While owning rental property in Central Florida can certainly be a profitable endeavor – and a great way to earn “passive” income – being a landlord isn’t quite as easy as the late night real estate informercial gurus make it out to be. In fact, there are a number of common mistakes that are made by first-time landlords that could cause you to lose a great deal of money. These can include:
Renting to Bad Tenants
One of the worst things you can do is rent to the first person that comes along and shows an interest in the property. Although you want to get your income stream up and running as soon as possible, it is absolutely essential that you screen any and all applicants before handing over the keys.
The screening process should include at minimum an income verification and a talk with previous landlords. Doing so can end up saving you a lot of time and expense down the road – particularly if you find that an applicant has a poor rental history.
Not Regularly Inspecting the Property
While you might not want to seem “intrusive,” regularly checking on your property (or properties) can allow you to see first-hand the condition that the home is being kept in. It can also help you to stop any issues before they get too out of hand. In addition, conducting a regular property check can better ensure that regular maintenance issues are taken care of.
Trying to Do Everything Yourself
Although you might want to save money by doing all of the property management duties on your own, working with an experienced property manager can actually allow you to save a great deal of time – and money!
A local property management team can essentially be on call 24/7, in turn, allowing you to focus on other things while your property continues to provide you with a regular income stream. For more details on Orlando / Central Florida property management, Contact Us today.