Renting out your Jacksonville Florida home means multiple benefits for you. Aside from earning rental income, you also keep a better portion of it through tax-deductible expenses. Interested? Perhaps this is your time to embark on the journey of starting your own rental business.
Let’s start with realistic considerations for your Jacksonville FL property. Not everyone is cut out to be a landlord. It’s best to go over this list before opening your doors to renters. However, this article will present a solution that will help you achieve your goal, even if you have no time to learn the skills of being a landlord.
Here are some of the most important aspects of renting out your house:
Given the myriad of rental properties on the market, you must know how to make yours stand out. Study your Jacksonville FL home features and neighborhood amenities to gain useful insights.
For example, do you live near universities or a big hospital? You can target students and hospital staff as tenants. What do they usually prioritize in a rental home? This will give you clues on how to better provide for their needs.
Know that marketing is no longer confined to offline marketing activities. You can promote your Jacksonville home on different online platforms, posting professional photos in the digital sphere or creating a video walkthrough tour. This broadens your pool of prospects.
Learn what property sites are often visited by those looking for rentals. Be accessible. Even if your rental is one of the best, if you are not seen by many, you lose a good number of potential tenants.
It’s tempting to forgo the tenant screening procedure. It takes a significant portion of time to assess financial documents and call up references, but doing so will help ensure you have a fitting tenant living in your Jacksonville unit. This eliminates most of your problems in the long run.
What type of tenant are you looking for? A great tenant has:
When you’re in the rental business, you’ll be judged by your tenant in terms of the effort you put into property maintenance. If you make things convenient for them, there’s a high chance of them staying longer in your Jacksonville FL home.
Renters don’t like to keep bringing your attention to clogged toilets and malfunctioning heaters. A prompt response is expected since it’s your duty to keep the place habitable.
In Florida, tenants can send landlords a written notice to repair within 20 days for concerns affecting habitability. If you fail to act on this, renters can then send a 7-day notice. When the notice expires, the tenants have the option to withhold the rent. They can also choose to repair and deduct, or even break the lease.
Another option for tenants is to move to a temporary rental at the expense of the landlord. If you want to avoid covering these additional costs, attend to repairs right away. Even better, if you conduct preventive inspections, minor issues can be resolved before it builds to a more stressful situation.
If you want to succeed as a landlord, it pays to be more aware of what is expected from you. In Florida, landlords must provide working smoke detectors if their Jacksonville property is a single-family unit or duplex. If you have a multi-family unit, providing a trash can is a must.
Similar to other states, HVAC systems, electrical, lighting and plumbing must work for the convenience of renters. Hot and cold water must be duly provided as well.
In terms of disclosures, it’s also your responsibility as a Florida landlord to inform the tenants regarding the:
Rental turnover is part of the process when introducing new tenants to your Jacksonville FL home. Before opening the doors to your property, however, it’s helpful to go over a checklist. This ensures you won’t forget anything vital.
Prior to a tenant moving in, perform a walkthrough. Schedule the items to send in for repair. As part of providing a habitable space, everything must be in proper working order.
Other things you need to perform as a landlord are:
Employing a property management company like Innovative Property Solutions can be a great investment for your Jacksonville FL home. We can use our expertise to market your home quickly, screen tenants efficiently and get your unit rent-ready for new tenants.
Professional property management companies like us are also deeply immersed in the industry. As such, you can trust our legal knowledge of the Landlord-Tenant laws in Florida.
There’s peace of mind when you partner with Innovative Property Solutions as we can assign the correct rental rate, perform strategic marketing and maintain the value of your Jacksonville home. If you’re a self-managing landlord, you can overlook crucial elements of rental management without meaning to. We have an edge when it comes to experience, skills and using effective systems.
It’s understandable to be wary in the beginning. But why not try the property management services of a professional property management company? You might enjoy increased gains, reduced stress and have more time for yourself.
If you need a reliable property management company to handle your Jacksonville FL rental, don’t hesitate to call Innovative Property Solutions at (904) 321-9020.