The average Orlando landlord makes nearly $82,000 annually. To make the most of your property and get on the higher end of this figure, accurately estimating your Orlando property value is key.
A rental valuation can help you make decisions, set appropriate rent, and boost your property's value with maintenance and upgrades. Read on to learn how you can get an accurate assessment today.
What Is a Rental Valuation?
A rental valuation is an expert assessment of your property. Professionals look at its upkeep, area, and market value.
They tell you how much your property is worth and how much you can profit from your rental. They also recommend ways that you can get the building in better shape so that you can raise the rent higher.
The most common approach to a rental valuation is the sales comparison approach (SCA). Professionals compare your home to similar ones in the same area. They look into trends over time so that they can tell the relative value price over time rather than just today.
More comprehensive approaches like the capital asset pricing model also look at the potential ROI of your rental unit vs other lower-risk investments.
Regardless of their chosen method, landlords in Orlando can gain more insight into fair home rental rates and set reasonable expectations for their returns.
Best Practices for Rental Valuation in Florida
The first step toward a good rental valuation is an understanding of your Orlando property types. Single-family residences and multi-family units will have different pricing strategies and rental rates. Compare yours to others in the same category.
Looking into the rate of homes that are owner-occupied vs those that are vacant is also important. You want to emulate what the occupied homes are doing, so check out their marketing tactics and how much rent they're charging.
Additionally, know how large your rental unit is and figure out the average rent per square foot of space. Compare your rate to properties of similar sizes to understand how much you can profit.
How Can Experts Help Estimate Your Orlando Property Value?
Experts are well-versed in these best practices as well as the tools and resources needed to follow them. No math or market analysis will be necessary for you when you work with Orlando experts for a property value assessment.
You can instead rely on the pros to provide you with well-sourced knowledge from a plethora of tools and long-term market examinations. This saves time as well as the money you would otherwise need to spend on assessment tools.
Property managers also decrease landlord stress so you can keep your passive income as passive as possible.
Make a Name For Yourself in the Orlando Real Estate Market
Now that you know some insights about rental valuation in Orlando, Florida, it's time to talk with experts about what your property is worth.
Verandah Properties is committed to offering accurate rental price estimations so you can learn how much passive income you can make from it. Get a free rental analysis today to learn more about your property's worth!