Fort Lauderdale, Florida is home to year-round sunshine, beautiful beaches, and vibrant nightlife. It's no wonder many people are lining up to live in this city.
As a landlord, you have a great opportunity to maximize rental income in Fort Lauderdale. However, you can't rent to just anyone. Finding the right tenants is key to a successful investment.
Keep reading to learn how tenant placement can help.
Understand Your Risks
Landlords always have a certain amount of risk when placing tenants. To find success, understand the factors that make someone a bad tenant.
Frequent movers are one of the main tenant red flags. Landlords should look for long-term renters to maximize income. A frequent mover isn't likely to renew their lease.
Additionally, someone who has moved a lot may have been forced out through eviction. You can conduct a background check to uncover rental history.
Meet applicants in person to determine if they are complainers or not. You can tell a lot about a potential tenant through their personality in that initial meeting.
Avoid the mysterious tenant when you can. These are applicants who aren't specific about their application answers. This is why thorough tenant screening is important.
Screen All Applicants
We've mentioned the importance of tenant screening, but it's important enough for its own point. A Fort Lauderdale landlord should screen every serious applicant before accepting them.
Tenant screening takes time and the right tools. You can outsource this task to a rental property management company.
Florida has laws regarding background checks, so it's important to know them before getting started. For example, you can't conduct a background check without consent.
To make things simple, ask the tenant if you can conduct a background check on the application.
During screening, follow the federal Fair Housing Act. You cannot discriminate against renters and must follow the same rules for every applicant to stay compliant.
Conduct a Move-In Inspection
Tenant placement isn't over once you find a tenant and sign the lease. Some landlords fail to conduct a move-in inspection with their new renter.
A move-in inspection is beneficial to you and your tenants. Walk through the unit together and write down any preexisting damages. It's best to have a checklist of damages to look for in each room.
Save the checklist in your records for the duration of the lease. Make sure you and the tenant sign it.
Once the tenant moves out, you can complete a move-out inspection. By comparing what you found during the move-in inspection, you'll find any new damages.
Tenants may be responsible for paying for new damages beyond normal wear and tear.
Let Us Help With Successful Tenant Placement
Successful tenant placement can be done with these great tips. Landlords should always look for red flags, conduct thorough screenings, and walk through the unit when a tenant moves in.
If you don't have time, hire a property manager. Metro Residential LLC has been providing property management services since 1996. Our locally owned and operated Fort Lauderdale company is dedicated to your specific goals.
We know the best way to maximize income is through quality tenants. Partner with us today for top tenant placement services.