In most of the US, it's cheaper to rent than buy a home, but not in Florida. The state's median home sales price rose to 15.7%, while the national average is 11.3%. If you're an accidental landlord in Fort Lauderdale, it's the perfect time to take advantage of the rental market!
To avoid potential landlord challenges, apply this property management advice before listing the property. With these accidental landlord tips, you can thrive among other property owners. Read on to learn more!
Understand Local Laws
The best property management advice you can receive is to educate yourself. Start by reviewing the state's landlord-tenant laws. Failing to follow local, state, or federal housing laws can lead to lawsuits and fines.
These laws cover:
- Required landlord disclosures
- Rental application laws
- Tenant screening laws
- Security deposit laws
- Small claims lawsuits
- Providing livable rentals
- Late fees
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
Complete a Rental Analysis
Before setting the rental rate, complete a rental analysis. Research other rental properties in Fort Lauderdale. How does yours compare?
Consider making a few small property upgrades. Upgrading the property will make it a more desirable place to live. Offering renters a better living experience allows you to increase the rental rate.
These upgrades include:
- New floors
- Fresh paint
- New backsplash
- Smart home technology
- Energy-efficient windows
- Storage options
Keep up with industry trends to remain competitive. Potential renters will prefer your property over others on the market.
Create an Emergency Fund
You can't anticipate when you'll need emergency funds. Prepare for these situations by creating a rainy day fund. You can use this money for property maintenance, taxes, and other expenses.
Allow tenants to submit maintenance requests through an online portal. Respond to these requests promptly to improve satisfaction rates.
Schedule routine inspections to get ahead of problems before they worsen. This can help you avoid more expensive repairs.
Market the Property
One of the most common landlord challenges owners face is vacancies. The longer the property remains empty, the less money you'll generate. Market the property online to attract more Fort Lauderdale renters.
Showcase the property by sharing high-quality photos, video tours, or virtual tours. Share this content on your online listing or through social media marketing.
Screen Applicants
Develop a tenant screening process to avoid renters who may cause landlord stress. These renters may damage your rental property or pay rent late.
Outsource Landlord Responsibilities
Partner with a property management company that can handle these landlord responsibilities. A full-service property management company can also help with accounting, evictions, and portfolio management. Their services will help you operate more efficiently.
Rely on their rental property tips to improve your ROI. With their help, you can gain a competitive advantage.
Succeed as a Fort Lauderdale Accidental Landlord
Becoming an accidental landlord in Fort Lauderdale can seem daunting. Instead of applying these tips alone, hire a property management company. They'll ensure your success.
Our team at Metro Residential LLC has 25 years of exclusive experience with residential properties in the Metro Fort Lauderdale area. Our licensed professionals are dedicated to accomplishing your unique goals.
Trust our reliability and quality services to produce aggressive financial results. Contact us for a free consultation.
