Jacksonville's rental market is scorching hot right now.
If you're a real estate investor, it's the perfect time to invest in a rental market like Jacksonville's. Buying a rental property is an exciting endeavor, as it can immediately create passive income. In the long run, you can turn one property investment into a career as a real estate investor.
That's if you play your cards right. In today's post, we'll explain the right way to approach renting out a property in Jacksonville. Follow our guide and you'll be on your way to maximizing the ROI on your property investment.
Property Marketing
Once you've taken possession of your investment property, you'll want to get a renter in as soon as possible. Rental vacancies are every landlord's nightmare because you end up eating the full cost of the property.
To find renters, you need to market your rental property. Start by creating a great rental listing with professional-quality real estate photos and a thorough description of the property, as well as any local amenities you want to feature.
Post the listing on a rental platform of your choosing. If need be, you can even invest in digital marketing, such as SEO or paid ads, to cast a wide net and put your rental in front of as many renters as possible.
Tenant Screening
If you do a good job of property marketing, you'll get a large pool of applicants. Now you have to do your due diligence with tenant screening.
Earlier, we said that a landlord's worst nightmare is rental vacancies, but a close second would be delinquent tenants. A poor tenant can cause a lot of stress and ultimately cost you money by missing rent payments or damaging your rental.
Tenant screening involves financial, criminal background, and reference checks. Once you tackle all of this, you'll be left with a few ideal candidates.
Do Inspections
Even after thorough tenant screening, there are still measures you should take to protect your investment. For example, always perform move-in/move-out inspections with intermittent property inspections throughout a tenancy.
In conjunction with a property inspection, always collect a security deposit at the start of a tenancy. This gives you a bit of insurance in the event a tenant costs you money with their poor actions - you can reimburse yourself with the security deposit.
Regular Property Maintenance
If you want to lower vacancy rates and prioritize lease renewals, you need to look after the tenant's needs. The best way any landlord can do this is to perform regular preventative maintenance on the property.
Not only that, but you should also promptly respond to any tenant maintenance requests. Show the tenant that you care and they'll stick around for the long haul.
How a Property Manager Can Help a Real Estate Investor
These tips will help any real estate investor get started with renting out a property. Being a good landlord is a lot of work, so if you're falling behind because you're just too busy to do it, it's time to hire a property manager.
Round Table Property Management has 40 years of experience helping Jacksonville's landlords. Contact us today to learn how our services can help you thrive as a real estate investor.
