Raising the rent is an issue may landlords struggle with, especially during times like these when you're wondering what your community can weather because of the COVID-19 pandemic. However, when the expenses of operating your property rise, your rates need to rise with it. The key is to avoid raising the rent beyond your renters' price range: increasing rates too sharply around a lease renewal is often a quick ticket to leaving you with vacancies to fill.
Deciding how much to charge for your rental property is no easy task. So many factors come into play when it comes to setting the rent, and as an expert in property management (Leesburg, FL area), we have seen all kinds of worst-case scenarios play out. Many landlords right now are also concerned about the impact that COVID-19 will have on the ability of their tenants to pay rent—so the idea of potentially lowering the rent on your property might seem frightening when you have a mortgage to pay.
One of the most common questions we get asked by first-time landlords is this: how do I know if a property is a good investment? Everyone wants to get a great deal in their real estate purchase. While buying property can be a great way to grow your portfolio and secure your financial future, Leesburg property management experts understand that not all properties are worth your time—or your money!
If you own a house that you don't intend to live in, you're no doubt weighing your options on how to address this property windfall. Our Leesburg property management services are here to help you make the right call—and make the process as easy as possible.
- Are you the proud owner of a starter home your family has outgrown?
- Do you own a giant house that feels empty now that the kids have moved out?
- Were you gifted your parents' house as part of an inheritance?
- Are you being forced to rethink your location due to a career change?
In the ever-changing real estate rental market—and especially now during the COVID-19 pandemic—a challenge many landlords face is adjusting their marketing plans to attract millennial renters.
While millennials are currently the largest body of renters in the market, their methods of finding a property differ from previous generations dramatically. They have paved the way for a complete overhaul of traditional tenant expectations for how the rental experience should be. In some ways, during this time of social distancing as the new norm, this is a silver lining.
Did you know that 67% of households in the United States own a pet? Of that number, the majority of families own dogs and cats. With statistics like that, it's no wonder how allowing pets in your rental home can seriously open up your potential pool of renters! Not only do you have more prospects to market to and attract, but you even have the opportunity to charge additional pet rent to let Fido live in your rental home!
Maintenance is one of the most important parts of being a landlord—but it's nobody's favorite part. For anyone who expected to sit back and enjoy the passive income of a rental property, having to handle day-to-day maintenance chores can make that "passive" income feel awfully active.
When you work with a qualified provider of Leesburg property management services, they can take a lot of the hassle out of property maintenance. However, if you decide to try and tackle these tasks alone, it helps to at least have some guidance on what to look for when targeting maintenance for your rental home. Use these rental property maintenance tips to keep your tenants happy and your business running smoothly.
Over the years we have seen many nice properties degrade from the simple lack of routine preventative maintenance. Routine maintenance items are usually inexpensive easy fixes if caught and repaired in a timely manner. Over time even the smallest issues left unchecked can cause a chain reaction of damages to your property and end up causing you much more in the long run.
As a property manager we get asked this question on a regular basis. Coming up with the correct asking price is not always easy and there are many things to consider when determining the rent for a property. You will need to consider what comparable properties are renting for and what is different about those properties compared to yours.
Collecting rent is one of many aspects of managing rental property it can be a simple process or a nightmare. As always properly screening and selecting qualified tenants is an important first step. Listed below are few of the techniques we use to limit late payments and ensure payments are made on time month after month.