For many rental property owners, one of the most stressful factors related to owning and managing your investment is finding tenants. Yet, while many landlords prefer knowing that their tenants are secured with a long-term lease, there can be a number of benefits to catering to short term rentals. This is particularly the case if your properties are located in highly trafficked vacation areas like Orlando.
For example, in most cases, short-term leases can typically command a higher amount of monthly rent (with all other factors being equal). On top of that, you can also raise the rent amount more frequently, without the need to wait for a longer-term lease to expire or give notice to a tenant who is occupying the property for a long period of time.
In addition, if you do end up with a problem tenant, it could be much easier to get rid of them, without the need to go through the eviction process. In this case, you may be able to save some money on repairs, too, if you are able to get the tenant out of the property sooner rather than later.
While seeking and screening new tenants more frequently can certainly be a time consuming task, it is one that you don’t necessarily have to take on yourself. By working with a property management team, you can turn over these details, as well as others, such as rent collection, and property maintenance – including the cleaning and prep of the units between tenants. This can allow you to spend your time doing other things.
For more information on the many benefits of adding a professional property manager for your real estate investments in the Orlando and / or Central Florida area, give Central Florida Property Management a call today.
