Real estate investing can be the key to someone developing a passive income. Those of you paying attention to the real estate market may have already bought property in Orlando.
Last year, the average rent in Orlando was around $2,000 per month.
If you own rental property, you may be wondering how to maximize your income by rental leasing. This guide gives you some tips that you should follow.
Research Your Market
The first thing that you should do is research your local market. This should give you an idea of what other property owners in your area are charging for rent.
Let's say that you have a one-bedroom apartment that is about 15 minutes from Universal Studios Florida. You could see someone else list a rental property right by you and quote $2,000 per month. If you see this consistently in your area, you should take that as a good sign that this is what rent you can get for your apartment.
What this does is make sure that you are charging the appropriate rent. Failing to do this could mean not reaching your maximum rental income or even pricing yourself out of the market.
Do your research and find a middle ground with this.
Offer Amenities
Another thing that you can do to maximize your return on investment is to offer amenities for your rental property if possible. People will appreciate these perks that come with the apartment and it could make them more likely to sign a lease for your rental.
An example of this is offering them maid service for a fee. You could charge the tenants a certain amount of money and potentially pocket what is left over after paying the maid to clean the rental.
Then, you have material amenities that could help increase your rental's appeal. These are things such as parking space, a barbecue, a pool, and more.
Promote Your Property
Finally, people need to know that your property exists and is available to rent. To do that, you need to advertise your property on any platform that can show you results. You can do this on social media, apartment websites, or even vacation rental websites.
If you do this, make sure you hire a professional photographer to take quality photos of your rental. When you do this, people are 83% more likely to go visit the property.
Put your best foot forward and hire someone who has the proper camera equipment, knows what lighting to use, knows what camera angles make your property look best, and more.
Succeed With Rental Leasing
These are some tips that you can use when it comes to rental leasing. Do some initial research in your local market to get an idea of what kind of rent you should be charging. Also, offer as many amenities as you can and promote your property as much as possible.
Do you need a property management company to help you with this? Message us here to get started.