Today we’re talking about what to do if you have a property in the Jacksonville area and you need to relocate. Jacksonville is very unique in that it’s cheaper to buy a house than it is to rent. So, as a property owner this could be a good opportunity for you to make a high yield on your property and earn some income off that home.
DIY or Professional Property Management
If you’re going to rent out a property, you need to decide whether you want to manage it yourself, which many people have success with, or you can hire a professional property manager. Some things to look for in a property manager; you want them to be local to Jacksonville. The benefit of using a property manager when you’re relocating is that you have someone who is close to your property.
Your property manager should be helping you to prepare your property for the rental market. You will find that today’s tenants want a nice place that they can call home. Tenants are looking to rent for more than what they could buy for, so they’re highly selective. With that, they want a well manicured lawn, and a well maintained property without overgrown brush or chipped paint. Make sure your property is presentable. First impressions matter.
To get the property rented, you’ll need to show it. That means scheduling times to be there if you’re managing it yourself. Some prospective tenants will show and some won’t. Remember that you’ll have a higher show ratio if you have a nice looking property, and you’ll get a better tenant who is more willing to maintain it.
Renting out your home means effectively screening prospective tenants. You’re looking for an appropriate income level, which is typically 3.5 to 4 times an income to rent ratio. Verify the income and make sure the tenants have a history of being a positive tenant with previous landlords. Check their rental history so you know if they have had any evictions. Look for criminal history and check the child predator list. Look at the terror watch list as well and educate yourself on what to do if a tenant has a service animal. There are certain protocols you need to follow if a person has a service animal. Check credit and determine whether the tenant has the potential to declare bankruptcy or is just coming out of bankruptcy.
Advertising and Marketing
You’ll have to advertise your property and spend some time taking high quality, bright photos and writing a good description. Explain why someone would want to live there, whether it’s proximity to jobs or a lot of social and recreational activities in the area.
There’s a lot more to tell you, so if you have any questions, please contact us at Cool Realty and we’d be happy to take a look at your property before you relocate. We want to be your property management company.