Owning a rental property can be one of the most lucrative financial decisions you ever make. However, all of this earning potential doesn’t come without work. Landlords incur a lot of responsibilities while managing their rental portfolio. Put simply, taking on the responsibility of being a landlord is not an easy task. You’re not just renting out your property to earn income, but you are also responsible for the well-being of your tenants.
If you’re a first-time landlord in Brevard County, it’s essential to have a plan in place to manage your rental property successfully. There is a lot to consider, from finding and retaining your best tenants to handling maintenance and rental disputes. Keep reading to learn five tips all first-time landlords should know to gain back their ROI and expand their property portfolio.
TIP #1: Keep a Reserve Fund
Surprise expenses are one of the most difficult things to plan for as a landlord. It’s impossible to know if or when your rental property might need an unexpected repair. Having a reserve fund for property maintenance expenses is one way to give yourself peace of mind should you get caught off guard.
In addition, having a reserve fund can help you ensure your property remains in excellent condition. This reduces hassle and expense for your tenants, which improves their quality of living — this is especially important if you want to attract and retain the right tenants.
TIP #2: Reach the Right Tenants
A strategic marketing plan can make or break your success as a landlord. Marketing is more than just getting your property out there; it’s also about getting it in front of the right target demographic. For example, if you have a rental property in an area popular with young professionals, advertising in the local newspaper is unlikely to get you the exposure you need.
Understanding your local rental market is imperative to successfully marketing your property. As a general rule of thumb, you should advertise your rental property online — preferably on all of the most popular rental property websites. By doing this, you can ensure your property gets as much exposure as possible and more prospective tenants.
TIP #4: Understand Local and Federal Landlord-Tenant Laws
As a new landlord, it’s crucial that you understand the different landlord-tenant laws and how they affect you. Violating these laws can lead to serious financial repercussions and even lawsuits, so it’s imperative to understand your responsibilities.
Important laws you should know about include, but are not limited to:
- Fair housing laws
- Eviction laws
- Security deposit laws
- Tenant Rights and obligations
- Landlord’s rights and obligations
- Tenant privacy
TIP #5: Hire an Experienced Property Manager
It’s impossible to underestimate the challenges a first-time landlord might experience. From fixing leaky faucets to deciding when to evict, the responsibilities are steep. Fortunately, you can ease the stress of being a first-time landlord by hiring a knowledgeable and reliable property manager. An experienced property management company can help you avoid common pitfalls, keep your tenants happy, collect rent on time, and avoid costly mistakes.
At Rent In Brevard, we solve the challenges that landlords face by offering reliable full-service property management options. Our property managers are licensed professionals who understand the Brevard County rental market and can handle all aspects of leasing, rentals, and daily management of rental properties. Contact us today to learn more about our services and how we can help you manage your property portfolio.