For investors, Florida is an attractive market. With a growing population of tenants interested in leasing in the SunShine State, and a surplus of properties to invest in, Florida investors have the chance to make lucrative profits. If you want to operate a rental business in Florida, you’ll need to know everything about being a landlord – from local regulations, to desired amenities, eviction laws, and everything in between.
Keep reading for a guide on how to be a successful landlord in the state of Florida.
Prepare your Rental
Make sure your rental features amenities that are in high demand in your market. Make sure you have a working air conditioner, fans, and other cooling systems to beat the Florida heat. Additionally, amenities like an outdoor pool might increase the popularity of your rental. Take a look at other properties to see what amenities they have and what they’re charging for rent.
You can also run a free rent estimate report to set a competitive rent price.
Review Florida Landlord Laws and Regulations
Each state has specific landlord-tenant laws, so make sure you’re up-to-date so you don’t run into any legal issues.
When creating a Florida lease agreement, make sure you include Radon Gas notification and information and remember that if you have five or more units, you must disclose the name and address of the bank where security deposits are held. Without these two disclosures, your lease agreement is invalid in the state of Florida.
Other guidelines are important to note like how long you have to fix maintenance issues, the timeline to return tenant security deposits, and how many days you must give tenants before filing for eviction. Find complete information on Florida landlord laws here.
Find Quality Tenants
Once you’re ready to rent out your property, you’ll want to publish your listing to top sites like Apartments.com, Redfin, and Craigslist so you can find the best tenant quickly. You can do this for free with sites like TurboTenant.
Once your listing is published to listing platforms, you’ll start receiving interest in your property. Make sure to thoroughly vet every lead with a full screening report. This allows you to find the best fit for your rental that will not only take care of your property but will pay rent on time, every month. Make sure that you’re following FHA guidelines when choosing your next tenant.
When you find your perfect tenant, create a Florida lease agreement and send it to your new renter for e-signature. An airtight lease agreement will protect you, your property, and your tenant.
Check-ins and Maintenance
Don’t forget to do regular check-ins on your property to make sure everything is in good shape. You should also require tenants to fill out a condition report (move-in checklist) upon move-in so you know what issues are existing and what is a new problem upon mid-year or end of year inspections. We recommend checking in at least once every lease term. Remember that in Florida you must provide tenants notice at least 12 hours prior to entering the property (between
7:30 am and 8:00 pm).
Make sure you’re taking care of maintenance issues in a timely manner, which in Florida is considered 7 days. You can easily track and manage maintenance requests and communicate with tenants using landlord software. For non-emergency maintenance repairs, Florida landlords are required to provide 12 hour written notice to tenants.
Keep Track of Your Rent Payments
Make sure you’re keeping organized records of who is paying rent and on what date. It’s easier to do this if you’re collecting rent online through a secure platform. Cash and check rent payments are difficult to keep track of, and you want to be able to provide proof of payment or lack of payment in the event of any disputes.
Software not only keeps an organized record of your rent payments, but can also make you and your tenant’s lives easier with late fees, rent reminders, and allowing tenants to turn on autopay.
