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One advantage of renting an FRBO apartment or home is flexibility. FRBO, or "for rent by owner," means the owner or landlord rents out the property directly. This is a simpler arrangement than renting through a broker or leasing agent.
If you're a landlord or own a small apartment building in Orlando with less than four units, FRBO could be a good option. However, note that some renters might be wary of such rentals owing to the rise of scams.
Still, if you want to see if this FRBO thing is worth pursuing, here's what you need to know.
For Rent by Owner Means Doing Everything Yourself
Your small building in Orlando, FL, can indeed be pretty attractive to renters. Those looking for a good deal will think that it's easier to build a personal relationship with the landlord since they don't have to deal with the "middleman," so to speak.
They are also hopeful that they can negotiate their rent and deposit. Plus, they believe individual landlords can be more lax with rental requirements.
Now, it's good that you're putting yourself in the shoes of potential tenants. However, you must consider if you have the time and resources to foster such relationships. Do you have experience with tenant relations?
Are you knowledgeable enough about the real estate industry to price your rental accurately? Is your schedule not that hectic to coordinate your own showings? Be realistic about your ability to perform your tasks before putting an FRBO sign on your property.
Additional Factors to Consider as a Landlord
Speaking of seeing things from a tenant's perspective, don't forget that they're also aware of the cons of renting an FRBO property. They understand that if you decide to move back in and no longer rent it out, they can't do anything about it.
Most FRBO arrangements also don't accept online payments, which can be quite inconvenient, especially for busy tenants. Renters also know that repair requests may not be attended to immediately and that amenities might not be as good compared to homes or buildings in Orlando with dedicated property managers.
Also, try to consider how you'll advertise your rental. Many FRBO homes aren't on large rental platforms. Do you have time to market your rental on social media or even offline? Again, try to think things through before deciding that property management fees are just an added expense and that you can do everything yourself.
Do You Need Help With Rental Property Management?
If you're a newbie landlord or property owner and considering going the for-rent-by-owner route. Understand that the Orlando rental market might not be that easy to navigate, especially if you're a beginner.
Verandah Properties can help you. If you're looking for an experienced property management company, you'll be glad to know that we've been serving clients and residents alike since 2003.
Even some long-time DIYers or FRBO landlords in Orlando have tried and loved our services. They realized what we could do for them and how we could streamline their operations.
If you're looking for similar solutions, you may call us at 407-855-0331 or email info@verandahproperties.com.