If you managed to buy an Orlando investment property in a market as hot as this one – congratulations. You’ve taken a great step in earning high returns and consistent rental income.
New investors are often unsure about how to get started. Now that you’ve purchased your property, what happens?
We’ll tell you. As Orlando property managers, we’ve people at every level of the investment process. Here’s what comes next, and how to set yourself up for a successful rental experience.
Preparing to List your Orlando Rental Property
Now that you have closed the deal, you’re likely eager to begin collecting rent. However, there are a few things you need to do first. For example:
- Ensuring everything at the home works and functions the way it should. If repairs are needed, make them quickly with licensed and insured vendors.
- Have the home completely and professionally cleaned.
- Pricing your home competitively to reflect the market and the demand.
- Creating some curb appeal to make sure your home looks attractive, welcoming, and move-in ready.
- Taking professional-level marketing photos. Pay attention to lighting and angles and take more pictures than you need so you can be selective.
Marketing Your Property and Screening Orlando Tenants
Most of your rental property marketing will be done online. It’s where well-qualified tenants are looking for their next rental home. We recommend you list your property on all the popular rental sites, including Zillow, Trulia, HotPads, Rentals.com, and Zumper, among others.
When tenants begin to call and text, it’s important to be responsive and schedule showings. Walk your prospective tenants through the property and answer their questions or set up some self-showing technology like a digital keypad or a lockbox so tenants can see the home privately on their own time. Offer them a chance to apply for the home, and then make sure you know how to screen those applications.
Screening is especially important and you should check credit, eviction history, and criminal backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords. Make sure you are following all fair housing laws and documenting your process.
Managing and Maintaining your Orlando Rental Property
Once you’ve approved a qualified tenant who meets all of your requirements and is ready to move in, your next step is to manage a few additional leasing details, such as collecting the security deposit and other move-in funds, reviewing and signing a lease agreement that’s legally enforceable and compliant with Hawaii’s rental laws, and performing a thorough move-in inspection to document the condition of your property.
Next, you’ll need to set up procedures for the actual management of your home. You’ll need to know how to:
- Collect rent
- Enforce the lease
- Schedule and conduct inspections
- Manage rental property accounting
- Take care of routine and emergency maintenance
You’ll need to develop some great relationships with local vendors so you’ll have a team of plumbers, electricians, HVAC technicians, and other repair people available to help when there’s an unexpected repair needed. Develop a good, professional relationship with your tenants so there are fewer conflicts and disputes.
Hire a Professional Orlando Property Management Company
Getting started as a new landlord can be overwhelming and time consuming. It’s easy to make expensive mistakes. Don’t wait for those mistakes to happen. Work with a professional management company that has the experience and the professionalism to effectively and profitably manage your rental home. You’ll get your time back and you won’t have to worry about what you don’t know.
We can help. Contact our team at Park Avenue Property Management when you’ve purchased an investment property and you’re ready to rent it out.