About 75% of parents plan on leaving their homes to their children after they die. If you recently inherited property from a loved one, congratulations. You're now in competition with other accidental landlords in Tampa Bay.
Without a plan, you may struggle to compete in Florida's competitive real estate market. Not sure where to start? Read on for the best practices you need to apply today!
Complete Property Maintenance
Before marketing the property, schedule inspections. Determine what maintenance projects you need to complete.
Build a list of reliable contractors in the area. If there's an emergency, you won't waste time vetting options.
Create an emergency fund to cover these expenses. To avoid larger repair projects, schedule routine inspections. You can improve the property between tenants to make it a more desirable place to live.
Consider upgrading the property to stand out in today's real estate market. Cost-effective upgrades include new kitchen appliances, floors, and energy-efficient windows.
Communicate with your tenants to assess their needs. They may recognize upgrades you haven't considered. For example, adding smart home technology can improve their living experience.
Use Digital Property Marketing Strategies
After making repairs and upgrading the property, hire a professional photographer. Properties with high dynamic range photos gain 118% more views. Use these photos to enhance your online listing.
The listing should feature:
- An attention-grabbing title
- A detailed walkthrough of the property
- Square footage
- The number of beds/baths
- Amenities or unique features
- The rental rate
Complete a rental analysis before setting the rental rate. You can work with a property manager to determine competitive pricing.
Use effective digital marketing strategies to direct more people to your online listing. These include paid advertising and social media marketing.
Outsource Tenant Screening
Before selecting renters, hire a property management company. Their tenant screening process can help you avoid problematic individuals.
Some do-it-yourself platforms contain inaccurate or outdated information. You may select renters who have a history of evictions. They'll cause your landlord stress and affect your profitability.
Choose a property management company that provides comprehensive reports. They should consider eviction histories, employment, and more.
Review Tenant-Landlord Laws
Review Florida's tenant-landlord laws. Following local laws and regulations will ensure ongoing compliance. Otherwise, you may face a lawsuit.
For example, it's your responsibility as a landlord to provide tenants with a habitable place to live. Keep up with maintenance before they submit a complaint.
Hire a Property Manager
Instead of handling these tasks alone, outsource. Working with a property manager can save you time and money. You can rely on their efficient processes and resources.
Choose a full-service management company. You can find all the help you need under one roof.
The Best Accidental Landlords Outsource
The best accidental landlords don't do it all alone. Instead, they work with experienced industry experts. Consider partnering with a property management company to maximize your profitability.
Our team at PMI Arrico Realty and Property Management has 20 years of industry experience. We're part of the fastest-growing franchise in the country.
Rely on our skilled experts, efficient processes, and state-of-the-art technology. Contact us now to thrive as an accidental landlord.
