Thinking of renting out your property in Jacksonville? Recent figures indicate that the real estate market is the hottest it has ever been. Jacksonville has been experiencing a demand for rental property.
The real estate industry has been thriving in Jacksonville. Its location along the banks of the St. John’s River in the First Coast region of Florida offers a unique suburban lifestyle in a smaller affordable market, making it popular among single-family dwellers.
Other factors that influence its likeability are its convenient location, favorable climate and business friendly government. More people opt to live in this kind of market in place of living in huge, crowded and expensive cities.
Despite the rosy circumstances, the task of renting out your home can become overwhelming. That’s why it’s best to consult with a property management company to ensure that you stay on the right track.
As a reliable and service-orientated property management company, Gifford Properties and Management has prepared a useful guide for when you do decide to rent out your Jacksonville house.
Tips for Renting Out Your House in Jacksonville, Florida
State Landlord-Tenant Laws
The relationship between a tenant and landlord is a contractual one that is regulated by local and state laws. The clauses in the lease agreement will lay down obligations of each party, therefore, it is critical that you understand the landlord-tenant laws in Florida.
Compliance with anti-discrimination laws is one particular area that landlords have to be very aware of. The Fair Housing Act states that a landlord cannot discriminate against prospective tenants based on their sex, religion, race, national origin or disabilities.
Landlords should therefore be careful when it comes to screening of tenants to ensure that they don’t ask discriminatory questions. State rules in Florida guide landlords on the issues of security deposit limits, rental agreement clauses, legally required disclosures and tenancy termination.
The laws and regulations that regulate these clauses can change and it’s your job as a landlord to remain informed.
When in doubt, consult a Florida real estate professional or a lawyer to avoid any potential legal battles with a tenant.
You can also check the Department of Housing and Urban Development (HUD) website. The platform provides comprehensive information on fair housing laws.
Hire a Reliable Property Manager
Flipping your home into a rental may seem like a simple task, but there are many things a home owner may not be aware of. In addition to knowing local and state laws, landlord also have to pay the county and State taxes, keep up with maintenance and repairs and handle potential disputes.
To avoid these difficulties it’s best to find a reliable property management company. Gifford Property Management Company is the professional management team that Jacksonville landlords rely upon.
Our property managers always seek to offer a complete solution to clients. From marketing/ advertising to rent collection and preparation of financial budgets, we have got you covered. Once you have us on in your corner, you’ll have peace of mind knowing that your property is in good hands.
Keeping your property safe and in a habitable condition is also a key responsibility that our managers can handle. We can manage maintenance, repair and renovation requests. With our large network of contractors and handy-men, we take the burden and risk off your shoulders.
Prepare Your Home for Renters
Provision of habitable housing must be taken very seriously in the state of Florida. As the landlord, you are legally required for provide rental premises that are safe and livable. This legal clause is known as ‘the implied warranty of habitability’.
A proper inspection is required. This will determine the repair and renovation needs for your property. The roof needs to be able to keep out the elements, the structure must be stable and the heating appliances must be functional and in good condition. The units electrical and plumbing must all be in working condition as well.
Carefully Screening Potential Tenants
Once the house is renter-ready, a landlord will start marketing their property, looking for potential tenants. Screening is very important for a landlord at this stage. Tenants are required to do more than just promptly pay rent, they’re also expected to keep the home in a good condition and play well with the neighbors.
As part of the tenant screening process, you should conduct a proper credit and background check. Contact former landlords to learn more the potential tenants past. Once the tenant has cleared your screening checklist, you can debrief them on the terms and details of the tenancy such as the security deposit and payment schedule.
Tenant screening gives you a chance to get to know the tenant. After all, you are the legal owner of the property and by state rules, you are legally free to reject the application of any prospective tenant.
With that in mind, be sure to always follow the provisions of the Fair Housing Act. When marketing the property and screening and interviews potential tenants, you should handle the procedure very carefully. Discrimination of any kind can be easily lead to a lawsuit against you.
Adding a rental property to your portfolio is a sure way of earning regular cash flow. Judging from the state of the market, the appreciation of your property value is another benefit you should stand to gain.
Management of the property will however will come with a long list of responsibilities. As a landlord you’ll be expected to remain up-to-date on landlord-tenant laws in your state, respond to maintenance and repair request quickly, manage disputes and more.
To minimize your stress, entrust your property to Gifford Properties and Management Company. With over 12 years of experience in the real estate industry, our company has consistently provided Jacksonville property owners and tenants with comprehensive management and maintenance services.