Renting a place to live is a popular option today, which is why 44.1 million households rent. As a result, many people choose to invest in rental properties to make extra money.
If you're ready to invest in real estate, you'll instantly become a first-time landlord. Landlords have many responsibilities to their tenants and must know a lot of things to operate legally and efficiently.
You can benefit as a first-time landlord by learning the following four expert tips.
1. Understand Landlord-Tenant Laws in Florida
First-time landlords can face legal issues if they violate landlord-tenant laws in Florida. Thus, learning and following these laws is critical, as legal issues have serious financial consequences.
While there are many laws to learn, several are vital, including laws relating to:
- Habitable units
- Security deposits
- Entry notice requirements
- Discrimination
These laws dictate what you can and can't do. They provide rights to you and your tenants. You can learn more about them by consulting an attorney or property manager.
2. Thoroughly Screen Potential Tenants
Next, every new landlord must know the importance of screening tenants. Tenant screenings require steps that help you learn about the applicants.
When someone applies to rent a unit from you, ask them to fill out an application and sign a waiver allowing you to perform a background check. Then, perform the necessary steps to verify the qualities of the person.
For example, research the person's criminal history and credit history. Verify the person's employment and income, and review their previous rental history.
You invest a lot of money in each rental property, and performing screenings helps you protect your investment property.
In addition, streamline your rent collection process. Streamlining makes it easier for your tenants to pay their rent, reducing the amount of work you must do to collect the rental income.
3. Properly Maintain the Rental Property
New landlords must understand the importance of proper unit maintenance. Keeping up with maintenance protects your property values, and you can do this by inspecting the units regularly.
Additionally, make repairs quickly when needed and respond to every tenant maintenance request immediately.
4. Hire a Property Management Firm
Finally, consider hiring a company that offers property management services. Being a landlord is a stressful job, but you can reduce some of the stress by hiring a company to assist with some of the duties.
A property management firm can handle some or all of your tasks, and they're experts at managing rental properties. Running a rental property business is time-consuming and challenging for most new landlords.
Seeking help is a smart move if you own a few properties or dozens.
Landlords: Seek Help to Run Your Business
Running a rental property business is hard work. You must follow Florida landlord-tenant laws, search for the best tenants, and care for the properties through repairs and maintenance.
Hiring a property manager for help is also wise.
PMI C-Shell can help. We are a full-service property management firm in Pensacola, FL. We offer prompt, friendly, and professional services.
Reach out today to learn more.
