Single-Family Rental Property Management Tips

Owning a single-family rental property is a fruitful investment as it comes with a handful of life-changing benefits. Though a profitable venture, we know that the rental management process can be daunting.

Whether you’re a first time rental property owner or a seasoned investor, our single-family rental property management tips will provide insight into some of the most important aspects of managing a successful rental property.

As time goes on, your property will appreciate, increasing the value of your asset. If you decide to sell your property down the line, you’ll reap the benefits of property appreciation and make a profit off of the sale.

In addition, your tenant’s monthly rental payments can be used to pay off your mortgage, increasing your equity in the property. Whether you rely on your rental property portfolio as your main source of income, or your rental property serves as a side hustle, every property owner has the same goal; earn a steady rental income.

As professional Orlando property managers, here are our 5 tips for single-family rental property management!

1.) Thorough Tenant Screening

Tenant screening is one aspect of property management that should not be overlooked or taken lightly. Your tenant screening process sets the tone for your rental property experience. The success of a rental property depends largely on the quality of the tenant; the property owner has the responsibility of ensuring that the tenant placed is the right tenant.

Tenant screening should be a multistep process that verifies the applicant’s credibility. The process should investigate the applicant’s ability to pay rent on time and in full, criminal history, and rental history. 

As a property owner, it’s essential to set certain criteria for your applicants to meet — and stick to it. You should hold all applicants to the same standards, setting the minimum credit score and salary requirements you’ll accept, in addition to rental history requirements and a policy regarding criminal history. 

For example, at The Listing Real Estate Management, our tenant screening service includes:

• Credit history check
• Debt to income ratio check
• Nationwide eviction search
• Background check
• Income and employment verification
• Previous two years rental verification

We stress the importance of tenant screening because thorough tenant screening processes ensure responsible and quality tenants, leading to long-term rental success. It’s not about the fast tenant, it’s about the right tenant.

2.) Regular Rental Property Inspections

Regular inspections are crucial for single-family Orlando rental properties for several reasons. Conducting regular inspections allows the property owner to identify and address any possible maintenance or repair issues that may arise during the tenant’s rental term. Although you would expect your tenant to report any issues, this won’t always be the case. 

It’s important to check on your property to ensure there are no violations of the lease agreement. Regular inspections will ensure your tenant is respecting your property and does not have any additional occupants or pets. Additional occupants and pets are typically a violation of the lease agreement and should be addressed immediately. 

Regular inspections will also show your dedication to your property and your tenant’s safety and security. Actively caring for your property goes a long way for a tenant, providing a sense of trust and potentially resulting in a high tenant retention rate. 

Below is a list of requirements we recommend checking off while conducting your inspections:

• A/C and furnace verified to be operating properly.
• Furnished / built-in appliances operating as designed, or repaired/replaced with new. 
• See that all appliances are in working order and clean. 
• Plumbing fixtures/shutoffs checked and operating. Old or rusting sink traps and faucets replaced. 
• Ceramic tile in good condition with clean grout and caulk – no cracked or missing tiles. 
• Cabinet doors and drawers are in good operating condition throughout, with proper hardware. 
• Doors and locks all function properly and have good doorknobs, latches, and legal locks. 
• Windows all have good screens and open/close/lock properly – no cracked window panes. 
• Window coverings functioning – no broken or missing blinds, old or worn drapes removed/replaced. 
• Paint and sheetrock in good condition with clean appearance – repaint where needed. 
• Ceilings free of water stains, cracks or other problems – repaired and touch up if needed. 
• Carpet professionally steam cleaned- replaced if extremely worn.
• Sheet vinyl clean with no tears, curling on edges, or extreme wear. 
• Electrical outlets, switches, breakers, and light fixtures/ceiling fans working. 
• All towel bars and rings, paper holders and other attachments in place and properly secured. 
• Exterior Siding in good condition – all gaps sealed, rotted wood replaced where needed. 
• Exterior paint not cracking or peeling – touch up as needed.
• Front door is attractive and clean. 
• Shrubs and trees trimmed back and not touching the property or roof – dead limbs removed. 
• Pool Maintenance covered by a contract between the property owner/landlord and an external company throughout the term of the tenancy. 
• Yard in maintainable condition. 

3.) Fair Rent Prices

One of the biggest inhibitors of filling a vacancy in a timely manner is an overpriced property. In a competitive market like Orlando, it is crucial to price your property fairly. An overpriced property will stand out amongst comparable properties — and not in a good way.

Orlando is the most visited destination in the United States with millions of visitors, which gives Orlando property owners a significant advantage. However, with millions of visitors, there are thousands of other rental properties to compete with. If you are overzealous in pricing your rental property in comparison to similar properties, chances are, your fairly priced competitors will be chosen first.

Pricing your property fairly will allow for quicker property turns, steady cash flow, and a higher  profit margin. If these three factors sound like music to your ears, then take our advice and price your property accordingly. 

The Orlando rental market has fluctuated over the course of the last couple of years and it’s essential to stay up to date with current market trends. According to rent.com:

• Rents in Florida have decreased -4.15% year over year.
• Orlando’s rent has decreased -1.99% year over year and -.04% month over month
• Tampa’s rent has decreased -.96% year over year and -3.38% month over month

We know it can be difficult to set the right price, so at The Listing, we offer a FREE rental price analysis to help guide you in the right direction. CLICK HERE to fill out the form to get started today!

4.) Enforce the Lease Agreement

A lease agreement is a legally binding document between the property owner/property manager and the tenant(s). The lease agreement outlines the terms and conditions of the rental agreement, rent price, notes the condition of the home, and should be upheld throughout the lease term.

The terms and conditions of the lease agreement are not suggestions, they are rules to be followed and enforced. Failing to enforce the lease agreement can result in complications such as months of lost rental income, property damage, disturbance, or unauthorized activities committed on the property. 

5.) Hire a Professional Orlando Property Manager 

Owning and managing a single-family rental property takes time and dedication, and handling it on your own may not be for everyone. The effort it takes to manage a rental property should not be underestimated; doing so could lead to stress, inefficiency, and costly mistakes.

With the help of an Orlando property manager, the stress of managing your rental property is lifted. A professional property manager provides access to resources that will enhance the success of your rental property. The insight of a property manager will streamline operations and maximize your return on investment.