Individual investors now own over 70% of US rental properties (financial guidance site Bankrate). Have you enjoyed this group of real estate investors? Don't make the same mistakes that cost other Jacksonville accidental landlords revenue.
Instead, use these property management tips to maximize your profitability. With these rental income strategies, you can find and retain renters to improve occupancy rates. Read on to ensure your success in Jacksonville, FL!
Research the Real Estate Market in Jacksonville
Before selecting tenants, research the real estate market in Jacksonville. Consider:
- Rental rates
- Property amenities
- Current demand
Use the information you gather to complete a rental analysis. Otherwise, outsource this task to a property management company. Their rental analysis will help you set competitive yet attractive rates.
Prepare for Maintenance
Prepare for potential costs by building an emergency fund. Use this fund to cover inspections, maintenance, taxes, and emergencies.
Build a list of local, reliable contractors before you need their services. Schedule regular inspections to spot problems before they get worse. Preventative maintenance can save you money.
Allow tenants to submit maintenance requests using an online portal. Maintaining the property will protect your investment and improve satisfaction rates.
Understand Housing Regulations in Jacksonville
Review Florida's landlord-tenant laws, including:
- Late fee and disclosure rules
- Rental application rules
- Termination and eviction rules
- Landlord responsibilities for providing habitable rentals
- Tenant rights to repair and deduct or withhold rent
- Security deposit laws
- Tenant screening laws
Adhering to local, state, and federal housing regulations in Jacksonville will help you avoid fines and legal trouble. Consult an experienced property manager to operate under these regulations.
Screen Tenants
Develop a thorough tenant screening process that includes researching:
- Criminal background checks
- Employment verification
- Credit scores
- Eviction histories
- Rental histories
- References
This information can help you find trustworthy renters. Develop a retention strategy to keep your best tenants long-term.
Generating lease renewals will improve your occupancy rate and ROI. It will also save you money on tenant screening services and vacancies.
Maintain strong relationships with tenants by remaining responsive to their needs. Tenants will appreciate your prompt responses.
You can outsource your tenant management to a property manager to improve satisfaction rates. With help, you can generate more lease renewals, improving your occupancy rate and ROI.
Consider the Benefits of Hiring a Property Manager
You don't have to juggle these tasks alone. Instead, consider the benefits of hiring a property manager. Working with a team can help you operate more effectively and efficiently.
Rely on their rental property accounting services to recognize ways to improve your operating costs. Their rental income strategies can boost your ROI.
Exceed Other Accidental Landlords
Many accidental landlords are making mistakes that are costing them potential revenue. Instead of following in their footsteps, consider the benefits of hiring a property manager. Their professional property management tips can ensure your success in today's saturated market.
Our team at PMI River City uses property management software that allows owners to track how their investments perform in real time. Trust our proven strategies, commitment to accuracy and integrity, and prompt services. Contact us now for a free rental analysis.
