Selling your Orlando or Central Florida home can be tricky; it sits on the market for months, you receive offers below your asking price, and the process becomes frustrating. Though not the case for everyone, there is a highly beneficial alternative for those struggling with selling their home, and that is to rent it out.
Renting out your Orlando home can alleviate the stress of being unable to sell it. The Orlando market is ever-changing, and houses won’t always sell right away, but that doesn’t mean you have to take a loss on your property.
When is the Best Time to Sell a House in Orlando?
November and December are not typically the best months to sell a house in Orlando. Although not the worst, you can receive a higher price for your home in the spring or summer.
If you’re looking for a quick process, the ideal months to list your house on the market are March through May. Over the spring and summer months, people are typically more active in the home search process — schools get let out, people have summer break, and the ability to move is more likely at this time. Compared to a month like May, homes will sit on the market for double the amount of time in December.
In addition to doubling the time to sell a home, the sale prices will also be significantly lower in a month like December. If you want to sell your house for the best price possible within a short period and a less frustrating process, we recommend holding off on selling right now.
According to data from Homelight.com, the best month to sell your home in Orlando is April, and the worst month to sell is January. Data shows that in April, homes in Orlando will sell 6.17% above average sale price, and in January they will sell -5.53% below average sale price. Instead of waiting five months for April with an empty house, you can rent your home, earn a passive income, and grow your equity in the property.
Don’t Sell, Instead Rent It Out
If your home has been on the market for longer than expected, you have a couple of options: to lower the price or rent it out. If you want the highest value for your property, renting it instead of selling it is your best decision.
According to Florida Realtors, the housing market in Orlando, Florida, will stabilize and or slightly decrease. This may put you in a predicament where you list your home, and it’s just not selling, or you recently purchased it and didn’t want to take a loss.
Here at The Listing Real Estate Management, your boutique Orlando Property Managers, we firmly believe you should never sell a home you’ve lived in. If you can keep your real estate asset and rent it out, we highly recommend doing so. We advise our property management clients to keep their assets and build a profitable real estate portfolio that pays you monthly and builds generational wealth.
What are the Benefits of Renting Out Your Property in Orlando?
There are many benefits to renting out your home in Orlando. Orlando is a thriving area, and its theme parks, strong job opportunities, multiple Universities, and tourist attractions ensure that the region will remain one of the best places to own a rental property in the United States.
As a professional property management company in Orlando, we believe keeping your real estate asset is always the best decision. Here are our property managers top reasons to rent out your Orlando property:
- Orlando Rental Property Equity
As you hold off on selling your home and decide to rent it out, your property equity and appreciation will increase. Generating a monthly income to put towards paying off your mortgage will increase your equity in the home. In addition, your property will increase in value over time, which will be highly beneficial when it comes to selling your house in the future.
- Rental Property Tax Benefits in Orlando
Owning a rental property in Orlando is a tax shelter where you can deduct the costs of owning, maintaining, and operating your rental home.
- Orlando Rental Property Demand
As Orlando is one of the hottest cities for tourism and people are constantly moving to the area, there is a consistent demand for rental properties. Although the rental market has fluctuated recently, the Orlando rental property market will continue to grow and thrive.
- Stable During an Orlando Real Estate Downturn
Throughout our years of experience in property management, we’ve experienced all the different stages of the real estate market. We’ve learned that the rental market typically remains more stable in a real estate downturn. The rental market will remain stable in a popular area like Central Florida because of the constant influx of new residents and worldwide visitors.
- Forced Retirement Planning
Owning an Orlando rental property presents a beautiful opportunity to begin or continue to save money for retirement planning and allows you to retire quickly. Deciding to rent your Orlando property and having tenants pay monthly will lead to building equity in this second home, even if you did not plan on doing so.
- Earning Passive Income from your Orlando Rental Property
A passive income is one of the most important benefits of owning a rental property in Orlando and Central Florida. Once you have found a reliable tenant for your property, you will be able to reap the benefits of becoming a rental property owner.
Each month that your tenants pay rent is a step closer to reaching your real estate investing goals. Whether it be fully paying off your mortgage on the house, saving up towards an early retirement, or growing your investment portfolio, generating a passive income will guide you toward doing so.
Hire a Professional Property Management Company in Orlando
Although the benefits of owning a rental property are pivotal in your financial health, some work still needs to be done as a rental property owner. Owning a rental property can be time-consuming; however, hiring an Orlando property manager will relieve the stress of becoming an accidental landlord and dedicate your time to running and maintaining the property.
A property manager will take care of all aspects of renting your property, from marketing your property and finding a reliable tenant to dealing with maintenance issues and everything in between. If you are inexperienced in renting properties, hiring a property manager is one of the best decisions you can make. Not only will they be able to help you optimize your income and financial returns, but you will be earning truly passive income as your property manager will be doing all the work for you.
At The Listing Real Estate Management, we offer full-service property management that will allow your property to thrive. Our services include:
- Marketing and leasing your property.
- Tenant screening.
- Rent collection.
- Maintenance and repairs.
- Rental property accounting.
- Rental management guarantees.
We have a track record of proven success and happy clients who can build equity and generate rental income with the help of our experienced Orlando property management team.
Should I Use My Realtor To Manage My Orlando Property?
A common mistake we see a lot of homeowners make is to have your realtor list and manage your property. If your home is listed on the sales market, you may think having your realtor manage your property is more convenient.
It is NOT a good idea as your realtor has an entirely different mindset and scope of work. Most realtors seek those large commission checks rather than adequately managing a rental property. Realtors do not have the time, resources and experience in conducting property management duties. If your home is not selling and you are interested in turning it into a rental property, make sure you contact Orlando property management companies that specialize in property management and not sales.
Renting Your Orlando Home vs Selling It
In navigating the ever-changing nature of the Orlando real estate market, the decision between renting or selling your home is apparent. With the possibility of taking a loss on your house, not being able to sell, and having it sit empty for months at a time, Renting Is The Better Option.
Building your investment portfolio and generating passive income will lead to financial stability. Hiring a trusted Orlando property manager like The Listing Real Estate Management will play a pivotal role in the success of your rental property.
As your boutique property managers, we find value in managing your property and taking the time to educate, align, and guide you on your successful property management journey. We have years of experience teaching and being a resource for rental property owners across Central Florida.
If you’re deciding between selling or renting your property, we will be happy to assist you in making your decision and reaching your goals. If you would like a FREE rental property price analysis for your property, Contact us. We are your boutique Orlando property managers and here as a resource for you and your rental property.
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