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6 Tips for developing a rental property in Sunrise and surrounding areas

System - Friday, October 1, 2021

Are you taking advantage of the real estate boom? Many locals are developing side gigs and launching rental properties, leasing through services like Airbnb or independently. This can create a lucrative new income stream, and is one of the top investment opportunities in Sunrise and surrounding areas! Read on for our six tips for successful rental property development.

1. Notify your mortgage and insurance companies. Nothing is more vital to this process than accurate paperwork. Some loan programs (like FHA) require that the owner occupy all or part of the home for a specified period of time. If you are far from the Sunrise area, this is critical to assess as you determine what your ownership will look like. You’ll also want to make sure you contact your insurance provider and inform them that you’ll be renting out your property at least part-time, rather than occupying it full time. Rental activities may not be covered under your existing homeowner’s insurance policy, so this is an important step to take. You’ll also want to make sure you’re following any local, state and/or federal rules and regulations required of landlords.

And lastly, it is important to be aware of the tax rules that apply to landlords. If you rent out your house for more than 14 days, you’re a landlord in the eyes of the IRS. That means you have to report your rental income. But it also means you can deduct rental expenses. In order to keep everything straight (and legal!) it is imperative to find a good bookkeeper.

2. Make sure it’s clean. You want your renter to feel at home – and a clean home can go a long way. Rental properties should be thoroughly and professionally cleaned before the first tenant and after each tenant.

3. Spruce up the landscaping. The overall look of a rental property is critical. It can make all the difference in filling your rental space quickly and keeping it occupied over time. Plus, it sets the tone for how you’d like your property treated while it’s occupied. That means keeping the outside, as well as the inside, clean and tidy. How does your property look when someone arrives for the first time? Consider putting a fresh coat of paint on the fences, planting a side garden, and decorating to give your house an instant facelift.

4. Check all safety features. Minimize your liability! Before having your renters move in, first make sure that the smoke and carbon monoxide detectors (and other safety features, such as motion-activated outdoor lighting,) are operating properly. Be sure to identify any potential safety risk to minimize your risk of litigation or action, including trip hazards or malfunctioning equipment.

5. Include welcoming materials in your home. You want to develop a strong relationship with your renter in order to minimize the risk of home damage. You can do this in simple, small gestures, such as a guide to local amenities, a small gift or a ‘thank you’ note from the landlord. You’ll want to include in a guide all of the hidden amenities, hot spots, and delicious restaurant options in the Sunrise area.

6. Enlist the help of a (local) expert. With our full-service Sunrise property management services, you get a wide range of services and a full team of skilled professionals with the expertise to provide you with the highest level of service and the maximum return on your investment. We work in several local areas, including:

  • Sunrise
  • Fort Lauderdale
  • Wilton Manors
  • Plantation
  • Pompano Beach
  • Tamarac
  • Coral Springs
  • Weston
  • Margate
  • Lauderhill
  • Coconut Creek

Don’t make your rental a full-time job! We’re here to help. PMI Keypartner works with the finest vendors to bring you the most advanced services in the industry that can help you protect and maximize the investment in your Sunrise rental property. Our goal is to eliminate the worries of managing a rental property on your own. We have experience in the industry, invaluable connections and processes to help you achieve the success in real estate and investment income you’re looking for.

We’ll help you get optimized rental income out of your property, determine your cash flow from monthly rental value and gain critical insight into local real estate market conditions.