Imagine your recently inherited property collecting cobwebs and dust as it remains vacant. A vacant property isn't putting money in your pocket; it's taking money out. Before that happens, consider using these tips to become a successful, albeit unexpected, property owner.
These tips from Orlando's top accidental landlords can help you make the most of the situation. You can generate income without added stress. Turn your situation into a success story with these tips!
1. Start Marketing
Remember, a vacant property is stealing money from your accounts. Unfortunately, the rental vacancy rate in the US has reached 6.1%. To avoid a long-term vacancy, develop a digital marketing strategy.
Hire a professional photographer to gather photo and video footage of the property. High-quality images will help the property stand out online. Use the video footage you gather to create a virtual or video tour.
You can avoid wasting time on people who don't have a real interest in the property. They can review the virtual tour before deciding to schedule a tour in person.
Other marketing strategies include:
- Search engine optimization
- Paid advertising
- Email marketing
- Social media marketing
Create an appealing listing to attract potential tenants. Write a description that helps renters recognize the value of your property. Highlight special features and amenities they can't find in other Orlando rentals.
2. Collect Rent
Determine how you'll collect rent before your first renter moves in. About five million US households are behind on rent payments. On average, renters are behind by $2,094.
Use an online portal to streamline the rent collection process. The portal can automatically charge late fees. Find other ways to automate your tasks as a landlord to save time and avoid stress.
3. Review Housing Regulations
One of the biggest mistakes you can make as an unexpected property owner is neglecting local laws. Review Orlando's housing regulations as soon as possible. Otherwise, you could encounter compliance issues and fines.
If you're struggling to keep up with new laws and regulations, hire a property management company. They'll implement new rules on your behalf to protect you from legal issues.
4. Cover Maintenance
Keep your newly inherited property in the best possible shape by investing in routine maintenance. A maintained property is more likely to attract renters. If it looks gross and shabby, they'll turn elsewhere.
Look for reliable vendors and contractors in Orlando who have strong, professional reputations. You can outsource this process to your property management company. They can gather competitive bids to save you money.
5. Hire a Property Management Company
Navigating the complexities of renting out a property can become stressful and time-consuming. Consider hiring a property management company. Their comprehensive services can help you avoid unwanted stress.
They can streamline everything to boost your ROI. Choose a company that has years of experience with Orlando real estate. Leveraging their experience can help you avoid mistakes.
Join Orlando's Successful Accidental Landlords
Want to become one of Orlando's most successful accidental landlords? Develop a plan of action using these tips! Otherwise, outsource these tasks to an experienced property management company.
Verandah Properties has over 25 years of experience in the industry. You can entrust your property to our experience, systems, and processes. Contact us today to learn how we can get you the greatest return on your investment!