With beach access and warm weather, Fort Lauderdale can be a lucrative place to own property. But do you know the top strategies to ensure your property is always booked and well-maintained? You need to be hands-on to maximize rental profits.
Fortunately, you've come to the right place. Read on to learn the best practices in rental property management!
Market Your Property
Even the best Fort Lauderdale properties will struggle to stay occupied if no one knows about them. That's why a marketing strategy is essential when managing rental properties.
Start by focusing on the visuals. Take crisp photos of your property plus drone footage to show off its best features. Then pair these striking visuals with clear descriptions detailing square footage and other amenities.
Post your listing on well-trafficed rental listing sites. Leverage social media, too, to get the word out to potential renters. And don't overlook the value of printed materials, like posters or postcards.
Be Clear on Policies
When it comes to property management tips, clear communication is key. Tenants need to know when rent is due and what the penalties are for late payments.
They should know whether pets are allowed before signing a lease agreement. They should know when quiet hours are and how trash pick-ups work. They should also understand what is expected of them from a maintenance or housekeeping standpoint if they move out.
Screen Applicants Thoroughly
You don't want just anyone living on your property. Use a thorough vetting process to help arrive at the best candidates. You want financially stable individuals with a demonstrated sense of responsibility.
You may be better off letting a qualified association management company handle the vetting for you. They'll know the laws to ensure the process is equitable. They'll also know the essential questions to help you arrive at the most responsible tenants.
Make Rent Payments Easy
When paying rent is easy, tenants may be more likely to stay. Consequently, it pays to offer multiple channels to accept payments as part of your rental income strategies. Let tenants use an online portal, for instance, if they can't make it to the rental office.
If your property is in an HOA community, it's important to be transparent about money. Help tenants understand what their payments support when it comes to community amenities.
Focus on Maintenance
Finally, don't forget that maintenance is critical if you want to retain good renters. Do preventative maintenance of HVAC systems and plumbing. The last thing you want is for an air conditioning unit to stop working during a Fort Lauderdale summer.
Clean gutters and tidy up landscaping to add stronger curb appeal. When tenants make maintenance requests, respond promptly. Provide status updates, too, so they know you're addressing the problem.
Make Rental Property Management a Priority
Effective rental property management in Fort Lauderdale entails focusing on marketing, property maintenance, and applicant screening. Additionally, establish clear rental policies and make rental payments easy.
At PMI Broward Sunrise, we can tackle your property management needs. We're available to answer your questions 24 hours a day, and we can help you get the best return on your investment. Contact us today to learn more!
