If you’re planning on becoming a Brevard County landlord in 2023, there are many things to know. With the right knowledge and preparation, you can mitigate your risks as a landlord and maximize the profits from your Brevard County rental properties. This article will look at three important things landlords need to know about their business in 2023.
Be prepared to deal with problems.
There’s no way around it; as a landlord, you need to be prepared to deal with problems that arise with your rental property — and take responsibility for them. Challenges can come from all angles, from unreliable tenants who don’t pay rent on time to neighborhood issues that affect your property value and ability to rent out your unit. Successful landlords can mitigate potential problems by:
- Knowing what you can and cannot do regarding your tenants’ behavior. While some actions are clearly unacceptable—i.e., not paying rent or damaging property—there may be gray areas where a landlord has to pick their battles and consult a professional, such as setting noise levels or pet cleanliness (if applicable).
- Have the right tools and knowledge at hand in case something goes wrong in one of your units. This includes knowing how to contact a plumber or handyman if something breaks down unexpectedly, as well as having access to legal resources if there’s an issue with tenant behavior.
- Always be one step ahead by ensuring these things are taken care of before they happen! Actions like regularly replacing smoke detectors, conducting inventories after each move-in/move-out period, and scheduling regular maintenance on appliances can all help to avoid problems down the line.
Of course, many landlords are busy and simply don’t have the time to dedicate to their rental properties and tenants. If this sounds like you, don’t worry! There are services available called Property Management Companies (PMCs) that handle day-to-day operations while freeing up landlords’ time so they can focus on more important things like scaling their businesses or building their career. Click here to learn more about Brevard County property management services.
Know Your Limits.
Having a clear understanding of your limits is essential to being a good landlord.
Some things new landlords should keep in mind include the following:
- Know the limits of your knowledge and skills. If you don’t know how to fix an issue, hire someone who does. If you need clarification on your legal obligations, refer to a real estate attorney. If you need help marketing your property, consult a Brevard County property management company.
- Know the limits of your time and money—and have a plan for when either runs out. For example, if it’s taking longer than expected to rent out your property between tenants, consider hiring a property manager soon as possible so that losses don’t keep mounting up unnecessarily.
Be Aware of The Law.
To be a responsible landlord, you must be aware of your area’s landlord-tenant law. You must follow it and ensure that your tenants are doing the same. If you need clarification on your local and state laws, consult a real estate attorney or connect with a licensed property manager. An experienced property manager can provide valuable information about the current laws in your area and help advise you on how to best manage your rental unit(s).
Hire a Brevard County Rental Property Management Company
Properly managing your rental properties can be difficult, especially if you are juggling multiple properties at once. As a landlord, it is important that you have a rental property management company on hand. A professional property management company will help with the day-to-day tasks of being a landlord, such as finding and screening tenants, collecting rent payments, maintaining your property, and handling repairs.
Are you considering buying a rental property in Brevard County? Rent In Brevard Property Management’s team of local, licensed professionals is here to help. Our experienced team has helped hundreds of landlords across Brevard County manage and scale their rental businesses. Call us today to learn more about our full-service property management services.