Have you recently become a real estate investor in Orlando, Florida?
If so, we have fantastic news: According to ZipRecruiter, the city's landlords earn an average of $81,478 annually. The highest earners even take home as much as $140,000+ per year!
But to begin generating income from your first-ever rental property, you must first fill it with high-quality tenants.
Luckily, you've come to the right page. The experts at RightHouse Realty LLC share must-know first rental property tips in this real estate investment guide, so read on.
Prep Your Property for Marketing
You'd need to spread the news about your property by marketing it on multiple rental platforms (e.g., Zillow, Trulia, and Realtor). However, for your property listings to gain traction, you must back your engaging descriptions with high-quality photos and videos. And just like with selfies, you want to upload visuals of your rental that put it in the best light.
So, before you market your rental, perform a thorough property inspection. An inspection can help determine if you need to fix or replace anything.
Next, prioritize and complete necessary repairs, such as fixing faulty or leaky plumbing. As the U.S. EPA explains, repairing water leaks is key to indoor moisture control and can help prevent mold growth.
Consider staging your rental, too. Home staging can help make it easier for prospective renters to imagine living on your property.
Thoroughly Screen Rental Applicants
One of the most crucial pieces of investment property advice is screening all rental applicants thoroughly. For your screening process to be comprehensive, it must include background checks that look into each applicant's
- Creditworthiness
- Employment status
- Income sources
- Rental and eviction history
- Criminal history
You can run all those checks yourself, but if you do, ensure you familiarize yourself with fair housing laws. Your other, better option is to outsource the entire process to rental management or tenant placement services.
Consider Hiring RightHouse Realty LLC
RightHouse Realty LLC is a full-service property management company serving landlords, investors, and tenants in Orlando, FL. When you hire us as your property manager, we will carry out the following duties and tasks on your behalf:
- Market your property
- Screen prospective tenants
- Collect rent
- Oversee your property's maintenance
- Perform accounting and financial reporting
- Assist with evictions
So, choosing us will reduce your worries and give you more time to focus on other crucial tasks (e.g., growing your investment portfolio). We also provide multiple residential guarantees for even more peace of mind.
Start Your Journey As a Real Estate Investor on the Right Foot
Being a real estate investor in Orlando, FL, can be a lucrative career choice, given the city's booming rental real estate market. However, it can also be stressful, especially if you're new to investing or it's not your only job.
So, consider hiring RightHouse Realty LLC as your first-ever rental property's full-service manager. We've been in business since 2021, but our expert property managers bring decades of combined experience to the company. Chris Ostarello has over a decade of property management expertise, and our owner, Timothy Schmidt, has 30+ years of financial background and is a licensed broker.
Get in touch today to request your complimentary property performance analysis and to learn more about our services!
