There are many reasons why you should consider investing in Sarasota rental properties. Florida’s population has been growing rapidly over the past couple of years, which has opened plenty of opportunities for real estate investors.
In addition, Florida’s pleasant weather and beautiful sceneries also offer a good quality of living, making it a great place to live and invest!
As an investor, you will also benefit from Florida’s friendly tax rate. The growing economy, plenty of job opportunities, and affordable housing options are a few reasons Florida is one of the top markets for investing in real estate.
While the population is growing, not all new residents can afford to buy a house. That is why many rental property owners can earn a lucrative income from over 45% of Sarasota’s population who are renters.
Before investing in Sarasota rental properties, it’s important to be thoroughly prepared. Here are a few practical tips to help you rent your house in Sarasota successfully.
Understand Your Responsibilities as a Landlord
Before you decide to purchase a rental, it’s essential to know and understand your duties. Some people think that investing in rentals can be a low-effort source of passive income. However, owning a rental property comes with a lot of responsibilities.
If you choose to manage your rental investment on your own, you need to spend more time and energy to succeed. Self-managing a rental will sometimes have you working more than forty hours a week.
As a landlord, you must provide a habitable dwelling place for your renters. This means that you have to stay on top of repairs and maintenance issues so that your property meets the standard health and safety codes in your city.
Also, landlords are expected to collect rent payments, address tenants’ concerns, pay for property insurance, and conduct regular property inspections.
Keep in mind that owning a rental property is a business, which means you’ll be obliged to account for your income and finances and make necessary business decisions that will help you reach your financial goals.
Study Landlord-Tenant Law
In Florida, all rental properties are governed by Landlord-Tenant Law. As a landlord, you need to learn and understand the provisions of the law to prevent any legal issues in the future. Here are a few things that you should keep in mind before you rent out your property in Sarasota.
Fair Housing Act
Florida tenants are protected by the Fair Housing Act. As a landlord, you need to avoid any form of discrimination against tenants based on skin color, nationality, race, sex, familial status, disability, and religion. Florida law also provides additional protection for tenants who are pregnant.
Florida landlords are allowed to collect security deposits from tenants. There is no maximum limit on the amount a landlord can charge for a security deposit.
Landlords can deduct the cost of damages caused by tenants, unpaid rent, cleaning fees, and other charges stipulated in the lease from this deposit. It’s important to note that landlords must return the security deposit less the allowed deductions within 15 to 30 days.
Early Lease Termination
Florida tenants may be allowed to break a lease early for justifiable reasons.
These reasons include an early termination clause, being involved in active military duty, an uninhabitable unit, privacy violations, violation of the lease agreement, being a victim of domestic violence, and having age or health-related issues.
You should not penalize tenants for terminating their lease early for these reasons.
As a rental property owner, you have the right to evict tenants who violate the lease. Just make sure to follow the proper legal eviction process and send the necessary notice to avoid getting into trouble. Also, make sure that the eviction is not retaliatory or discriminatory in nature.
Florida landlords have the right to enter the rental property. However, they must provide at least 12 hours of advance notice before entry. Failure to do so may result in the tenant pursuing an early lease termination.
Marketing Your Rental and Screening Tenants
Rental properties must have tenants to generate income. As such, knowing how to market your rental is essential. Several marketing methods are available to landlords, and you should reflect on which ones will work best for you.
You also need to ensure your property stands out and has an optimized rent price.
However, getting your property occupied by a renter should not be the ultimate goal. You must also know how to screen your tenants efficiently and aim to land high-quality renters. Remember that dealing with bad tenants can cause unnecessary stress and financial losses.
When screening tenants, verify their financial and criminal background and check their rental history to ensure that they were not involved with any rental-related issues in the past.
Hire a Professional Property Manager
Managing your rental property all by yourself can be overwhelming. With all the duties and responsibilities that come with being a landlord, owning a rental unit can sometimes cause a lot of headaches.
Be sure to find a property manager with sufficient experience in managing the type of rental unit you own. Also, make sure that the property manager offers a variety of services that can help you maximize your income while reducing your workload.
Owning a rental property in Sarasota can be a great source of extra income. To become a successful Sarasota landlord, it’s best to come prepared and know what you are getting into before you venture into real estate investing.
If you need help in any aspect of property management, reach out to the experts at Stringer Management! Our expert team is ready to help you turn your investment dreams into a reality.