Reaching the stage in life where you can afford to expand your property portfolio and become a landlord is an exciting one. No doubt you’ve worked hard and sacrificed a lot to be able to start such a venture, and because of this, it’s paramount that you do it right.
Rather than guess at which properties are best, you’ll need to enlist the help of professionals such as exclusive buyer’s agents to help you find the homes for sale that will attract the best tenants. Simply brief your exclusive buyer’s agent on your target market and follow the tips below for a successful property hunt.
Location Is Everything
There is a booming rental market in Florida, with around 30% of people seeking a rental property rather than buying a home. That’s good news for landlords, but you’ll still need to target the right areas to make the best impact.
Asking your exclusive buyer’s agent to look for properties in areas like Daytona Beach is a smart choice. The area is full of good schools and work opportunities for the career minded, while still boasting 23 miles of beaches to prospective tenants. The area will draw those who want an excellent work-life balance.
Daytona beach also has plenty of amenities too. Choosing a property that’s within walking distance of restaurants, coffee shops, grocery stores and family activity hotspots is a bonus, as this is where tenants will want to be.
Plus, safety will be on a tenant’s mind. Look for areas that offer good security, and consider properties with alarm systems and enclosed backyards, as well as exterior lighting.
An Open Floor Plan
While not everyone likes an open plan living space, in general this is something tenants appreciate as it provides a flexible area to live in, as well as light and easy movement around the property. An open floor plan also helps to make small spaces appear larger, which is ideal if you or your tenants are on a budget.
Match Properties with Target Tenants
There’s no rule about which type of tenant is best, but you’ll need to have an understanding of who is most likely to rent the property you buy. A one bedroom condo is most likely to suit a young professional or couple, so don’t decorate as if children will be living there. Likewise, a larger, detached home will be preferred by a family, so consider the benefits of an eat in kitchen and outdoor play area for these tenants.
If you’re unsure about your target tenant, speak to your exclusive buyer’s agent, as they’ll be able to help you narrow down your search and view only relevant properties.
Think About Parking
Your tenants are going to want somewhere safe to park their vehicles, so try to ascertain where this will be. If there’s no driveway to the property, is there an allocated space around the corner or in a shared lot? If on road parking is required, will you need to apply for permits for your tenants?
As long as you’ve considered this issue and found a solution, prospective tenants won’t be deterred from your property.
Be Helpful and Cooperative
Tenants will appreciate having a landlord that’s understanding and fair, so always try to have an open mind when your tenants are in place. Much as you expect to be treated well by the professionals you work with, your tenants will hope for the same. You’ll be more likely to keep renters for longer if you have a good relationship and open communication with them.
If you’d like to purchase additional property and need help to find something perfect and secure a great deal, get in touch with an exclusive buyer’s agent such as ours at The Buyer’s Agent of East Florida. We will use our knowledge of the housing market and local area to find your ideal investment property whether in Daytona Beach, Ormond Beach, or elsewhere in the Daytona Beach area.
You can find more articles pertaining to the Daytona Beach real estate market in the section of articles just below Daytona Beach Real Estate Categories in the column to your right.