When it’s time to move—but you decide not to sell your current home—turning it into a rental property is an excellent decision. However, it’s not as easy as moving your furniture out and finding a tenant!
If you’ve never been a landlord before, turning a Sarasota home into a rental property requires thinking about your property differently than when it was your personal living space. You have to think like a business owner!
Here’s how to think like expert property managers when turning your home into a place tenants will love!
Does Your Home Need Updates?
It’s not uncommon for homeowners to live in a house that needs a few updates—not that your house is a terrible place to live! However, homeowners often delay renovations when there isn’t a compelling need to renovate or upgrade.
When thinking about potential tenants, you might need to make some thoughtful upgrades. The rental market is competitive! Your property needs to compete with other rental homes to attract the best tenants.
- Consider new flooring and a fresh coat of paint.
- Update the curb appeal.
- As yourself: how old is the roof?
Have your roof inspected and make sure everything inside and outside of the house is in excellent condition before putting it on the rental market.
You don’t need to spend a lot of money getting your home in rent-ready condition! Choose property upgrades that won’t break your budget, but will add value that you’ll earn back (and then some) with a monthly rent check.
Will You Allow Pets?
If you aren’t a pet owner, your first thought might be to exclude pets from your property. However, when turning a Sarasota home into a rental property, you have to think like a property manager: what do tenants want?
Some of the best renters are pet owners!
- It’s more challenging to find a rental home that allows pets. Many pet owners work hard to make sure they exceed a landlord’s criteria for a property to help increase their chances of finding a rental property. They work hard to be good tenants.
- Once they find a place that accepts pets, they are responsible tenants. They don’t want to go through the hassle of finding a new property again. Pet owners take great care of their rental homes to make their landlords happy.
- They renew their leases as well. When a pet owner finds a great rental home, they want to stay!
It’s not wrong to exclude pets. However, if you’re one of those in-demand rental properties that allow pets, you will naturally have a wider pool of applicants.
Property Manager Tip: “When allowing pets in your property, be sure to screen the pets (along with the owner). Make sure the pets are as worthy of your property as the pet’s owner!”
Do You Know Everything a Landlord Does?
When turning a Sarasota home into a rental property, make sure you know everything required of you to be an excellent landlord. Yes, you’ll need to be involved with the day-to-day of your property, even though you no longer live there. Your home is now a business!
- Follow the state and federal laws for landlord duties.
- Keep up with Fair Housing Laws when screening and choosing tenants.
- Be available for routine and emergency maintenance issues.
- Create a property listing and market your property to find the best tenants.
- Understand the paperwork involved with tracking expenses and income.
- Collect the rent—every month!
Being a landlord is a full-time job. Having a rental property is worth the investment, but doing it on your own can add a lot of time and work into a daily routine that might already be jam-packed. Having a home that you can turn into a rental property is one of the best ways to build passive income. It’s not an easy task—but you don’t have to do it yourself!
When you realize the potential income you can earn from your home, make sure you hire help to get the most out of it. An expert property manager helps landlords think like a renter—not a homeowner. Property managers know what renters look for in a Sarasota rental property, and they can make quick work of transforming your property into a profitable business for you.
Expert Property Managers Know What Renters Want!
The best Sarasota property managers know how to make your home into an excellent rental.
- Expert property management includes choosing the right upgrades to market your property.
- Your property management partners handle the daily tasks of keeping your tenants happy.
Real Property Management of Sarasota & Manatee handles everything landlords need to get the most out of a rental property. When converting your former home into a rental, we are your go-to guide to success. Speaking of guides, why not check out our Free Rental Analysis? This is a great place to start when turning a Sarasota home into a rental property!