Renters make up roughly 43% of our population here in Jacksonville, FL. Though this is below the national average, it still leaves Jacksonville investors with a large pool of renters to market to.
New landlords will quickly discover that managing a property involves far more than getting tenants on the lease. For some, that realization doesn't come until they're far behind on things like maintenance and rent collection.
How can you master rental property management without the disastrous trial and error? Read on for our top landlord tips and tricks.
Screen Your Tenants
How can you increase your chances of turning your property over to someone reliable and trustworthy? The answer is tenant screening.
Rather than accepting the first tenant to come your way, embrace a thorough application process. This should involve checking the tenant's credit score, criminal background, and rental history. That way, you can assess everything from income to past evictions and find a tenant who is likely to pay rent on time and care for your property.
Make Use of Technology
If your goal is rental income optimization, it's time to embrace technology. Tenant portals allow tenants to pay their rent online, offering an automatic payment option to prevent late payments.
Tenant portals also streamline communication between tenants and landlords. For example, tenants can use the portal to report maintenance problems in their rental units. Landlords can use the portal to provide updates on maintenance requests and keep track of open tickets.
Get Familiar With Florida Laws
Investment property management isn't all about returns. When you rent out a residential property, you make a commitment to your tenants. Not only are good landlord practices necessary to keep tenants, but they're also often legally required.
For example, you'll need to keep your property up to code to ensure tenant safety. You'll also need to return unclaimed security deposits within 15 days of lease termination. If you're claiming all or part of a security deposit, you'll need to provide written notice within 30 days.
Take a Proactive Approach to Property Maintenance
Maintenance is one of the most daunting things for most landlords. How can you turn a profit when you constantly have to reinvest large sums of money to maintain your property?
You'll see better returns when you take a proactive approach to property maintenance. For example, if you fix a faulty pipe before it bursts, you'll spare yourself the cost of flood remediation. A proactive approach can prevent costly emergencies while also showing your tenant that you care about the property.
Need Better Rental Property Management? Call Nest Finders
Each year, we talk to brand new landlords who don't realize how much work rental property management actually is. With this guide, you can skip the trial and error and create property and tenant maintenance strategies that work.
Looking for an easier way to maximize your rental profits? Our real estate professionals at Nest Finders have decades of collective experience turning investment properties into rental success stories. Contact us to partner with Jacksonville property management experts.
