It's estimated that there are nearly twenty million rental properties in the United States. If you recently acquired your first rental property, you're likely feeling overwhelmed by everything you need to do.
That's because there are a lot of things that first-time landlords have to remember. Sadly, if you don't do the proper research, it can potentially result in a disaster, either in the form of damage to your property or evictions.
Luckily, we made this guide to cover some essential tips that every first-time landlord in Orlando should know, from rental analysis to tenant screenings. That way, you have the best possible chance of earning money as quickly as possible.
Brush-Up on Local and State Laws
Different states and even localities have different laws surrounding landlord/tenant contracts. You need to familiarize yourself with the ones in Orlando before you create your lease.
For starters, this will ensure you don't include something illegal. However, it will also provide you with insights that can help protect your investment.
Price Your Property Correctly With Rental Analysis
One of the biggest mistakes that first-time landlords make is not pricing their property correctly. Too low and you'll lose money. Too high and you won't attract any tenants.
Luckily, we here at PMI Property Prime Home offer a free rental analysis tool. We look at various aspects of the market conditions near where you live and then provide you with a suggested amount that you should charge.
It's a great starting point for figuring out what to price rent at.
Screen Your Tenants
All it takes is one eviction for you to lose thousands of dollars. And unfortunately, there are nearly 3.6 million of them each year. That means you need to take as many precautions as possible to avoid getting bad tenants who won't pay rent or follow your lease terms.
For this, we recommend tenant screening services to verify employment and income. A background check on criminal history can also help when managing a residential property.
Hire a Property Manager
So first-time landlords think they want to actively manage their properties. However, after the first year, things can quickly change. It can be a lot of work finding tenants, dealing with repairs, hounding tenants for rent, and maintaining the property.
If you need a landlord rescue, consider looking for Orlando property management services.
In exchange for a small percentage of the rent, a property manager handles all of the busy work associated with being a landlord. That means you get passive income with none of the work.
Need Help as a First-Time Landlord? Contact PMI Property Prime Home
We hope this guide helped you learn how things like rental analysis and tenant screenings are essential for your new properties in Orlando. Here at PMI Property Prime Home, we know that first-time landlords are often overwhelmed with everything they need to keep track of.
That's why we take a lot of the busy work off your plate by doing as much or as little as you need from us. So if you're ready for the property management help you deserve, get in touch with us today.
