Self-managing landlords in Florida have a difficult time renting their rental properties quickly. Renting your home requires sticking a For Rent sign in your yard and waiting, right? This can be a tactic for renting your property, although, not the most effective one. As a property management company in Orlando, Florida, we have the tools and tips to rent your home quickly. Today, we’ll give you the step by step process to renting your Florida home in a FLASH.
Why Rent Fast?
If your home sits on the rental market for extended periods of time, your vacancy costs continue to rise but what does a vacancy actually cost for your rental property? We can tell you hundreds of thousands of landlords in Florida miss out on huge amounts of money from their rental sitting on the market.
Vacancy costs can add up, but placing a bad tenant can cost much more in the long run. There is a very fine line between renting your home quickly to a bad tenant and renting your home quickly to a quality tenant. Your objective as a landlord is to make money by renting your property, so, you must be sure about the tenant you place in your home. If you are a DIY landlord, it may be difficult taking a look behind the curtain of potential tenants. There are tenants out there that seek independent landlords. They do this because:
- No Screening Process
- Credit Score
- Eviction Record
- Criminal Background
- Bad Lease Agreements
- Easy to Violate Lease Terms
Positive News in Florida
Growth in Florida is Huge! According to ABC Action News and the Demographic Estimating Conference, economists estimate that the sunshine state will grow to 22 million residents by 2022. Each year 330,605 people move to Florida amounting to 906 people every day. That is a lot of potential tenants that need housing. If you follow our guide for renting your home quickly you can take full advantage of all the great residents moving to Florida.
Steps to renting your home in a FLASH
Step 1. Rental Property Advertising
Optimize your rental properties marketing. Post to Zillow, Realtor.com, Zumper, Hotpads, Lovely, Rentals.com, Trulia. Many of these sites allow you to create a free landlord account and syndicate your rental to the masses. We recommend avoiding craigslist (scammer alert!)
Step 2. Price Your Home Accurately
Accurately pricing your rental property is one of the most important aspects of leasing. If you are way overpriced, you’ll get no hits on your property. Stay competitive with your local competition. Look at rental properties in your subdivision and area to accurately come up with your sweet spot rental price.
Step 3. Set The Stage, Ensure Your Property Is Clean And In Great Condition
Cleanliness is single-handedly the most important aspect of leasing your property. If your home is filthy, your home will not lease. Hire a professional cleaner for $150-$200 bucks and call it a day. If you are in need of some great vendors, reach out and we can give you some great contacts.
Step 4. Show, Show and Show Some More
In Florida, if you’ve done the two steps correctly, you should be getting numerous calls and inquiries. Make sure you are quick to respond to requests and schedule showings as soon as possible. We recommend grouping numerous showings at one time to reduce the headache of scheduling and to create the We Want This One feeling for prospective renters.
Step 5. Screen Your Prospective Renters
Just like in the potential pitfalls section above, you need to have a clear understanding of who will be signing the lease and living in your property. Make sure you do a credit check, background check, eviction search, income verification, and previous rental history. If all this information comes back outstanding, chances are you have found a great tenant.
Property Management Conclusion
Rental Property Advertising
Price Your Home Accurately
Rental Property Condition
Rental Property Showings
Screening Your Renters
If you follow the 5 steps above you will rent your Orlando home quickly. If you have any questions, comments or would like a Free Rental Analysis for your rental property, please feel free to reach out to The Listing Real Estate Management, your full-service property management company in Orlando, Florida. Thank you!