The real estate market is currently worth more than $3.6 trillion. So if you are looking for your next investment, Orlando real estate is the way to go!
Renting out your investment property creates a steady return that you can start enjoying immediately. When you come to sell your property, you'll easily make your investment back.
However, if you are going to invest in real estate in Orlando, you need to know how to protect your property portfolio. Well, you've come to the right place. Read on to find out our five top tips for protecting your property investment.
1. Look For Qualified Tenants
There are more than 70,000 renting households in Orlando at the moment. This means that you shouldn't struggle to find tenants.
However, you should take the time to find well-qualified tenants with great references. This will help you avoid having to deal with evictions, property damage, or late rental payments.
A tenant background check will help you find reliable tenants for your property.
2. Prioritize Preventative Maintenance
Even though you don't live on your property, you are still responsible for maintaining it. Dealing with maintenance issues when they arrive will save you money in the long run.
This includes, for example, scheduling HVAC services and rental property inspections.
3. Invest in Renovations That Will Increase Your Property's Rental Value
Minor home renovations can seriously increase the rental value of your home. So it is worth investing in these.
- Upgrading the washer-dryer units
- Repainting the walls between tenancies
- Installing energy-efficient appliances
- Updating the flooring
- Improving the lighting
- Updating the bathroom and kitchen
- Carrying out low-maintenance landscaping
- Putting in fresh caulk
These renovations won't cost you the earth, but they will make your property look more impressive. This means that you can charge more for it!
4. Price Your Property Carefully
Your property can only provide a return on your investment if there are people living in it. Pricing your property correctly will ensure that you:
- Make as much money as possible
- Don't have long periods between tenancies
Your real estate's condition, location, size, and amenities will all affect how much rent you can charge.
To set a realistic price, take a look at similar properties on the rental market at the moment. This will give you a good idea of how much you can charge your tenants.
5. Use a Property Management Company
A full-service property management company will take care of your property on your behalf. This can save you a lot of time and ensures that your investment is in good hands.
These companies will:
- Advertise your property
- Take care of tenant screening
- Draw up tenancy agreements
- Carry out routine property inspections
- Report maintenance issues
- Organize property repairs with local contractors
This means that you can enjoy the return on your investment without having to manage it yourself. And you can rest assured knowing your property will hold its value.
Get Help Managing Your Orlando Real Estate Today
Orlando real estate can be a great source of additional income, but it is important to protect your investment. Doing this will help you find great tenants and maximize the returns you make on your property.
For help managing your Orlando real estate, book an appointment with Verandah Properties today.