With median home prices up by 9% since last year, Jacksonville is a lucrative place to own property. But if you're an owner hoping to find landlord success, you'll have to be savvy.
You'll need to hustle in a competitive market. Read on to discover the best for rent by owner tips!
Improve Your Property
When it comes to rental property advice, sprucing up your property always is at the top of the list. You want your property's curb appeal to make a positive impression on potential renters, and you want the interior to feel fresh. Positive property improvements can include:
- Enhancing landscaping beds
- Trimming hedges and trees
- Painting interior rooms neutral colors
- Updating kitchens and bathrooms
Renters will know you care about the property when it looks its best. They'll also be more likely to trust that you'll respond to maintenance requests promptly. Minor upgrades can make a big difference!
Determine a Fair Price
Leasing strategies need to include researching the Jacksonville real estate market. As you're trying to determine a competitive rental price, it's important to know how your property stacks up against the competition.
Look at prices for properties with a comparable number of bedrooms or similar square footage. Check pricing trends and current rental demand. Consider what attributes make your property stand out.
Focus on Marketing
You'll need to spread the word about your property to attract interest. Use social media, and create online listings that have:
- High-resolution photographs
- Video footage
- Descriptive prose
Clear descriptions and strong visuals will generate the most interest. You'll demonstrate a higher level of polish as a property owner. And you'll gain a stronger pool of rental applicants as a result!
Screen Tenants Thoroughly
The last thing you want is for irresponsible tenants to take up residence in your Jacksonville property. You may end up with late rent payments or property damage that sets you back financially. Instead, create a thorough and consistent screening process to help identify the best candidates.
Plan on using the same set of screening questions for every applicant to ensure a fair process. Do credit and background checks so you know applicants can handle the monthly rent costs. Also, reach out to references so you're confident an applicant has a sense of responsibility.
Establish Property Management Practices
Once your tenants have signed a lease, your leasing management efforts can't stop there. To retain the best Jacksonville tenants and reduce vacancies, you'll need to:
- Create accessible communication methods with residents
- Commit to regular property maintenance
- Maintain organized property records
Investing in property management software can make DIY property management easier. Alternatively, you can turn to a reputable property management company to handle these daily tasks and record keeping.
Follow These for Rent by Owner Tips
The best for rent by owner tips can help keep your property occupied by reliable tenants. Focus on sprucing up the property and taking high-quality images for your online listing. Set a fair price and stay on top of your duties as a property manager.
At Northeast Florida Realty, Inc., we specialize in offering the region's most comprehensive property management services. Let us help you with anything from tenant screening to accounting to maximize your investment. Reach out today to learn more!
