Are you suddenly and unexpectedly a new property owner? Congratulations! Property ownership can feel either exciting or daunting, depending on your level of experience.
If you're new to owning property in Jacksonville, FL, there's a lot to learn! Use these tips from the accidental landlords before you. With these strategies, you can make the most of your investment property without stress!
Attract Tenants
If you plan on leasing a home, you first need to attract applicants. Develop a marketing strategy to help potential renters find your investment property.
Clean and stage the property to make sure it looks its best. If necessary, complete repairs and maintenance. Otherwise, potential renters may look for Jacksonville properties that are in better shape.
Hire a professional photographer to capture the property in the best possible light. Create a compelling online listing to stand out from other properties.
When writing the property description, try to describe the experience of living in the property. Mention nearby venues, shops, or parks to appeal to renters.
Don't set your rent price too high. Otherwise, you could scare off renters. Instead, look at similar rental properties to set a competitive rate.
Try marketing the listing using social media. There are 4.9 billion social media users online, leading 89% of real estate agents to use Facebook. Use local hashtags to reach renters in Jacksonville.
Work with a property management company that offers marketing services. Otherwise, use these tips to attract tenants in a tough Jacksonville market.
Gather Funds
You never know when an emergency may strike. To prepare for a rainy day, start building an emergency fund. You can use this fund to cover property maintenance or give yourself a cushion if tenants pay rent late.
Create Contracts
Drafting contracts can protect you from liability or other problems that may arise once you attract renters. Your lease agreement contract should mention:
- The monthly cost of rent
- What's included in the lease
- What the tenant is responsible for
To streamline gathering signatures, use an online tenant portal. Make sure the tenant understands your expectations before they move in.
Understand Legal Responsibilities
Take the time to review Florida's housing laws before tenants sign their lease. Neglecting local laws and procedures could lead to fines.
If you're struggling to understand your legal responsibilities, hire a property management company. Their experience and expertise could help you remain compliant.
Hire a Property Management Company
You don't have to juggle the responsibilities of property ownership alone. Instead, consider hiring a property management company before leasing a home. A full-service property management company can help with:
- Marketing
- Rent collection
- Tenant screening
- Accounting
- Maintenance and repairs
- Evictions
Leveraging their experience and expertise can help you avoid costly mistakes many first-time landlords make. Their state-of-the-art technology can streamline processes and help you avoid inaccuracies.
Use These Tips From Accidental Landlords
The best accidental landlords develop a plan before leasing a home. Use these tips to set yourself up for success. Remember, you don't have to do it all alone.
Working with an experienced property management company can save you time and money. PMI Jacksonville has nearly 20 years of experience as an award-winning company helping accidental landlords like you.
We use state-of-the-art technology to maximize your profitability. Contact us today to request our property management services.
