Jacksonville is Northeastern Florida's fastest-growing real estate market. There are 5,600 available homes. Low prices and high rental rates leave the area with estimated returns of 8-12%.
You can easily get burnt by poor decisions or heavy competition in such a hot market. That's why you need to prepare before looking for homes for rent.
Read on to learn essential tips for landlords in Jacksonville, FL.
Craft Professional Listings
Your property listing is like a biography on a dating site. Describe all your property's best features honestly but enticingly.
Images are even more important. Listings with professional photos hold viewers' attention for up to 20 seconds. Poor ones make them turn away and look at other homes for rent in only two seconds.
Once you've crafted the perfect listing, put it on all available platforms and create print ads.
Don't Skip Screening
Finding tenants is difficult enough, but finding the right ones is even harder. That's why your tenant screening needs to be efficient but comprehensive and include:
- Criminal history
- Employment history
- Rental history
- Income
- Credit history
- References
Judge them all with the same criteria. Avoid any discrimination issues with the Fair Housing Act.
Did you decide to deny a tenant? Send them an adverse action letter saying why. This keeps you compliant with the Fair Credit Reporting Act.
Be Clear When Making and Enforcing Leases
The best way to keep a tenant from breaking the rules is to clearly outline them in the lease. This includes:
- Length of the lease
- Occupancy limits
- Rent amount and due date
- Grace periods
- Landlord and tenant rights and responsibilities
- Security deposit rules
- Entry notice requirements
- Move-in and move-out procedures
- Pet policies
Start with warnings for any violations of the lease. See if you can reach an agreement.
If you can't, it may be time to move to eviction. Legal reasons to evict a tenant in Jacksonville include:
- Failure to pay rent
- Illegal activity
- Breaking the lease agreement
Go through the proper legal steps. Send them a notice in advance to correct their behavior. If they don't, have evidence of it ready to take to court.
Inspect and Maintain the Property
Property inspections are a proactive form of maintenance to keep essential systems such as HVAC and plumbing running. Do them periodically, especially when tenants move in or out.
Encourage your tenants to report maintenance needs. Respond to them as soon as possible to prevent major issues.
Monitor Pricing and Accounting
Property accounting is one of the most difficult parts of being a landlord.
Your rental price shouldn't be static. Constantly check that it's not too high or too low for the local rental market and demand.
Keep track of your expenses and earnings to see how you can become more profitable. Leave a separate account for emergency maintenance expenses.
Careful accounting is essential at tax time. You'll maximize your deductions and avoid an audit.
Find Professional Help Managing Homes for Rent in Jacksonville
Finding homes for rent in Jacksonville isn't as difficult as managing them. Focus on marketing, tenant screening, leases, maintenance, and accounting.
Green River Property Management is the gold standard for Jacksonville property management. We have over 15 years of local experience.
Our team offers customized support. Our online portal gives 24/7 access to your accounts. Contact us to let us help maximize your investment today.
