1. Update Insurance
When you purchase your rental property, it’s important to tell your insurance agent to convert your policy to a landlord’s policy.
This landlord’s policy will cover things like liability (your tenant slips and falls on the ice). You also want to make sure you have a rider for loss of rent, meaning if the property burns down, you will still receive the rent amount you would have collected until the property is rebuilt.
2. Follow Rent-Ready Standards
We’ve said it before, but it’s worth saying again: the quality of a property is directly proportional to the quality of the tenant it will attract. Before you advertise your property for rent, make sure the property is clean and attractive.
Also be sure the state required safety standards are in place such as working smoke detectors and carbon monoxide detectors. You may refer to the Florida Habitability Standards for more information on rent-ready requirements in Florida. You may also refer to Kuntz Property Group’s rent-ready standards.
3. Advertise Your Property
How are potential tenants going to find your property? You will want to advertise your Crestview rental property in multiple online sources. Some of the more popular online sources include Homes.com, Trulia, Zillow, Craigslist, Hotpads, and the local MLS which reaches all REALTORS and real estate agents. And don’t forget about the traditional “FOR RENT” sign in the front yard - just make sure the sign is clean and looks professional.
When you are advertising online, include high quality photos that showcase every feature of your Crestview home.
4. Have a Thorough Applicant Screening Process
Screening applicants is an absolute must, as you want a long-term, high quality resident to take care of your property! All applicants should complete a rental application.
You’ll also want to do a background check on the applicant and pull their credit history. In order to do this, you’ll need to contract with a credit report agency.
Keep in mind that there are State and Federal Laws on what you can and can’t take into consideration on a rental application. It is also important that you follow federal, state, and local fair housing laws in your applicant screening process.
This process can get complicated at times, and if you have questions, contact us and we can help point you in the right direction!
5. Know Your Lease Essentials
Once you have approved an applicant, they should now sign a lease and pay a security deposit. You will want to use an attorney approved lease agreement and lease addendums. Consulting with a real estate attorney or with a professional Crestview Property Management Company often becomes necessary, even if you are self-managing your property.
Your lease will need to be up to date with Florida laws regarding rental properties, including any and all Landlord/Tenant Laws.
If something were to go wrong between you and your tenant, that’s when having a good and fair lease is most important.
6. Enforce the Lease
The easiest way to make sure you are enforcing the lease for your rental property is to do regular inspections of the property. How often should this take place? See how often Kuntz Property Group does inspections for Crestview Rental Properties.
If during these walk through inspections you find that the tenant has violated the lease in some way, you have several options on lease enforcement - and should only consider a legal eviction as a last option.
Remember - Before you inspect the property, you must serve an official 24-hour notice of entry to the Resident. Florida 24 Hour Notice to Entry Laws
7. Educate Yourself About Service Animals
This topic is huge in the property management world today, and it’s very likely you as a landlord may need to address it.
Service animals and emotional support animals in Crestview and Florida rental properties are a complex issue. You must follow all Florida ESA/SA laws when dealing with Applicants and/or Tenants.
8. Have Maintenance Standards
When something breaks or needs repair, who is responsible for the maintenance cost? Your lease agreement should clearly state the things a tenant needs to repair, and the things you as a landlord will repair.
Think you want the tenant to repair everything? The state of Florida doesn’t agree with you, and has what’s called a habitability statute, meaning there are things you as a landlord must repair on behalf of your tenant.
9. Have a Security Deposit Return Policy
After your tenant has moved out of your property you need to complete a security deposit disposition - even if you are going to retain 100% of the deposit for any reason - you still must complete a disposition letter and give it to the tenant.
It’s important to realize that as a Crestview landlord, you cannot charge for wear and tear on items. What’s wear and tear? This can sometimes be a judgment call, but a good reference is HUD (Department of Housing and Urban Development)
You also need to return the tenant’s security deposit in a timely fashion. Florida Security Deposit Return Laws
Having trouble managing your Crestview rental property or getting it rented? Contact us for a free rental analysis & consultation
