Renting out your house can be a great way to maximize the returns of your investments. Not only will you receive a steady source of income each month, but the value of your property will grow over time. However, becoming a landlord also comes with its fair share of responsibilities and challenges, especially if you’re considering doing it all by yourself.
The responsibilities of an independent landlord can be as time-consuming as a full-time job. You’ll always have something to do, whether it is advertising your rental, screening tenants, tracking down rent payments, dealing with complaints, or even handling repairs.
Figuring out how to successfully juggle all these tasks can take years. Fortunately, the experts at Keyrenter Broward have the experience to help you. This article will dive into everything you should know to rent out your house in Broward County, FL, in the most effective, stress-free way possible.
What Are the Rights of Landlords in Florida?
Florida is still a landlord-friendly state due to its favorable security deposit laws and simple eviction process. Additionally, under FL Statute Chapter 83, a rental agreement can become valid simply through a verbal or written agreement. Once established, both parties inherit a certain set of rights and responsibilities.
According to Florida landlord-tenant laws, rental property owners have the following rights:
- Entering the property to perform needed or requested maintenance tasks.
- Evicting tenants who fail to abide by the terms of the lease agreement, including nonpayment of rent.
- Raising rent by any amount, as long as they comply with discrimination and retaliation laws.
- Holding a security deposit from a tenant.
- Charging late rent fees.
If your rights as a landlord are violated, you can file a case in the Small Claims Court to settle minor disputes without hiring an attorney. But keep in mind, it’s highly recommended to seek professional advice on how to handle legal disputes.
What Are the Responsibilities of Landlords in Florida?
In Florida, landlords must keep their property in safe, livable conditions at all times. They are also required to tend to repairs within seven days after written notice has been sent by the tenant. If the tenant conducts any necessary repairs themselves, they possess the right to withhold rent or subtract the cost from future rent payments.
Additionally, landlords in this state must conform to state and federal Fair Housing laws. Plus, they have to share with tenants the following required disclosures before the lease agreement is signed:
- If there are any concentrations of lead-based paint on the premises. This only applies to houses built before 1978.
- Whether radon gas is present in or near the rental unit.
- The names and contact information of all owners of the property. Landlords must also include any intermediaries that are allowed to act on their behalf.
- Where the security deposits will be kept and whether tenants are entitled to interests. This only applies to landlords that own five or more rental units.
How to Get Your Broward, FL, Home Ready to Rent
Now we’ve gone over the rights and responsibilities of rental property owners in Florida, you can take the next steps to rent out your property in Broward County. Below are the three essential things you must do.
Prepare Your Home for Renters
First, make sure your house is in good shape. A well-kept rental will appeal to more renters and increase its value over time. To prepare your home for renters, you should deep clean it and tackle any urgent repairs. If you have the means, you should also consider renovating the property. This can help you attract more renters and charge a higher rent!
Listing and Advertising Your Rental
If you want to find great renters, you have to create a great listing. It should include an engaging title and a detailed description with relevant information like rent price, number of bedrooms and bathrooms, nearby amenities, and location.
Not to mention, you should include high-quality photos that show off your property’s best attributes. For the best results, consider staging it and hiring a professional photographer.
Once your listing is ready, it’s best to market it across various sites to appeal to a larger audience. You should also advertise your rental on other mediums, like social media or even your local newspaper. The more people you reach, the easier it’ll be to find great renters!
Choosing the Best Tenants
The best way to avoid issues such as late rent payments or evictions is to find high-quality renters. You can do this through a simple tenant screening process. You can weed out problematic renters from the start by checking each potential tenant’s credit score, criminal record, and proof of employment.
Why Hire a Property Manager for Your Broward Rental Property?
Being a landlord comes with many responsibilities, from handling tenant complaints to staying up to date with maintenance and repairs. That’s why it’s recommended to hire a property management company — especially if it’s your first time renting out your home.
Property managers take care of the day-to-day operations of your rental property, so you don’t have to. Their services include everything from listing and advertising your property to handling repairs and keeping track of finances.
Renting out your house in Broward, FL, is a great financial decision. However, it comes with many challenges and responsibilities. Now that you know the rights and responsibilities of rental property owners in Florida, you can begin the process of renting out your home.
If you have any more questions about the real estate market in Broward, FL, or are looking for a professional to manage your property, contact Keyrenter Broward today! With our full-time property management services, you’ll be able to enjoy the benefits of being a landlord, minus the headache.