What Owners Need to Do to Get the Most ROI from Their Orange County, FL Rental

Your return on investment, or ROI, often depends on the strength of the market and how it’s performing in Orange County, Florida. However, there are some things you can do to ensure your investment property is earning as much as it possibly can, no matter how strong or challenging the rental market happens to be.

We’re sharing some of our best tips today.

Avoid Vacancy and Lease Quickly

The most important thing you can do to earn more on your income-producing property is to get it off the market as soon as possible. You don’t want to leave it unoccupied for weeks and even months. Make sure you’re using a strategic and aggressive marketing plan so the maximum number of potential tenants see it. There are dozens of popular rental websites, and your listing needs to be on all of them.

Be responsive when tenants call to inquire. Answer questions, return messages, and schedule showings. Tenants today have a lot of options, and they won’t wait around for you. Instead, they’ll move onto the next property if they don’t get a response from you. If you are available and accessible, your home will rent quickly.

Correct Rental Values are Critical

Your ROI also depends on the right rental value. Underpricing your home will leave you with underwhelming income and flat ROI. It also takes you longer to get those rents up to the market rate. Your increases year after year have to be modest; you can’t raise rent on a tenant by 20 percent without chasing them off. So, don’t underprice it at the beginning of a tenancy; you’ll only lose money.

Overpricing a home is just as dangerous. If you put a price on your property that’s higher than the competition, no one will want to rent it. It’s important to your ROI that you do a careful analysis of what properties similar to yours are renting for in the local area. If you list your home and you don’t get any responses after a few days, you might want to adjust your price.

Pay Attention to Maintenance

To achieve as much ROI as possible on your home, you have to protect its condition. A dilapidated and dated property won’t rent well, and it won’t sell well, either. Stay on top of preventative and routine maintenance. Respond to emergencies immediately so further damage isn’t done. Talk to your tenants about their role in maintaining your home, whether it’s changing air filters or managing pests or taking care of the lawn.

Manage the value of your asset if you want to earn more on it in the future.

If you’re serious about increasing your ROI, work with a professional Orange County property management company. Property managers have the resources and tools to ensure you are earning more and spending less on your investment.

We can fill that role for you. Contact us at Park Avenue Property Management, and we’d be happy to tell you more.