Owning a residential property is an opportunity to generate rental income. It's especially lucrative for properties in tourist-friendly areas, like Miami.
Yet, this isn't a decision you want to take lightly.
It's crucial to consider every pitfall first so that you know what to avoid come listing time. The last thing you want to deal with is property damage, unpaid rent, or conflicts on property grounds.
You can avoid the above pitfalls by working with a property management partner who's experienced in filtering out bad applications.
Learn how to mitigate risk when renting rooms out in your house.
Renting Rooms Out In Your House For the Ideal Tenant
Picture the ideal tenant in your mind. How would you expect them to act and treat your property?
You would likely expect the following:
- pays rent on time
- good rental history
- good behavior (quiet, no conflict, no damage, etc.)
- keeps the property in great condition
- no criminal history
- prove they can afford the property
Turn the above points into questions. Next, answer those questions with a rigorous background check.
This process can take a while; therefore, list your property well in advance to filter out applications you don't want. Short-term rentals in Miami are quite popular; it's crucial to be as timely, organized, and thorough as possible.
Before getting your short-term rental ready, seriously consider the benefits of hiring a property management company. It will come with even more tenant screening tools than your typical background check service. Plus, it handles all application paperwork (and filtering) so that you can focus on generating income and growing your rental portfolio even more.
A property manager will verify identities, check national databases, confirm income, talk to previous landlords, and discover even more pertinent information. They'll also draw up contracts to get everything in writing. There's even an easy online tenant portal for hassle-free rent collection.
Communicate Expectations Clearly
Communicate your tenant expectations clearly in your property listings, social media marketing, and tenant contracts. Vacation rentals can attract an influx of rowdy applications. Be clear that property damage, noise complaints, and neighborhood conflicts won't be tolerated.
If you're going to be out of town, it's crucial to have a point of contact ready. Again, this factor speaks to the importance of having an experienced property manager present. A manager can answer questions, tend to maintenance issues, and check on the property to ensure everything is going smoothly.
The Benefits Of a Property Manager
Do you own a second home? Are you consistently renting rooms out in your house for vacationers?
You'll need a dedicated property manager to oversee your property for both financial and security reasons.
You won't have to worry about paying taxes on unfilled vacancies, either. A manager will get the property ready for the next tenants and list it as soon as possible, ensuring consistent income.
Put Your Vacation Rentals In Good Hands
The task of renting rooms out in your house is a big responsibility. Consider the pitfalls before listing vacation rentals online. You can avoid rookie mistakes by hiring a property manager from the start.
The property professionals of PMI Magic City understand the Miami market inside and out. They use the latest technology to list and manage properties while maximizing revenue.
Read a testimonial today or schedule a consultation to get started!
