How To Rent Out Your House in South Orlando Florida

How To Rent Out Your House in South Orlando, Florida

Ensure Legal Compliance

Your property must pass safety inspections, including checks for smoke detectors and swimming pool safety equipment.

Understand Local Regulations

Review any Homeowner Association (HOA) rules or community guidelines that may restrict renting or subletting. Non-compliance can lead to fines.

Set a Competitive Rental Rate

Research comparable rentals in South Orlando to determine an appropriate rent. Consider factors like property size, location, and amenities. You can also take a look at our homes for rent to get an idea.

Prepare the Property

Ensure the home is clean and all appliances function properly. Address any maintenance issues to make the property appealing to potential tenants.

Draft a Clear Lease Agreement

Include terms covering rent amount, payment schedule, maintenance responsibilities, and rules on pets or subletting. Ensure the agreement complies with Florida’s landlord-tenant laws.

Market the Property

Advertise through online platforms, local listings, and social media to reach a broad audience. Highlight features that make your property attractive, such as proximity to tourist attractions or amenities.

Screen Potential Tenants

Conduct background and credit checks to ensure reliability. Verify employment and rental history to minimize risks.

Consider Professional Management

If you’re not local or prefer less hands-on involvement, hire a property management company. They can handle tenant interactions, maintenance, and legal compliance.

What is a reasonable rate of return on rental property?

One of the main reasons people will rent out their property is for extra income. However, this only makes sense if the rental income exceeds expenses.

Suppose the money you put in for management, mortgage, repairs, etc., exceeds the amount you make from the tenants. In that case, your rental is probably a long-term investment relying on gains in sales prices and property appreciations.

You might have negative cash flow month to month, but you are prepared to subsidize your long-term property investment.

Investor Owners

Some investors will only enter into a lease agreement if the return is projected to be more than 10%; some even raise that bar to 12%.

The bottom line will depend on how secure you would like to be in your investment.

If you only entered into contracts that projected 15% ROI, even if you take a hit, you are not losing money. This is an innovative practice to consider, as housing prices tend to fluctuate occasionally.

Reasonable Rate of Return

Generally, a reasonable rate of return is anything over 8%.

How much interest do you make when your money sits in a savings account? Making sure that the property you are renting will be a long-term money maker starts when you initially consider the property or the cost of preparing the home for rental.

You can manage your rental; however, the cost should be included in the final projections if you plan to use an Orlando rental property management company.

Can you manage a rental property yourself?

So, what if you didn’t want to pay for rental property management and wanted to manage your rental yourself? This is doable but will depend on how many properties you manage and your availability.

Rental property management can be a full-time job, but if your ROI is a high percentage, it may be worth it. If you have multiple properties, you may work overtime to ensure all of your T’s are crossed.

Out-of-state investors should use a local property manager

You can self-manage your rental property if you are local. Otherwise, you will need a property manager if you are out of state. Reason: when emergencies arrive, you will want someone on call who can pop over to the property to check it out.

Tenants also want someone readily available for communication, and seeing someone in person goes a long way in building mutual trust.

A property manager is up to date with regulations

The rules are constantly changing, and rental property management companies are notified of these changes first. If you plan to manage your property, we recommend you stay current on any new restrictions or regulations regarding rental property management.

Staying compliant with all existing laws ensures you do not lose money in a lawsuit.

28 Tips On How To Lease Your Orlando Home

Find a good realtor/brokerage that seems easy to talk to.

They should also have years of experience in long-term rentals and a proven track record. A specialized realtor with years of hands-on property management experience will save you time and money when finding the right tenants for your home.

Always watch our homes for sale list and contact us if you need anything not listed there. We know the South Orlando home market inside out and will give you all the support you need.

Keep an eye on zoning

Ensure the sub-division where your home is located is zoned for the type of rental you wish to pursue. Some homeowner associations or deed-restricted communities don’t allow vacation rental homes or long-term rentals; others have to approve your tenant’s application before you can rent your home.

Check the zoning department of the local county office and the homeowners’ association management office.

Abide by the HOA rules

The homeowners association will have rules and regulations; ensure you supply your manager with a copy so tenants can be advised to stay compliant.

Some HOAs don’t allow any signage on vehicles or service vehicles to park overnight on the property. They may not allow RVs, boats, or even street parking overnight. It would be wise to read the rules to know what is acceptable.

Location is key

Ensure your home is no further than (if possible), ten minutes from major highways that lead to industry and commercial areas. Look into the regional schools through the local county’s website; if your home is located in the catchment area of good schools, this also makes the home much more desirable.

High desirability – low crime

Check out your neighborhood’s desirability and crime rates on Google. It’s easy to find statistics and compare local amenities such as schools, distance to industry, hospitals, major roads, and shopping.

You will have a hard time renting out in a high-crime zone, so don’t invest in such a rental property in the first place.

Popularity

Is your investment home in a popular residential area? Is the area noted for great schools? Is it close to major roads? If your neighborhood is sought after, this will also help it rent faster and often for more money.

Improve your rental’s curb appeal

First impressions count; look at the front of your home and the other adjoining homes in your neighborhood.

Do they look appealing? Do the lawns look neat? How about the trees, plants, and bushes? Are there any dead spots in the grass or landscaping? How does the front entrance look when you get close to the home? Is it warm and welcoming or does anything need cleaning, tidying or improving?

A lick of paint, a nice doormat, and some fresh mulch and flowers in the landscaping can work wonders. When a property presents itself well, it sends the message to viewers that the owners take pride in the home’s ownership.

This encourages potential applicants to want to live there.

Does your rental have a pool? Here is how to service your Orlando pool.

Furnishings

Long-term rentals rent faster; in most cases, tenants stay much longer when they’re unfurnished. If your home is furnished, call and ask us about these complications. Think about selling or storing your furnishings. If they can’t afford furniture, more often than not, they can’t afford the rent.

Paintwork

Is it appealing to you? How about the paintwork inside and out? Is it neutral and in good condition? How long ago was it painted? Does it need freshening? If the paintwork on the interior walls is lightly soiled, here’s what we do first.

Buy a box of those white sponges, often called magic erasers, and gently scrub the offending areas. These work well on doors, baseboards, walls, showers, baths, mirrors, and tiles.

A little elbow grease could save you money, especially when starting as a landlord!

Flooring

Ceramic tile or wood/laminate flooring tends to be popular in the living areas. Carpets in the bedrooms are always a plus, except for tenants with allergies. Typical rental carpets last 5-7 years. (Read more: How Often Should Carpet Be Replaced in Rental Property)

Tiled floors last a very long time and are easy to clean. Carpet companies now offer tile and grout cleaning when needed. If your tiles haven’t been sealed when laid, they will attract a lot of dirt buildup, especially in the grout.

Once cleaned, fill them with a commercial sealant you can buy at Lowes or Home Depot.

Parking

How many parking spaces are there for the size of the home? For instance, a 5-bedroom house with only 2 parking spots could be a problem unless you find a family with small children to rent it.

Garage

Does it have an automatic door opener? Most tenants use their garages daily, so an auto door opener is a big plus, and less wear and tear on the garage door.

If your garage door is a pull-up model without an automatic electric opener, it will slip off the runners soon. When this happens, I recommend installing an automatic opener, if not before. It will save more than it costs in the long run.

Repairs

When you keep your home in great shape, it will rent faster, for more money, and help retain good tenants; timely repairs and replacements are necessary.

A good manager knows the price of repairs and where to get you the best deals. They should also send you a yearly or bi-yearly report of what needs replacing and how soon to help you budget for replacements.

We also have a regular repairman who can do most odd jobs and a list of vendors for more skilled jobs.

We have a state-certified builder as our leading subcontractor who oversees all our repairs and ensures they are done correctly, which helps save our homeowners money.

Air Conditioning

When your A/C breaks down, you will need a skilled technician to repair it. A licensed and insured company should repair your air conditioner. A/C Techs charge around $75.00 to $95.00 for a service call, plus parts and labor.

Most property management companies have a regular A/C company they can always call on.

Before you lease your home, get your A/C serviced. Then, you’ll know what kind of shape your equipment is in and can make any needed repairs and do yearly preventative maintenance.

The Rental of Condos & Townhomes

For you, the owner, there’s no pool to service, no grass to mow, and no exterior painting or updating. They often have a community pool, clubhouse gym, tennis court or volleyball courts, a barbeque area, and a children’s play area.

Some communities offer other amenities, like gated access and security guards.

The fees for the condo association or the homeowners association in Florida are the homeowner’s sole responsibility.

Rental rates for condominiums and townhouses are usually lower than those for single-family detached homes.

Single-Family Homes

A three-bedroom, two-bath home is always a popular rental. Sometimes, people working from home or having a larger family will want a four-bedroom or five-bedroom home. If it’s detached, sits on its grounds, and has a two-car garage, all the better!

Your Backyard Pool

We recommend using a professionally trained and licensed company to maintain backyard swimming pools. We use one licensed and insured company for all our pools.

That way if something is wrong, we know who to call immediately. If you want to use your pool contractor, it can be very problematic for any management company with no leverage over them to enforce high standards.

We don’t recommend owners service their rental home pool themselves; there will be liability issues in the event of an alleged accident or sickness that could be blamed on or related to the pool.

A skilled professional can check the pool equipment and help maintain it properly. It also affords you an extra set of eyes at home each week and reports to the managers if they see anything untoward happening at your home.

Pool maintenance

Regular chlorinated and salt-water pools must be serviced weekly to balance chemicals, brush the pool, clean skimmer baskets, and filter filters as needed.

Filters tend to work better when they’re slightly dirty. The pool technician will check a pressure gauge on the equipment to ensure the filtration system is working at the optimum level.

When taking a sample of pool water, remember to collect it in a clean jar or container and scoop from two feet under the surface so the chemical content can be accurately tested.

Testing surface water is unreliable because the sun destroys the chemicals from the first few inches. Most local pool supply stores will test the water for free if you buy your pool chemicals from them.

The pool should always look clear and blue. Certain colored tiles and finishes can make the pool look green, or with a lagoon-style finish, it may look muddy brown.

If the pool looks green, it usually means it has yellow mustard algae on the walls or the bottom, and no one should swim in it until it has been treated.

Filters can be stolen

Change your pool filter every year, and don’t leave the old one by the outdoor trash; it alerts passers-by that there’s a brand new filter in the pool. New pool filters are often stolen, sometimes by neighbors and occasionally by the pool guys!

Remember to write your address on the filter with a permanent black marker pen, which should help deter thieves. Some filters may last up to two years, but it depends on the type of filter, the amount of use the pool gets, and the filtration system used.

Keep your pool safe

Safety in and around the pool is always a significant concern. Children drown in backyard pools yearly; the shimmering water is very appealing to children and can also be dangerous.

How to comply with pool health and safety

A warning sign and depth markers must be mounted in the pool area. These can often be purchased from your local pool supply store.

The sign should detail:

no children under sixteen should be allowed by the pool without adult supervision.
no running, diving, glass in the pool area, etc.

Depth markers detailing the shallow end (3’) and deep end of the pool (6’) can be mounted or painted on the pool deck. Pool alarms or a child safety fence should also be installed, and the tenants are encouraged to use them if they are damaged or broken to ensure a swift repair or replacement.

Insurance

Long-term rental home insurance is traditionally cheaper than vacation homes in Central Florida because someone lives there year-round. You must maintain insurance on the buildings, fixtures, and fittings.

A good liability insurance policy will cover you for loss of rent, storm damage, slip, and fall in case of an accident in your home. Buy liability insurance with $1,000,000 coverage.

Tenants Insurance

All tenants should be responsible for their furnishing and personal belongings insurance. It’s usually cheaper for them to obtain it from the same company that insures their car. Typical tenant policies cost around as little as 0 per year.

Furniture

Consider a few things if your home is furnished and you want to enter the long-term rental market. Firstly, furnished homes tend to have lower monthly rents in Florida.

I can see that you may be considering getting into corporate lets; however, realistically, very few big corporations would need a steady supply of executive homes. See my blog post on renting out your furnished home.

Stock the home with white goods

Washer/dryer; fridge, freezer; dishwasher, stove, microwave; and patio furniture (if applicable). Of course, they need all window treatments, flooring, blinds, carpets, etc. Check with another reputable long-term management company or us for details.

Lube all doors, rekey the locks, change all blown light bulbs and batteries in smoke detectors, and replace grout and caulk where needed. Check any fire extinguisher or any other emergency equipment your home may have. Change out A/C filters and write on the side of the air handler size.

Write the codes and brand of the paint for your home on the side of the air handler.

That way, anyone who may paint it on your behalf, the tenants or your maintenance crew, knows where to find them.

There are at least 50 shades of white and every other color, so you can easily access the paint codes. This way, you can have the paint touched up or paint a wall without needing to paint the entire room or home.

Cleanliness is vital

Once everything has been spring cleaned, including fridges, ranges, air vents, doors, blinds, windows, vinyl, the garage, tiles, grouting, carpeting, etc., remember to use a good checklist and recheck it before any tenants move in.

Video and photography

Film or photograph everything in the home, inside and out, remembering to set the date on the camera. For example, gardens, pools, landscaping, each room with a wide-angle view and close-up where needed.

Take photos of inside your oven, showers, fridges, under sinks, inside sinks, blinds, open and closed A/C filter, plus much more. Take more photos on the day before tenants move in.

Take at least 20 photos for advertising purposes, and while you’re in the home, note some of its best features when you write your advertisements.

This concludes our tips on how to lease your home. We hope you use them!