The general perception about being a landlord is that it's easy money, but that's far from the truth for most of the millions of Florida landlords.
America has seen almost 83,000 eviction cases in the past year alone. This signals a major problem with the landlord-tenant relationship in our country. Delinquent tenants are a major source of stress for landlords, but it's not the only one.
From property maintenance to rent collection, every aspect of being a landlord can come with stress. In today's post, we'll explain how you can better manage your stress to make your life as a landlord easier. Keep reading and improve your property management strategy in 2024.
Better Property Marketing
A lot of landlord stress comes down to money and tenant management. Firstly, every landlord's biggest nightmare is a poor tenant with rental vacancies being a close second. You can minimize the risk of both with good property marketing.
When you have a vacancy, you need to put resources into marketing. This involves creating an effective rental listing with professional photos and a thorough property description. Put this on the listing site of your choosing and utilize SEO and paid ads to cast a wide net of potential renters.
Tenant Screening
When you cast a wide net, you need measures in place to vet your applicants. Tenant screening is how you separate the good tenants from the bad and ensure you find one you can trust to care for your rental.
Thorough tenant screening involves criminal and financial background checks, as well as reference checks. All of this can tell you what you need to know to ensure you pick a responsible and financially secure tenant.
Emergency Fund
Having good tenants will minimize the amount of wear and tear your property goes through. That being said, you should create an emergency fund to cover any unexpected repairs to your property.
A landlord needs to be able to promptly address any tenant maintenance requests to keep your good tenants happy. Failing to look after your tenants' needs will cause them to look elsewhere for a better rental, which will leave your property vacant once again.
Rent Collection Method
When you get a new tenant, you'll need to draw up a lease agreement that holds both parties accountable. In the lease, you'll include information about rent collection, late fees, and other penalties associated with payment issues.
It's in everyone's best interest to offer a simple and secure rent payment method. Different tenants prefer different methods of payment, so make sure you're sensitive to each tenant's needs. An online tenant portal is a good way to allow your tenants to pay their rent quickly each month.
Property Manager for Landlords
All of these things can help landlords everywhere minimize the stress associated with the job. If you're feeling overwhelmed by landlord duties, however, you can always hire a property manager to help.
A good property management company can take on all aspects of being a landlord on your behalf. For landlords in Orlando, the best property management choice is SunnySide Properties. To learn more about our services and how we can help you, contact us today.
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