You've just acquired your first rental property in sunny Orlando, Florida. The ink is barely dry on the contracts, and your mind is buzzing with excitement. As you stand on the threshold of this new venture, a world of possibilities unfolds before you. But what's next?
We can help.
Let's go through what to do next as a first-time real estate investor in Orlando.
Tenant Acquisition
Start off by advertising your new rental property through various channels. Use online platforms and real estate websites specific to Orlando. You can also consider social media advertising, local newspapers, and signage on the property itself.
Pay for high-quality photography to showcase your property attractively. Write detailed and accurate descriptions highlighting key features, amenities, and the neighborhood's benefits.
Schedule open houses or individual showings to allow potential tenants to view your Orlando rental property in person. Make sure your property is clean, properly maintained, and staged attractively during these viewings.
Screen Your Tenants
Define clear criteria for prospective tenants based on factors such as credit score, income level, rental history, employment status, and any specific requirements or preferences you have for tenants.
Conduct a comprehensive background check to screen for criminal history, eviction records, and any legal issues that may raise concerns. Use reputable screening services or agencies that comply with fair housing laws and regulations.
Review all collected information and screening results to make an informed decision about each applicant. Consider their overall qualifications, including creditworthiness, income stability, rental history, and references, to determine their suitability as tenants.
Hire a Property Manager
Hire professional help to take care of your new property so you can focus on boosting your rental income. Orlando property managers have experience and knowledge of the local rental market, landlord-tenant laws, property maintenance, and tenant relations.
They can provide important advice to navigate the complexities of property management effectively.
Property managers are available to handle emergency situations such as maintenance emergencies, tenant disputes, or property damage promptly. They have protocols in place for handling emergencies and ensuring tenant safety.
These experts ensure timely rent collection, handle lease renewals or terminations, and manage security deposits and accounting. They maintain accurate financial records, provide monthly statements, and help you optimize rental income and expenses.
Maintenance and Repairs
You need to make sure your property is well taken care of. Do a thorough inspection of your new property to identify any existing maintenance issues or potential repairs.
This includes assessing the condition of structural elements, appliances, HVAC systems, plumbing, electrical systems, roofing, and landscaping.
Then, create a maintenance plan that includes regular inspections, preventive maintenance tasks, and scheduled servicing for major systems and appliances. A well-maintained Orlando property not only attracts and retains tenants but also minimizes costly repairs in the long run.
Succeed as an Orlando Real Estate Investor Today
There's a lot you need to know as a new Orlando real estate investor. With this guide, you should be on your way to a successful new venture.
Are you ready to hire property management help in Orlando? Check out Bahia Property Management. We have four key elements we use in our business to help business owners succeed.
Contact us today.
