Getting the highest return on your investment property is about three things: price, paperwork, and practice. The amount you earn on your Orlando rental property depends on your systems and your consistency.
Property Management Orlando: Pricing
Make sure your property is priced adequately. You don’t want to price it too low or too high. When it’s too high and the tenants who are renting your property realize they can go across the street and get a comparable property for less, you’ll lose good tenants pretty quickly. It’s expensive to turn your property over and provide new paint, clean carpets, and other details to make it fresh and ready for the next person. So make sure your rental property in Orlando is priced competitively.
Orlando Property Management: Paperwork
Don’t lose money on your paperwork. Have rules in place that help to determine the actions of every single thing, which is all contained in your lease. The lease must be adequate, properly written, and balanced. You want it to stipulate who is responsible for which items that may need to be maintained or fixed. It should address the yard, and whether landscaping is done by professionals or the tenants. Mention HOA rules and whether the tenant is responsible for maintaining the pool. The lease has to cover everything.
Winter Park Property Management: Practice
The way you treat your property and your tenant must be systematic. All of your procedures have to line up with fair housing laws and other regulations. Be sure it’s rent-proof, meaning you have permeable surfaces like tile on the floors. Then, they won’t get ruined as fast. Drain hoses for the washer and dryer should include steel lace. If there are repairs, they will be minimal and there is a lower chance of explosions. Be ready with repairs and make it part of your practice.
To maximize your ROI, get your property professionally cleaned and ready for your tenants. Be consistent over the lifetime of the lease with all your tenants. Have a good move-in and move-out process so tenants know what they will be charged for if things get damaged. Take good pictures to document the property’s condition. If you don’t have that documentation, you could lose the ability to recoup your repair expenses.
Be systematic if you want to get the highest return on your investment. Make sure your Orlando property management company is working with you every step of the way to maximize that return.
If you have any questions about ROI or property management in Winter Park, please contact us at MoreHouse Realty.