The Orlando area has long been a popular destination for British and Canadian tourists because of our warm weather, recreational activities, and of course, world-class theme parks like Disney World. Many of these visitors purchase a second home in Orlando for holiday visits and for use when they retire.
If you want to get the most out of your investment until you’re ready to settle in the States, you might consider renting the property to other holiday visitors when you’re not using it. Managing a property from another country can be challenging though. So here are a few tips on how to be successful long distance landlord.
Hire Professional Help
Investing in a property management team is your best bet when it comes to managing property from afar. Property managers offer a wide variety of services, including marketing, screening tenants, managing your rental bookings, collecting payments and providing accounting summaries. They can issue keys to your tenants, as well as take care of check-ins and check-outs. Some services also include housekeeping and maintenance.
Some resort-style condominiums offer on-site management services to their owners. If you purchase a town house or single family home, you will likely need to hire your own management team to take care of the property. A quality real estate firm that specializes in selling homes to absentee owners like Team Donovan can recommend a reliable manager for your property.
Be mindful of the costs involved in hiring a property manager. The fee you pay will vary depending on the types of services offered. You may be required to pay a flat fee, or a percentage of the rent collected. Make sure you understand the costs before signing any agreement.
Set Strict Lease Terms
In order to protect your investment, it’s important to set clear rules for your tenants. If you hire a property manager, make sure you’re on the same page with them regarding lease terms, whether you’re doing a short-term or long-term rental. If you have a zero tolerance policy for pets or smoking, for instance, it’s important that you make your tenants aware of this in the lease agreement. Clear terms protect you and your tenants.
Protect your investment by purchasing insurance for your property. The type and amount of coverage you need will depend on the type of property you plan to rent. Typical insurance needs include:
- Hazards, such as fires or sewer backup
- Equipment breakdowns, such as an A/C failure
- Lost rental income
- Liability insurance for damages, including falls or slips on the property
Ready to Buy? Do Your Homework
Ready to find your Orlando vacation home? Contact the experts at Team Donovan. Our staff can advise you on the type of home that will best suit your needs, as well as provide information on currency transfers, contractors, accountants and tax issues. Search our listings today or call us at 407-705-2616 for a free consultation.