We have recently been talking about investment properties here in Fort Lauderdale and how to make it work for you as an investor. I wanted to talk a little bit today about the best ways to keep your real estate investment property rented. So here are the top 10 ways to keep your rental property occupied.
- First and foremost, make sure you are a great landlord. No one wants to live under a tyrant or someone who is hard to get hold of when there is a problem. Fix the issues quickly and make sure you are available.
- Make sure the rental property is appealing. No one wants to rent a shack when they are paying premium or close to it to live there.
- Look for a real estate investment property that is near shopping or area attractions like the beach or Las Olas Boulevard for example. This will encourage people to stay.
- If you are buying in a particular development or a condo, make sure the development allows you to rent. It would stink if you put forth a lot of effort and then couldn’t rent.
- Talk to me or your realtor about the best areas to rent.
- Get a good rental agent if you aren’t planning on doing the maintenance and day to day work yourself.
- Don’t just assume that you should have long term renters. Fort Lauderdale is a great beach front location for vacationers and people who want to warm up in the winter. You might do better to rent during the peak tourist season for weeks at a time and then longer periods during the winter for our Sr’s who come down for the winter.
- Make sure you have a good marketing plan to get the work out there that you are renting a fabulous place for a reasonable price. If they don’t know about it, you can’t rent it.
- Do your homework. Know the average price for comparable rental properties in your area before you buy. This way you aren’t going to ask more than you should just to break even. If you price it too high, you can’t rent it and if you price it too low, you loose money.
- And the stickler here in Fort Lauderdale is insurance. Make sure you factor in insurance that is for a rental property before you buy. This way you know all the figures before you price your rental property.
These might seem simple but they are vital to keeping your rental property occupied. Most of the ideas here can be overcome if you just take care of the first one. I have heard so many horror stories about bad landlords that make people shy away from renting. Although, I loose out on a potential client if you keep a good renter, you make more money and will hopefully want to buy another investment property. So you win either way by being a good landlord and I win by helping you find a new real estate investment property.
Talk to you tomorrow,
Christine
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