As a landlord or the owner of rental real estate, you are likely looking for ways to keep your tenant(s) in place and in turn, the rent checks coming in. Certainly, one way to accomplish this is to communicate regularly with your renter(s).
But, while good landlords will typically respond to tenant needs in a timely manner and ensure that there are no items that require repair, a great landlord will go a step or two above. One of the best ways to do this is to provide each of your tenants with a more “customized” lease.
For instance, any boiler plate lease will include items like when the rent is due. But, adding in some items that pertain to a particular tenant’s needs can oftentimes mean the difference between keeping longer-term (and good paying) renters in place, or having to market a vacancy each year.
Great landlords also reward good behavior. In this case, for example, in addition to enforcing a penalty if the rent is late, you could knock off $25 or $50 if the rent is received early or by a certain date. Doing so can provide the tenant(s) with a good incentive to get you paid early, rather than at the last minute (or not at all).
While managing rental property can be a lucrative – and often enjoyable – endeavor, doing so can admittedly take a great deal of time. Because of that, it can often make sense to work with a local property management team.
By delegating many of the primary duties to a property manager, you can still reap the benefits of your income-producing real estate, while at the same time putting more flexibility back into your schedule.
If you own rental real estate in Orlando and / or the surrounding Central Florida area, and you want to learn more about how to take the day-to-day management obligations off your plate, Contact Us for details.