Managing rental properties can be more intricate than you think, and requires careful planning and consideration – particularly when it comes to preparing your rental home for potential renters. With decades of experience in the property management industry, Greene Property Management understands what it takes to get your property rental ready. And what steps are required to ensure that you get the best return on your investment as a landlord. We share 4 expert tips for getting your property rental ready ensuring your rental home becomes an effective source of income and will be managed as effectively and efficiently as possible.
The Potential In The Rental Property Market – Volusia County
When assessing the feasibility of whether you should enter the rental property market – looking at the market trends in the rental sector would be the best place to start.
According to an article online published by the Observer Local News on 06 March 2024, recent stats from a national rental website, Rent.com – indicated that data gathered throughout 2023 in Florida showed a 9.41% decrease in the prices of rentals. Although the decrease has not made rentals necessarily more affordable – it could potentially mean that consumers may find the competitively priced rental market more attractive in 2024. Rental income remains attractive for rental homeowners or landlords with the median rent still coming in at $2,095.
For rental homeowners in Ormond Beach specifically – the rental property median, based on 90 rental properties that were listed on Zumper, is $2,350. This was largely attributed to studio rental home prices. While rent for homes with one to four bedrooms has decreased.
The rental property market therefore presents a great opportunity for both landlords and tenants which is great news for landlords especially. Rentals may become slightly more accessible to tenants in terms of affordability while remaining feasible for landlords in terms of return on investment.
Managing Rental Properties: Checklist For A Rental-Ready Property
Now that we understand the potential for a good return on rental income, we need to get our rental property in tip-top shape!
1. Assess Your Property’s Condition
Take a good look at the condition of your rental property and draw up a checklist of things that need to be repaired, renovated, or replaced. Identifying areas inside and outside the home that require maintenance can include but are not limited to repairing any leaks, updating any fixtures, a new coat of paint, or even landscaping. By being proactive in getting the property into shape for tenants, you can make your property more appealing to potential tenants, while at the same time – streamlining managing rental properties more effectively.
Experienced property management companies can play an important role in both assessing and also co-ordinating tasks on maintenance. This will save you the stress and time of making your property rental ready which is essential in managing rental property readiness.
2. Enhance & Update Interior & Exterior Property Features
First impressions are lasting and this could not be more applicable to finding a home, whether you are renting or buying – this is a space that your future tenants want to call home. And therefore the perceived value renters have of your rental property will ultimately determine the type of renter you will attract and the price they are willing to pay monthly. By upgrading and enhancing the interior and exterior of your rental home, you are more likely to attract high-quality renters.
Landscaping, modernizing your kitchen, updating your bathroom, or replacing worn-out fixtures could add significant value to your rental property. Property management can be very beneficial in advising landlords on how to elevate the value of their rental property and may even have the best recommendations on the type of service providers to use based on their extensive network and experience in the property management industry.
3. Setting Competitive Rental Rates
Setting a competitive rental rate is important to attract potential renters. Managing rental properties should be profitable but should also be in line with the recommended rental rates in your area or neighborhood. In addition, the current rental rates for properties that are similar to yours should also be considered.
Property management companies can alleviate the pressure of doing this analysis yourself as they are experts when it comes to demand and ever-changing market trends in the property industry. By working with a reputable property management company – you can rest assured that your rental rate is set competitively and occupancy is maximized, both key aspects in managing rental properties.
4. Setting Rental Lease Agreements
Drawing up a comprehensive lease agreement that is compliant with the law is a crucial step in managing rental properties. Your lease agreement will safeguard your rental income investment by stipulating payment terms, the responsibilities of the tenant, the maintenance responsibilities as well as the rules and regulations. All these aspects are pivotal to managing rental properties as they protect your rental property investment and minimize any misunderstanding by clearly outlining expectations.
We strongly recommend working with a reputable property management company, such as Greene Property Management in DeLand Florida, to draw up your rental lease to ensure that your lease agreement is legally compliant and covers all aspects that promote a smooth process in managing rental properties.
Partner with Greene Property Management For Your Property Management Needs
Voted the best Property Management in DeLand, Florida. Greene Property Management is a trusted and reputable property management company that services landlords and tenants throughout Volusia County. We care about your rental property as if it was our own and we are committed to guaranteeing you the best return and service!