How do you know if you’re an accidental landlord in Daytona Beach?
Typically, this term describes a landlord who has inherited a property or is suddenly in the position that he or she has to rent out a home that was once a primary residence.
Perhaps you’re moving out of your house and you can’t seem to sell it for the price you want. Or, your great grandmother has passed on and left you her beach condo. While you didn’t intentionally invest in this piece of property, it now belongs to you and you have to decide what to do with it. Renting it out is a great option because it earns you some cash flow and appreciates in value.
Accidental landlords often have a bit of a learning curve when they’re renting out their first home, and we’re here today to make the transition a little easier.
Understand the Daytona Beach Rental Market
Take some time to study the rental market in Daytona Beach. You’ll need to know what homes like yours are renting for, and how many of them are currently on the market. You’ll also need to spend some time understanding the different neighborhoods and what the pros and cons of your property’s location might be. Think about tenants as well. What are they looking for? In some neighborhoods, they might expect granite counters and stainless appliances. Other communities will simply demand a reasonably priced home in a safe neighborhood close to good schools.
Take some time to learn the rental laws as well. You need to know the difference between a pet and a service animal when you begin renting out a property. You’ll also need to understand how to hold a security deposit and what kind of process to follow when you’re giving it back at the end of a tenancy.
Prepare the Property for the Rental Market
Before you post your ad and market your rental home, it has to be move-in ready. Tenants aren’t going to be interested in renting a home that isn’t clean, isn’t repaired, and doesn’t have curb appeal. Make sure all personal belongings have been removed. Get the home professionally cleaned, and pay attention to your landscaping. Make sure this looks like a home a well-qualified tenant would want to rent. Take care of every potential maintenance issue, whether it’s a leaking faucet or a screen that’s loose. Fix any outlets that don’t have power, check window locks, replace damaged carpet or old appliances, and test all the toilets and tubs.
Create an Online Rental Listing and Screen Tenants Well
Online advertising offers the best chance at attracting good tenants fast. Use all the popular rental sites, including Trulia, Zillow, HotPads, Rentals.com, and Craigslist. Make sure you provide high quality pictures, detailed descriptions, information on the rental price and terms, and your contact information.
Be available to show your property to interested tenants. Answer questions, offer applications, and follow up to be sure you get someone in place quickly. Don’t leave phone calls unanswered, and respond to every message. You don’t want to lose potential tenants.
Once you are showing the home and applications are rolling in, you’ll need to screen those potential tenants. If you don’t have the resources to check nationwide eviction records, conduct background checks, or run credit reports, work with a Daytona Beach property management company that can help.
Pay Attention to Maintenance Requests
Once you place a tenant, you’ll need to sign a lease, collect a security deposit, and talk about your expectations. Put together a maintenance plan and a budget. Most maintenance emergencies seem to happen in the middle of the night or over long weekends. You’ll need a vendor list and a plan for how to respond to both routine and emergency repair needs.
These are just a few of the early responsibilities you’ll have as a new landlord. If you’d like some help and some Daytona Beach property management expertise, contact us at Oceans Luxury Realty. We’d be happy to assist you.