Just about every Investor has had to deal with tenants that keep them in one of two situations: a) scrambling to find new ones or b) trying their best to keep the ones they have living in the investment property, FOREVER. What you, the investor, can do to find the right tenant starts with you, the landlord. In this series, we hope to give you tips to becoming a better landlord in Central Florida. And just maybe, they will leave you in the latter of the two situations mentioned above.
When preparing your investment property for renting, be mindful of the square footage and layout, how the home shows and what appliances are provided. Not many investors will have a say in the configuration of the layout of the home, but if you were lucky enough to have bought a fixer-upper, remember that renters in the current market are looking for open floor plans. By creating a floor plan that is appealing to your target audience, you’re essentially creating more possibility for the next person who walks through your doors to want to live there.
Remember that a renter going through your home needs to be able to imagine themselves in your house. What does this mean to you as a landlord? It means you probably shouldn’t be spending hundreds of dollars on the newest and trendiest garden hose for that rental house when you should really be slapping on a fresh coat of paint in neutral colors on the walls.
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A couple buckets of paint can go a long way in updating the home and give it a “new home” feel. Want a fun little tip? Place drops of vanilla extract into the bucket before you start painting, and not only will the paint fumes disappear, but the renter will walk through the home with memories of vanilla sugar cookies baking in the oven.
Speaking of ovens, I know stainless steel is all the rage but a landlord needs to be mindful of where all his investment dollars are going. Whether you’re updating one of your rental homes or just getting your feet wet in the wonderful world of residential investment properties, be sure to ask your local REALTOR® what the rental market rate is for the community your rental home is in. It always pays to know whether high end upgrades are the norm or an expense that you might not be able to recuperate. A few other improvements might include sprucing up the ceiling, installing ceiling fans, or adding a curved shower rod to make the shower/tub feel bigger. Having gone through years of apartment living while in school, I can tell you from firsthand experience that a Renter would rather have a new, plain white refrigerator than a stainless steel beast complete with rust, broken produce drawers and dirt smeared across the front from the last tenant. So remember landlords, make sure the home is clean and well maintained both inside and out.
Stay tuned for part two, coming next week, of how to become a better Central Florida landlord. We'll be talking about the importance of running credit checks and looking into the background history of prospective tenants before you have them sign on the dotted line.
About the author, Christy Lim: Christy graduated with a Juris Doctor from Florida Coastal School of Law. Her areas of focus include residential and commercial real estate transactions, immigration and foreign investments and visas, and contract negotiations and alternative dispute resolution. Having over six years of real estate experience in Florida and having managed commercial properties for over fifteen years, throughout California, Florida and Texas, Christy brings forth a broad and diverse understanding of the complexities associated with the legal and real estate fields. Like what you read? Read another post by Christy, FAQs on Property Investment in Central Florida.
