While the median household income in the US is shy of $62,000, landlords earn an average of $97,000 annually (US Census). With a strategy in place, accidental landlords can thrive in today's real estate market. Unfortunately, a lack of experience could lead you to make costly mistakes.
Before that happens, use this effective accidental landlord advice. These property management tips can help you find and retain great renters. Maximize your earning potential as a Boca Raton landlord today!
1. Understand Local Laws
Before using the rest of this first-time landlord guide, review Florida's landlord-tenant laws. They cover:
- Rental applications
- Tenant screening
- Security deposits
- Late fees
- Landlord responsibilities
- Termination and eviction rules
- Tenant rights to withhold rent
- Required landlord disclosures
- Small claims lawsuits
Following local, state, and federal laws will ensure you avoid fines and lawsuits. For help, partner with a property management company. Leverage their legal expertise to remain compliant.
2. Find and Screen Applicants
Screening applicants can help you find reliable renters worth retaining. About 65% of the 26,700 complaints the Consumer Financial Protection Bureau receives are about inaccurate information in tenant screening reports. Instead of relying on a do-it-yourself portal, outsource.
A property management company will thoroughly vet every applicant. They'll review:
- Employment verification
- Credit scores
- References
- Eviction histories
- Rental histories
- Criminal background checks
Your property manager can help you find trustworthy renters who won't cause you additional landlord stress. Retaining great renters will improve your occupancy rate and earning potential.
Develop a tenant retention strategy to encourage lease renewals. You can offer incentives or upgrade your rental properties. Be willing to negotiate to find a compromise that encourages renters to stay.
3. Complete Maintenance
Start building an emergency fund right away. You can use this fund to cover taxes, repairs, and evictions.
Allow tenants to submit maintenance requests through an online portal. Using a portal will help you remain organized and efficient. Schedule routine inspections to spot problems that require immediate repairs before your properties deteriorate.
Completing repairs will ensure you maintain your beautiful rental property. You'll have an easier time improving tenant satisfaction rates or attracting future renters.
4. Outsource for Successful Property Management
Instead of applying these landlord beginner tips alone, outsource. Partner with a full-service property management company. They can complete:
- Inspections and maintenance
- Property marketing
- Tenant screening
- Rent collection
- Evictions
Relying on their professional services will save you time and money while improving your ROI. They'll help you avoid costly mistakes as a new landlord. You can experience success in today's competitive real estate market without additional stress.
Thrive Among Boca Raton Accidental Landlords
The most successful Boca Raton accidental landlords don't apply these property management tips alone. Instead, they rely on industry experts to gain a competitive advantage. Consider hiring a property manager today.
PMI Beach Properties is committed to adding value through accuracy, communication, and honesty. We're ranked #155 in the Entrepreneur Franchise 500. Trust our state-of-the-art technology, award-winning strategies, and professional guarantees.
We can maximize your earning potential as a Boca Raton landlord. Contact us now to request a free rental analysis.
