There is a lot of potential for things to go wrong when you own investment properties. Landlords worry that the property will be vacant for long periods of time, that the property will be damaged, or that the tenant will not pay rent. These are understandable fears, but if you know how to avoid a bad tenant and you focus on finding a good tenant, you will have less to worry about.
Protecting Yourself and Your Property
You can reduce the chance of losing money and time on things like property damage and unpaid rent by doing a few key things. First, always have landlord’s insurance. Second, make sure you’re working with an Orlando property management company that has the experience and resources to protect your investment. Sometimes, people hire property managers based on cost alone, and you often get what you pay for. Finally, you need to understand how to find a good tenant and what makes a great tenancy.
Good Tenant Qualities
People often ask us how to find tenants, and we always remind them that it’s not important to find a tenant – it’s important to find a good tenant. There are never any real guarantees when you place someone in your property, but you can take a few precautions during your tenant screening process to ensure you’re getting someone with a good rental history. A good property manager will do a national tenancy database check to ensure the tenant you’re considering hasn’t been evicted in the past.
Property Management Orlando: Length of Lease
The average residential lease is 12 months. When you have tenants applying for your property, look for a longer lease period. You don’t want to keep your options open or do a shorter lease just in case you don’t like your new tenant. A longer lease provides stability for you and your tenant, and you’ll have less wear and tear on the property from turnover and constant moving in and out.
Screening Tenants and Rental Amounts
Be fair and reasonable when you’re setting the rental price. If you price your property too high, you’ll lose a lot of potential tenants who are probably great, but not willing to pay your rent. You don’t want your property to be vacant for too long, and you don’t want a narrow pool of potential applicants.
A professional property manager can be your best resource when it comes to finding you a great tenant. If you have any questions, please contact us at Legends Realty.
