DO’s and DON’Ts to Renting Your PropertyJanuary 23, 2015
With an increase in people purchasing real estate in Miami for investment purposes, we felt it appropriate to share our knowledge on the most effective way to successfully rent your property. After all, managing your real estate should be gainful, not painful! Here are some great tips for you absentee owners to get the best return on your investment.
DO keep your property in the best condition. This may seem like a no-brainer but your property will rent faster and to a better tenant when it is freshly painted, feels clean, and all fixtures and appliances are working properly. Remember, first impressions are everything. You’ll be attracting tenants with higher living standards who will work to maintain the property during the term of their lease. We’d say the extra effort is worth it!
DON’T wait until after you secure a tenant to address issues in the home. Before listing your property for rent, make sure it’s ready for occupancy. Take care of any repairs, pest control, or appliance issues before putting your property on the market. Not only could you potentially earn more in rent, but this will help you to avoid losing tenants due to failed negotiations or delays in repairs.
DO conduct tenant screenings before entering into an agreement.
You should know what type of reputation a prospective tenant is bringing to the table before entrusting them with your property. It is common practice for renters to undergo a background check/credit history report. Do not bypass this step in getting to know your tenant. This information will help you to ensure that you’re choosing a responsible individual with a positive rental history.
DON’T hesitate to have your tenant pay via Direct Deposit. As today’s world becomes more and more technologically driven, you may find it more convenient to have your tenant deposit rent directly to your bank account. Many banks offer payment methods that will not only eliminate any chance of a check being lost in the mail, but will also save you and your tenant time.
DO collect a substantial security deposit. Most rentals require three month’s rent upon move in. Commonly, these funds are allocated towards first month’s rent, last month’s rent, and one month rent for the security deposit. In order to increase protection for the landlord, we suggest collecting first month’s rent and two month’s security deposit. This helps protect the landlord in the event of property damage caused by the tenant or loss in rent in the event an eviction is necessary, which can take anywhere from 60-90 days.
DON’T stress. Hire a professional! If you’re feeling overwhelmed, contact us.
As real estate professionals, we know the market. Our agents can tell you the value of your property and what you can expect in profit each year. We are marketing experts. We know how to direct marketing to maximize exposure and minimize your vacancies. On average, our rental listings are rented within 10-15 days.
Urban Resource agents are equipped with the tools to advertise your property on a global scale through hundreds of home shopping websites, and in hundreds of different languages. In addition, while most companies can only conduct state-wide screenings, we have the tools to qualify your prospective tenants using a nationwide screening database. Contact us today to find out how our solutions can work for you.