If you own rental property, your investment could provide you with a nice steam of incoming cash flow. But it could also end up costing you a substantial amount of money – especially if you make one or more of the mistakes that are oftentimes made by long distance landlords.
One of the biggest – and the costliest – of these is renting your property to the wrong tenant(s). Even if an applicant seems ok “on paper,” it is absolutely essential to fully screen anyone who you’re considering as a renter – which includes verifying income and contacting previous landlords. Doing so can give you a much better idea of whether or not the potential tenant will pay their rent on time, as well as how they will (or won’t) take care of your property.
Another common mistake that long distance rental property owners make is not regularly inspecting their units. But avoiding this task can lead to some expensive repairs down the road…repairs that could have been easily taken care of before getting too out of hand. In addition, just knowing that there will be regular property inspections, your tenant(s) will often be more likely to treat the property with care.
Being far away from your rental(s) could be reason enough to let a lot of these important items go – especially given the time and the expense of traveling to your investment properties. But it doesn’t have to be that way.
By turning over your landlord duties to a local, and highly experienced, property management team, you can be assured that potential tenants will be screened and properties will be regularly inspected.
At Benoit Management, we specialize in working in conjunction with long distance investors who own rentals in the Naples, Florida, and the surrounding area. We have more than 650 units under management. So, if you’re concerned about making costly mistakes with your Florida rental property, contact us for more information on how we can help.