Accidental Landlords in Orlando, Florida: Steps to Take for Success
Mom-and-pop landlords are in a worse financial position than higher-earning peers. Many are forced into forbearance or foreclosure. Before that happens to you, use these tips to ensure your success in a competitive market.
With these tips, you can thrive among other accidental landlords in Orlando, Florida. Otherwise, you could lose a chance to generate revenue. Read on to set yourself up for long-term success.
Attract and Screening Tenants
When searching for available properties, nearly 50% of people check online. Without a strong digital marketing strategy, you won't attract tenants. Instead, your rentals will sit vacant.
The longer the property remains empty, the more money you're likely to lose. Instead, hire a property management company that offers marketing services. They can develop a multi-faceted strategy that includes:
- Content creation
- Paid advertising
- Social media marketing
- Email marketing
- Search engine optimization
Search engine optimization can help your real estate listings rank at the top of search pages. Otherwise, potential renters may not find your properties.
Once you attract potential tenants, develop a tenant screening process. Screening applicants will ensure you find individuals you can trust. You can avoid renters with a history of late payments, bad credit scores, or other issues.
Your rental property management company can handle both processes for you. Broadening your reach and screening applicants will allow you to choose between renters.
Understand the Law
Learn as much as you can about Orlando's housing laws and regulations. You could receive a fine if you ignore federal, state, or local laws.
Hire a property management company to remain compliant. They can help you make informed changes to your operations before you encounter legal issues.
Use state-of-the-art technology, like a tenant portal, to collect rent. A tenant portal will provide renters with the ease and convenience of paying online. The portal can automatically charge late fees, allowing you to avoid stressful situations.
Protect your best interests by planning ahead. Get landlord insurance to protect yourself from financial losses. Homeowners insurance will cover you if there's damage to the property.
You can also prepare for incidents by creating an emergency fund. You can use this fund to cover emergency maintenance.
Keep up with maintenance and repairs. Routine maintenance can help you avoid more expensive repairs you can't avoid later. It will also ensure you're providing renters with a habitable place to live.
Hire a Rental Property Management Company
You don't have to apply these strategies alone. To ensure your success, consider hiring a rental property management company.
Hiring a property manager could give you a competitive advantage. Less than 50% of landlords manage their own properties. Without help, other property investors will swipe up your would-be tenants.
Choose a full-service property management company. They can help you find tenants, improve property values, and more.
Accidental Landlords: Ensure Your Success Today
Many accidental landlords struggle to find their footing. Use these tips to ensure your success, even in a competitive market. With these tips, you can generate revenue from your newly acquired property.
You don't have to manage your property alone. PMI Prime Home has nearly 20 years of experience helping accidental landlords like you. Contact us today to discover how we can maximize your earning potential.