How to Get and Keep the Best Renters – he opinions expressed by the author in this and all guest blogs are not necessarily those of Ocala Screen and Patio.
How to Get and Keep the Best Renters
Owning real estate investment properties is an exceptional endeavor for those looking for a way to maintain the family income. But, it does take lots of work, and there are many decisions that you need to make before you start your rental business. Ocala Screen And Patio is pleased to present today’s post that can help you make some of these decisions and reduce stress as you begin your next professional chapter.
Choosing a Rental
Choosing a rental starts with deciding on location. You’ve already chosen Ocala, then you’re one step ahead. Known as the Horse Capital of the World, Ocala is currently rated as the #4 Safest Place To Live in the US and is one of the most popular retirement destinations in the Sunshine State. Here, you can’t really go wrong with location. However, when you’re trying to maximize your rental income potential, take a close look at everything from the school zone to the condition of the property to crime rates. Each of these will affect what you can charge for rent.
If you’re not sure how to set a price, look at comparable rentals. (Importantly, if you own properties in Oregon, Washington, New Jersey, New York, California, or Maryland, you must also become familiar with rent control laws.) You must also know what renters want. Zillow’s data shows that most rental consumers prioritize safety and budget above many other things, including their commute and number of bedrooms, although these are important as well.
Once you’ve made a purchase, it’s time to build a solid foundation for a long-lasting rental business. Forming an LLC is a smart move in the early days. As a limited liability company, your financial risk is contained within properties under the umbrella of the LLC. Do a bit of research yourself, and form your LLC for less than the cost of an attorney.
Next, decide whether you want to try and manage it yourself or outsource this to a dedicated property management firm. You also want to research the type of background check results, income, and credit score that you’re willing to accept for your property. In many cases, you cannot have a blanket policy precluding someone with a criminal conviction; to keep yourself from violating Fair Housing laws, you must be fully familiar with state and federal regulations.
Marketing is something else that you need to get out of the way early on. Make a list of the best attributes of the property, and then plug these along with images into a pamphlet template. You can design online and share digitally or print copies of your brochure out to leave in places that are likely to be seen by potential renters. Go ahead and set up social media and consider planning an open house.
If you do opt for an open house, this is the perfect opportunity to showcase your new property. Before you plan your event, look for ways to make a property stand out. A few of these include:
- Adding a screened-in sunroom – the weather is beautiful in Florida year-round, and having the extra space to enjoy the outdoors will make your property more appealing.
- Hardwire for the internet – with many people working from home, hardwired internet means everyone can stay connected.
- New paint and carpet – Real Property Management Enterprises says that neutral colors and high quality will need replacing less often. For the paint, stick with neutral as well, and don’t be shy about using peel and stick wallpaper to instantly transform any room.
As with all businesses, you will eventually learn how to balance quality and customer service with pricing and amenities. But, until you get years of experience under your belt, do your research and know what you can and can’t do and how to get the most out of your rental. We hope today’s post is helpful, and feel free to reach out to Ocala Screen And Patio for everything from screened-in sunrooms to gutters.