Are you thinking of renting out property in Orlando, FL? Currently, the Orlando housing market is doing well!
Real estate offers you an opportunity to receive stable and fixed income over a long period of time. What’s more, judging from the state of the Orlando’s real estate market, you will also enjoy some appreciation of the value of your property.
Landlords are seeing good returns from their properties due to an increasing population and a passive housing supply. Not to mention, people are choosing to move away from high-tax areas such as California which driving up the demand for housing in the city.
The team at State Property Management has some tips and advice that might help you on your path to renting out your property.
Tips on Renting Your Property in Orlando
1: What do Renters Want?
Before you spend hundreds of thousands of dollars, you need to make sure you choose a type of property that’s in demand. Considerable research into the real estate market, as well as the local demographics needs to be done.
The ideal property will be one with meets the requirements of your target market; be it in terms of neighborhood, amenities, size and fixtures.
Do you know the phrase “the customer is king”? Well, real estate is an industry where the opinions of renters will determine the success of your rental investment.
By considering a renters wants and needs you can ensure that you choose the right property resulting in a very short vacancy period on the market.
2: Legal Restrictions
Your desire to rent out property might be impeded by existing laws and restrictions. It’s recommended that you enlist the services of an experienced property management company, familiar with the complexities of county and state property laws.
Provisions of the Homeowner’s Association and the Declaration of Covenants, Conditions and Restrictions (CC& Rs) will enforce restrictions on renting and subletting. Failure to comply will lead to heavy fines and penalties.
There is also the issue of licensing to consider. For you to rent out property in Florida, you have a secure a hotel/motel lodging license. To obtain one, your property will need to be inspected by State officials for compliance with safety and health regulations.
The cost of the license depends on the location of your property, the size and when the application is made.
3: The Lease Agreement
The lease agreement, also known as the rental agreement, is a legal contract that binds the landlord and the tenant. It dictates all manner of details, such as the length of the lease, the amount of rent and service charge as well as repair and maintenance obligations.
As stated earlier, the lease agreement is a legally binding document. Therefore, the provisions put forth must adhere to federal, state and county landlord-tenant laws. Any deviation from the set laws is considered illegal. Once discovered, you could find yourself in legal hot water with the courts possibly ruling in the favor of the tenant.
4: Making Your Property Renter Ready
The start of a new lease marks the occupation of your new/ next tenant. It also means that your rental property has to be in perfect condition. Even if you mades repairs upon purchasing the property, there is always a potential need for more repairs and renovations down the line.
This is a good time to hire a home inspector, if you have not done so already. They can perform a thorough examination of the house, foundation, appliances as well as the fittings and fixtures. Their report can serve as a guide on what to replace and fix.
As you budget for the purchase of your property, always set some aside for renovations and repairs.
5: The Advice and Service of a Property Management Company
Before investing in the stock market, an investor will seek the guidance of a stock trader. Their expertise will advise you on which shares to purchase, how much and for how long. The same thought process should apply to your property investment.
The risk with property investment can be even higher. Losses can be greater and the regulations are more strict. To have your real estate investment managed in the right way, employ the services of a reputable and experienced Orlando property management company.
State Property Management Company’s expert team understands the complexities of the real estate market in Orlando. We can help you adequately prepare your home for tenants. In addition, establishing a competitive but desirable rental price is another service that we offer.
With State Property Management Company in your corner, you can enjoy the benefits of a long-term investment in Orlando!
6: Insurance
Your property doesn’t exist in a vacuum, it’s exposed to uncertainties like any other asset. As a landlord, you can run into any number of issues from trouble with bad tenants to unexpected weather damage.
You will need to insure your property against the occurrence of such event. Property insurance in Orlando is quite affordable and a standard insurance policy should be sufficient. For smaller damages/ breakages, you should take a security deposit from each tenant.
Conclusion
Real estate investment in Orlando, FL has the potential of being a successful, long-term source of income. Tenants are attracted to well-maintained and properly managed properties, and once they experience quality service, they’ll be more likely to renew the lease.
There are a lot of technicalities that come with managing rental properties. Consult with the property experts at State Property Management for assistance. Our experience has proven crucial for investors in the past!
Give us a call today and put our professional team to test. We can offer a customized solution that meets your unique financial and property goals.
Disclaimer: This post is for educational purposes only. Rental laws are subject to change and this post may not be up-to-date at the time of your reading it. Please contact a legal professional if you have questions or need assistance.