When it comes to owning rental property in Orlando there are a few things that professional property managers wish property owners knew about the overall leasing process. We interviewed a few of our Orlando property managers to come up with the top THREE pieces of advice for those looking to lease their rental property with a property management company.
The Price is Right
When it comes to determining the price of your rental property, it should be weighted carefully against similar rental homes in the market. Size, amenities, the age of home, and cosmetic condition are all things that will influence the price. Finding the right price for your rental home is a crucial part of the leasing process, as approximately 80% of potential tenants come to see the home within the first three weeks it is on the market. If the home is overpriced, that could lead to longer vacancy periods, which negatively affects your cash flow.
Furthermore, you must consider Zillow’s Rent Zestimate. Zillow’s Rent Zestimate estimates the monthly rent price, computed by using a formula created by Zillow. The Rent Zestimate is pulls its data from public property info and similar local properties listed for rent. Because many tenant prospects use Zillow to search for rental listing you want to make sure your listing price is comparable to the Zillow’s Rent Zestimate.
At Real Property Management Orlando our property managers utilize the most thorough and efficient systems in place to get your rental property leased. Our experienced managers are highly trained and lead the industry in leasing properties quickly.
Pets or No Pets?
By not allowing pets at your rental property, you are reducing your potential tenant pool in half, reducing the time they will stay in your home, and may be increasing your vacancy days.
Studies have shown that rental property owners who allow pets in their properties take in a larger monthly rent rate, pet owners are willing to pay. It has also been found that pets typically don’t cause any more damage than human residents, and in the event that they do-the Security Deposit/Pet Deposit is more than enough to cover the costs for repair.
Our Real Property Management South Orlando property managers encourage all rental property owners to allow pets on their properties to increase their pool of potential tenants, reduce vacancy days, and increase their rental income.
Many property owners don’t truly understand the importance of properly screening tenant applications. Our South Orlando property management team relies on complete background, credit, criminal, and employment checks, as well as references from past landlords. By performing these verifications, we are able to find reliable tenants that are more likely to care for your property.
Placing tenants that have had their applications properly screened protects you, your investment, and the neighborhood in which it lies.
Whether you are a new rental property owner or a seasoned veteran, Real Property Management South Orlando can help you achieve your investment goals by ensuring that the leasing process goes smoothly and quickly.
As always we thank you for your business. We know you had a choice when selecting a Orlando property management company and we are happy you chose us, Real Property Management South Orlando and Lakeside.
Not a client yet, Call Real Property Management Orlando today for all your central Florida property management needs Orlando/Kissimmee 407-982-2000 or Polk County 863-877-1078
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