Tips You Should Know as a Landlord
Let’s just put it out there: being a landlord can be a challenge. It isn’t necessarily the easiest way to make a living. The job is time-consuming, demanding, and comes with several challenges. But then again, what job doesn’t? Whether you’re a new landlord or been one for years, you will always face property and tenant throughout your days.
Now, there are things you can do and learn to make the job of being a landlord easier and more rewarding. At the end of the day, owning a property can be a great investment!
- Remember that you’re a landlord first – You may like your tenants, but you are their landlord, not their friend. You have responsibilities such as collecting rent, caring for the building and holding tenants accountable. If you become too friendly or forgiving, tenants can take advantage of you if you are more friendly than business oriented. Treat your relations with tenants like a business relationship to create boundaries, so you will get paid on time and have your building cared for.
- Avoid “Pre-Fab” Leases – A good lease keeps expectations and boundaries clear. Using a pre-made lease isn’t a good idea because you want to make sure your lease complies with the landlord-tenant laws of Jacksonville and Florida. You want to get the lease right because it’s legally binding and it needs to hold up in court. If you are unsure of how to write up a lease or what to include, you can hire a property manager or a lawyer to write/review a lease.
- Find the right rent – You need to find the right price for your area. You don’t want to set the rent too low or you will miss out on income. If you set the price too high, you will struggle to find tenants. Keep up to date with rent rates every year. It’s better to adjust the rent incrementally.
- Use a streamlined tenant-screening process — You want a process for screening prospective tenants. Check rental history, income, and credit score. Avoid discrimination. A property management company, like our team at Quest Real Estate, LLC, has years of experience screening tenants and we can save you time finding you good-quality tenants.
Being a landlord is a full-time job, especially if you own more than one property. If you’re finding it hard to juggle all your work or manage your buildings, it’s time to consider hiring a property management company. Our team has been managing buildings and working with tenants for years. We can take care of the property day-to-day for you.
Work with a Jacksonville Property Management Company
Since 1985, Quest Real Estate has been offering property management services in the Jacksonville, Florida area. We’ve managed hundreds of properties and we understand what it takes to manage a building and find tenants.
A property management company, like our team at Quest Real Estate, specializes in running and managing the day-to-day tasks of a rental property for you. As a Jacksonville property management company, we are effective, knowledgeable, and experienced at managing a building, finding and keeping tenants, and handling tenant disputes and evictions. Our experts have more than 20 years of combined experience in managing properties.
Here are other benefits of working with a property management company for you to consider.