Renting Out Your Home in Tampa: Everything You Should Consider
The concept of renting out their homes is one that many individuals consider. They might want the added income for their savings, to pay off debt, or they might see it as a viable alternative to selling during a downturn in the real estate market.
But if the right factors aren't taken into account, it can end up being more hassle than it's worth. Here are some actions to take before renting out your home that will set you on the correct path:
Recognize Your Responsibilities
You must first decide if becoming a landlord is a responsibility you can undertake. While there are many advantages to renting out a property, being a landlord adds another obligation to your plate, and it's reasonable to expect that things won't always go according to plan.
To start you have to market your rental and screen tenants. From there, landlords are expected to handle emergency maintenance and repairs, collect rent and address late or missed payment issues, and stay ahead of wear and tear on the property by carrying out frequent inspections and handling necessary maintenance requests.
Learn the Landlord-tenant Laws
The majority of states have particular landlord-tenant regulations that address matters like security deposits, property access, and lease termination notice requirements.
Before signing a lease contract, landlords and tenants should both be aware of their fundamental legal obligations. Both tenants and landlords are entitled to certain protections under Florida law.
Rights of Tenants
Tenants have the right to privacy and a safe house free from asbestos, lead paint, faulty appliances, and more. They also have a right to receive disclosures from the landlord regarding the rent, deposits, utility plans, etc, and recoup their security deposit minus allowable deductions. What’s more, they should always be treated fairly and equally in accordance with Fair Housing Laws.
Landlord’s Rights
Landlords have the right to visit the rental under specific circumstances after giving a 12-hour notice in adherence to the steps outlined in the Florida Residential Landlord Tenant Law. They can also evict a tenant for a lease violation like non-payment of rent or serious property damage and collect a security deposit.
Housing Safety and Fair Housing Laws
Federal anti-discrimination statutes and rules pertaining to housing safety are also relevant. Ensure to be transparent about these early on because they safeguard tenants when they are searching for a new home.
For information on all landlord-tenant legislation, you should look at the Department of Housing and Urban Development (HUD), Fair Housing Act, Federal Housing Law, and Federal Anti-Discrimination Law. You can also contact a property management company.
Get Your Home Ready for Renting
It's crucial to make sure your rental is ready for tenants. Reference the Implied Warranty of Habitability, which asserts that tenants have the right to a habitable property.
To comply with these laws, ensure that your property meets all local building standards and state statutes, which outline the need for basic necessities like water, electricity, and other facilities.
Consider additional details as you get your rental home ready for a tenant. You might be able to command higher rent rates by adding features to make your rental property stand out from similar houses. The following are a few top facilities renters desire:
- Natural lighting
- Open floor plan
- Sufficient storage space
- Central air conditioning
- Stainless steel appliances
Thoroughly Market Your Rental
Similar to when you sell a home, you should make your rental sparkle before putting out ads to potential renters. Create a list of the qualities that make the house desirable. Keep an eye out for amenities that are frequently desired like a garage, in-unit washer and dryer, and private outdoor space. Think about staging the unit and hiring a photographer.
From there post an ad on reliable listing websites and also in your neighborhood periodicals. You want to reach the widest pool of possible tenants by listing your rental property both on and offline.
Hire a Property Management Professional
From the information above, you can appreciate the challenges that come with the management of your Tampa rental property. You can choose to relieve yourself of the stress and outsource the management to a third party.
Locate a licensed professional and check their references. Work with a property manager who has the industry knowledge and an understanding of the local real estate market. A qualified property management company will be able to assist with marketing, tenant screening, rent collection, property maintenance, tenant management and so much more.
Screen All Potential Tenants
Don’t be in too much of a hurry to place a tenant in your rental property. You want to ensure that you’re placing the right tenant in your unit. What you are looking for is a tenant who pays their rent promptly and can adhere to the terms of the lease agreement.
Request personal and financial information from your tenant. You should also conduct income checks, and credit history checks, verify their rental history, and more to ensure that they’re going to be the right fit.
The Bottom Line
There are many things to keep track of when managing a rental property. For instance, you’ll have to consider who will oversee the daily operations, such as answering maintenance calls and doing periodic inspections of the rental. Although you have the option to do it yourself, hiring a property management company is often the best course of action.
Looking for trustworthy property management in Tampa Bay? We at Best Rental Services relieve the stress associated with rental property ownership. Being investors ourselves, we have the perspective and know-how to streamline your daily operations while keeping an eye on the long-term objectives of your investment.
Based on your particular demands, our services can be customized and scalable. Contact us today to speak to one of our dedicated team members and learn more about our property management services!