Category: News and Information

Money-Saving Tips For Rental Properties

If you’re a full-time or even a part-time landlord, you probably know how important it is to stay on top of maintenance and repair issues with rental properties.

Regularly scheduled maintenance will help you address small problems before they become big expensive ones. Even more importantly, it will greatly cut down on the number of tenant complaints that you get.

As an Orlando Realtor, I’ve sold hundreds of investment properties to investors, many of which are landlords.

Working closely with these Orlando real estate investors I’ve learned some quite a bit about stretching a dollar on maintenance and repairs when it comes to rental properties.

6 Simple maintenance tips that can save you some serious cash:

• Testing the smoke detectors- Making sure that the smoke detectors have fresh batteries can save you money and more importantly, save lives. By alerting people when there’s a fire smoke detectors can minimize the damage done to the property. It’s also a good idea to tell your tenant to alert you when that annoying chirping noise begins as some people may be unaware that the chirping means your smoke detector battery needs replacing.  Also, failing to make sure that your smoke detectors are working properly could leave you open for a lawsuit.

• Have an electrical inspection done before moving in tenants- A thorough electrical inspection will uncover any issues with unsafe wiring which can cause a fire. It’s also a good idea to make sure the appliances are in top working order before moving anyone in to avoid the possibility of someone getting shocked.

• Inspect for moisture and water damage- Moisture if undetected in a home can cause some serious damage including health issues, especially if there’s mold. You should check for moisture around and under sinks, water heaters and AC units thoroughly. Extensive moisture damage can turn into some pretty hefty repair bills. While checking for moisture damage, you may as well have a caulking gun in your hand to make sure all tiles, tubs, and sinks are completely sealed.
  
• Treat for pests regularly- Whether you have an insect problem or not, you’d be wise to pray for them. By treating them before they even make an appearance you can stay ahead of the game. Also, it’s pretty hard to rent out a home if it’s infested with insects.
  
• Inspect The AC once a year- The central AC is one of the most expensive items you’ll ever have to replace on a house. By having it professionally inspected and maintained once a year you can ensure that you’ll get the most mileage possible out of the unit before having to replace it.
  
• Painting- By keeping your property nicely painted, not only will it look it’s best but a good paint job can prevent water damage and wood rot. Again, this can save you big bucks in the long run.

As you can see from the list above, keeping a rental home properly maintained is not exactly rocket science but it does require consistency. If you’re the type of landlord that’s just too busy to handle these things, you might want to consider hiring a property management company to help you out.

Beware of Realtors Who Tell You They Can Sell Your Home For Higher Than Market Value

Any Orlando real estate agent promising to sell your home for higher than it’s worth is probably lying or just doesn’t have the experience to know what they’re talking about.

 This is a shady tactic referred to as “buying the listing”. Agents do this with the goal of luring the seller in with a much higher selling price than other competing agents. Then once the agent has the signed listing agreement,  they will suggest that you lower the listing price after a few weeks of your home not selling. 

Meanwhile, you’ve just lost a lot of valuable time on the market. Even worse, a potential buyer might see how long your house has been on the market and offer less than what they were going to offer originally.

If you’re a homeowner looking to sell your Orlando home, don’t fall for this trap. Talk to several real estate agents in Orlando and get property valuations from all of them.

If one of them suggests a listing price ten thousand dollars higher than the rest, then you can be sure that something’s wrong. You would be wise to only work with an agent that can show you up-to-date real estate statistics and good comparables for your home.

Interviewing An Agent Who Promises A Much Higher Price

• Ask for comparables justifying the price they are suggesting.
• Ask them to provide at least 3 recently sold references, then call each one.
• Find out about the agent’s recent sales. Where there big price reductions?
• How long did they sit before selling?

Real Estate in Orlando is a very competitive business and unfortunately some agents have no problem resorting to using dishonest tactics to try and get an edge on their competition. These types of realtors usually have very short careers in real estate because it doesn’t take long for their fraudulent ways to be found out. Once the cat is out of the bag it’s usually only a matter of time before they drop out of real estate all together.

What A Top Orlando Realtor Will Do For You

• Prepare A Free CMA [Comparative Market Analysis] on your house. With a CMA in hand, they will help you to determine a realistic selling price.
• Give you suggestions on how to make your home look it’s best for potential buyers.
• Prepare a high-quality presentation including, photos and HD video.
• Promote your home on all major listing sites in addition to the MLS.
• Promote your home with a massive social media campaign and on their company website.
• Install a lockbox and sign once the property’s ready to list.
• Hold brokers’ and agents’ open houses.
• Keep you up-to-date on everything that’s going on as it happens.
• Stick with you every step of the way until the closing.
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If need to sell your Orlando home for the highest dollar amount, then come see our Orlando listing specialists. Over the years we’ve developed relationships within the community as well as with other brokers and agents which allow us to reach the all of right people within minutes.