If you are considering being a landlord in Broward, there are a couple of things you must do to get it right. Most people are attracted to the idea of owning rental properties so that they can have passive income from the property. However, they might overlook certain key steps and thus derailing their chances of being successful at it.
Below is an exploration into the key steps that one must undertake before buying houses in Broward to turn them into rentals.
a) Take Marketing into Your Own Hands
No one will rent your property if they don’t know about it. The responsibility is on you to market your property aggressively or hire a professional agent to do it.
We live in a fortuitous age where the internet has eased the marketing process. It is very easy to market your property in the various classified and social media sites out there. Utilizing this medium will ensure that more people see your property.
Aside from social media, there are property listings sites and Craigslist. The latter is free.
In addition, you can go the traditional route and employ traditional means like putting up flyers and signage outside your property.
Also, you can list your property with a real estate agent or realtor for enhanced visibility.
When marketing rentals, you should include great pictures, the features of the property, and the rent you intend to charge.
b) Price The Rent Correctly
Don’t get carried away with the idea of making money from the rent quickly right when you start. Resist the temptation to charge too much rent or else your property may sit vacant for a long time. You must check out the rent prices of surrounding properties first. This should provide you with a baseline where to price the rent.
In addition, you must also consider the size of the property in question. Larger properties attract more rent than smaller properties.
c) Choosing The Tenants
When interviewing tenants, you will want to have a look at several pertinent things.
The first thing you must look at is the employment status of the individual or where their income comes from. You want to make sure the tenant makes at least 2-3x the monthly rent. That way they will easily be able to afford the rental payment plus all their other personal expenses.
Second thing are references from past landlords. These provide you with a brief history of the individual whom you could potentially be interacting with for months or even years. Thus, you must make sure they are reliable and have a proven track record.
Also, criminal history checks and credit scores are important aspects as well.
When you look at the aforementioned things in unison, you will get a clear picture of whom you are dealing with. This way you can avert any conflicts and complications that might arise.
d) Do Everything by The Book
As a new rental property owner, you should try and do everything by the book for the most part. Whether it is getting new tenants, evicting old ones, rent increases or paying the statutory charges on your property, you should stick to the rules. You should avoid cutting corner in order to avoid making costly mistake in the beginning until you get the hang of it.
If it is paperwork for new tenants, ensure that it conforms to the acceptable standards.
By following the guidelines above, you can be sure you’re on your way to being a great landlord in Broward.
Useful Reference Links
Best Advice for Rental Properties in South Florida – BiggerPockets
The Complete Guide To Becoming A Landlord – Investopedia
How To Become A Landlord – Real Estate 101 – Trulia Blog
Beginners guide to becoming a landlord – Cover4LetProperty
The Beginner’s Guide to Being a Landlord – Equity Trust Company
A Beginner’s Guide to Being a Landlord – iGuides
How to Be a Landlord: Top 12 Tips for Success – BiggerPockets
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