable to prospective tenants. You can make it stand out from the competition by doing things like:
Cleaning it thoroughly.
Ensuring appliances are working as they should.
Making necessary repairs.
Making sure it is safe.
Comply With the Law
There is a variety of laws that you must abide by when renting out your Jacksonville rental property. Chapter 83 of the Florida Statutes specifically details what rights and responsibilities both parties have. Some of your legal responsibilities include the following.
Providing your tenant with a habitable rental property. You must ensure that you provide a home with properly working plumbing and sanitation systems, hot and cold running water, and an adequate number of trash receptacles.
Conduct repairs requested by your tenant within a reasonable period of time. Specifically, you must make crucial repairs within 7 days after notification by your tenant.
Follow the proper eviction process when evicting a tenant. It’d be illegal for you to try to evict your Jacksonville tenant through “self-help” means.
Collect, hold, and return your tenant’s security deposit in accordance with Florida security deposit laws. Make sure you have properly acquainted yourself with all relevant laws prior to renting out your home.
Market Your Property
After understanding all your responsibilities and having readied the home, begin the marketing process immediately. Start by developing a list that perfectly describes the home. This will be crucial in crafting a proper ad.
The first element in a great ad is the headline. This is what a prospective tenant will come across first. As such, make it eye catching by including important details about the property. Details include the rental price, the number of bathrooms and bedrooms, and the rental type.
The second element that makes up a rental ad is the text. You’ll want to use this section to give prospective tenants a cohesive story about what living on the property is like. Let them know about the neighborhood, important policies you have, and other move-in fees. Also, don’t forget to include a couple of high-quality photos.
Next, start the syndication process. This is the only way to let prospective tenants know about the existence of your rental property. Examples of advertising avenues you can use include yard signs, local dailies, social media, and rental listing websites.
Screen Prospective Tenants
You should rent to quality tenants only. So having a tried-and-tested tenant screening process can help you rent to desirable tenants that possess the following qualities.
They are respectful.
Care for your rental property.
Report maintenance issues on time.
Abide by the terms of the lease agreement.
Pay rent without fail month after month.
Such tenants will ensure you have minimal stress and are able to maximize your rental income. But to find tenants that possess such qualities, you must have a proven screening process. At the very least, your screening process should be able to check and verify a prospective tenant’s:
When conducting the screening process, make sure to treat all prospective tenants equally and fairly as per the Fair Housing Act. Protected classes in Florida are the same as those at the federal level.
Provide Great Amenities
Some of the top amenities that make a property desirable include the following:
An air conditioning system
A washer and dryer unit
A friendly pet policy
A fenced-in yard
Stainless steel appliances
Renting out your Jacksonville rental property can be lucrative as long as you do it right. While being a challenge, it can be mastered with the help of a professional. For expert property management services, Nest Finders Property Management can help. We are a top property management company in Jacksonville, FL. We can help you with all aspects of property management. Get in touch to learn more!