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Get Your Property Rent Ready in 7 Steps

7 Tips to Get Your Property Ready to Rent

Getting your property rent ready can mean a lot of things. It usually depends on your property’s unique needs, and the type of tenants you are looking to attract.

And while turnover isn’t great for business, it does provide a great opportunity to spruce up your rental property.

Of course, as a landlord, it’s your responsibility to make sure that your property adheres to habitability laws. That is, ensuring that your property complies with local building and health codes.

But does this mean you should stop there?

Of course not!

In a competitive rental market, you’ll need to do quite a bit more.

Here are 7 tips that will make your property stand out from the rest and attract the perfect tenants for your rental property.

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How to Maximize Rental Income

The goal of owning a rental property is to make money. Thankfully, you don’t need to own hundreds of properties to make that happen. You only need to know how to reap the most profit from what you currently own.

So, in this article, we share with you 6 tips on how you can maximize your rental income. Let’s get started, shall we?

Tip #1: Strategically increase the rent.

Setting the right rental price is a balancing act. If you price your rentals too high, you risk putting off your tenants. If you price it too low, then you risk leaving money on the table. It goes without saying that either of the two scenarios is bad for business.

What you want to do is find the sweet spot in between. One important factor to consider is expenses vs. revenue. Examples of property expenses include:

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How to Raise Rent on a Tenant

As a rental property owner in St Petersburg, FL, you probably know that good tenants aren’t easy to come by. Finding them requires experience, knowledge and time. So naturally, when you get them, you’ll want to hold onto them for as long as you can.

But what should you do when you need to raise their rent?

It could be that the costs of maintenance have gone through the roof or maybe the cost of living has shot up. Perhaps, it could be that property and income taxes have been adjusted upwards.

Remember, your rental investment is a business. And, the goal of any business is to make profit. So, when property expenses increase, you’ll need to adjust your rent price in order for your rental business to continue being profitable.

Albeit, increasing rent is, without a doubt, risky. Raising it could leave your tenants scurrying for a new place to call home. Opting not to raise it, on the other hand, can mean leaving money on the table.

So, in this article, we share with you 4 steps on how to raise the rent on a tenant without complaints.

Step #1: Determine Your Reasons to Rent Increase

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Florida Landlord-Tenant Laws: What You Need to Know

With a population exceeding 20 million people, Florida is arguably one of the largest states in the country. To help bring order to this enormous population, the state has put together extensive and elaborate guidelines for landlord and tenants.

The Florida landlord-tenant law guides the relationship between tenants and landlords in the state.

The following is everything that landlords and tenants in Florida need to know about the state’s landlord-tenant laws.

Landlord Entry in Florida

In Florida, landlords cannot just enter the tenant’s premises as they wish. Tenants have the right to the quiet enjoyment of their homes.

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Economic Forecast | Tampa Bay Justin Dean predicts moderate growth for St. Petersburg

November 18, 2016

Reported by: Mark Gordon, Business Observer

Company: Dean predicts moderate growth for St. Petersburg–based Dean & Dewitt Property Management in 2017. “We’ve been in pretty fast growth mode over the past two years,” he says. “I still expect to grow, but the speed of growth is not going to be as fast.”

Industry: Dean doesn’t anticipate another real estate bubble, because there’s been more responsible lending and more cash purchases than in 2006.

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Rental Advice

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    Justin, Just wanted to let you know I used the maintenance phone line last night and had a great experience. Read More
  • Lead Paint +

    Simple Steps To Protect Your Family From Lead Hazards If you think your home has high levels of lead: Get Read More
  • Maintenance - No hot water? +

    No hot water and can't get a hold of the landlord? When selecting a rental, make sure you are interviewing Read More
  • Who am I dealing with? +

    When you rent from a private homeowner, who are you dealing with? Do they know your rights as a tenant? Read More
  • Who's holding your security deposit? +

    If you are not considering the property manager as part of your rental decision, you could be putting your money Read More
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