According to the U.S. Census Bureau, over 70% of rental properties are owned by individual investors, which explains why so many landlords want to expand their knowledge and protect their investments.
Familiarizing yourself with the top ticks and tricks will help you grow as a business owner and maximize your profits. But if this is your first rodeo, you likely won't know where to focus your efforts.
Sounds like your situation? Don't fret, we've got the answers you're searching for. Here's everything to know when you have homes for rent.
Research the Current Market
Before renting your home out, look at what's happening with the current housing market. In Daytona Beach, FL, for example, the average rent price is $1,577, up $64 this month, thanks to the city's growing popularity. The housing market also reflects economic growth, making it an excellent choice for investors.
Thoroughly Screen Tenants
Professionals who deal with rental property management prioritize tenant screening, which is why hiring a property management service is advisable. Property managers will run a thorough background check to evaluate the candidate's credit report, past references, and current employment to ensure that they have adequate funds.
If you don't screen tenants, there's a risk that you could have a tenant who doesn't pay on time or even trash your property. To play it safe, always screen tenants.
Get Rental Insurance
Another pro tip is to invest in rental insurance to protect your property. Make sure that you inform your insurer if you rent out the accommodation with its contents as you'll need a specific policy. Generally, landlords' insurance includes cover for:
- Natural disasters like flooding
- Accidental damage by tenants
- Property Owner's liability
- Landlords' contents cover if necessary
The key is to compare insurance policies in Daytona Beach & Flagler, FL until you find a policy that aligns with your needs and budget.
Outline Your Lease Agreement
One of the most important tips is to outline the lease agreement for your rental homes. As it's a legally binding contract, include a description of the property and the length of tenancy. Make sure that the tenant is aware of the rental price, including security deposit, and important policies.
Prioritize Maintenance
Show tenants you care about your property by investing in regular maintenance. Not only does it protect your long-term rentals, but tenants are more likely to treat it with the same respect. Being proactive also has another major benefit, which is it increases the tenant's chances of renewing their lease.
The best way to stay on schedule is by hiring a property management company as these professionals deal with daily tasks for you.
Homes for Rent: Become a Top Landlord Today
Hopefully, you're now ready to advertize homes for rent and welcome your first tenant. At PMI Daytona Flagler, FL, we understand how overwhelming being a new landlord is, which is why we work hard to keep both investors and tenants happy.
If you're in the Daytona Beach and Flagler, FL area, we'd love to hear from you. Call us to chat with a representative.
