RENTING OUT YOUR FLORIDA PROPERTY

ANNUAL RENTALS

For someone who has purchased a Florida property and does not want to use the property at all themselves, then an annual rental tenant will help cover the costs of the property.

The owner will not have to furnish the property after purchasing and it is possible to have a tenant ready to move in the day after closing or completing on the property. 

The annual rental market can vary as much as the property market. 

Many owners are choosing to rent out their property at the moment as they wait for the prices to 'recover' or even rise back up to what they paid for the property.  Investors who once hoped to 'flip' the property are also looking for tenants to help 'claw' back some of the costs associated with the property as they have been unable to sell.

This has driven the cost of rent down and the choice is plentiful for the renter.  However, if the rent is right - it is still possible to rent out a property annually in a good location like Naples.

A real estate company will help you in finding the tenant, doing a background check on the tenant, preparing the lease and organising payment of the monthly rental.  A small fee will be charged for all this.  It can be as little a months rent or 10-20% of the monthly rental income (depending on the amount of work you need the rental agent to do). 

Remember you are over 4000 miles away - it is advisable to employ a rental agent that you trust.!

Although everything is negotiable - usually, the property owner will pay for Property Taxes (annual) and Homeowner and/or condominium fees (quarterly).  The tenant usually pays the rent and all utility bills (those not included in the condominium fees).

It is still advisable to employ a Property Manager to take care of any problems that might arise with the property.

Seasonal Rental Market

Seasonal rentals usually mean 'short-term' rentals.  This can be anything from 1 week to 6 months.

The seasonal rental market is still quite vibrant in areas of Florida that are popular tourist destinations (ie. Naples) and have not been 'saturated' by 'buy-to-let' properties (such as Orlando).

This situation is idea for the owner who wants to use the property for their own holidays  (maybe even for friends and family use also). However, you can make the investment pay by renting it out to other 'holiday-makers' for the rest of the year.

The US vacationer may come for a longer period of time (affectionately called 'snow-birds') - they fly down from the north american states for 3 of the worst winter months escaping the snow!

The UK holiday-maker may only want a week or two (but they also can come in the hot summer months when the north Americans are scarce).

As the owner, you can keep a locked closet in the house full of your own personal items and the Property Manager/ Rental agent can arrange cleaning and preparation between guests.

The properties that tend to get the most rentals are the ones where the owner also advertises and 'markets' the property in the UK along with any bookings that the 'agent' may secure.

PROPERTY MANAGERS

Your property manager may or may not be the same as your rental agent.  Your relationship with your rental agent and property manager can be customized to suit each individuals need (ie. if you choose to advertise your property yourself and just hand over the local work).

When choosing a property manager and rental agent (if you do not already know them), avoid signing long contracts with them.  Interview at least 3 if possible who work in the area that you have purchased the property.

Insurance - WARNING!! Don't for get the extra insurance if you decide to rent your property!!  Just speak to your current insurance company to inform them so that you are covered.

List of Rental Agents and Property Mangers

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