Here along the Southeast Florida Beach Area there are not only full-time residents but also a significant number part-time residents, locally referred to as “Snow Birds”. This part-time resident population varies somewhat from community to community but they are the majority most of the time. In a large number of Oceanfront communities, full-time residents only make up around 35% of the ownership.
The Annual Rental market along the beach areas of Southeast Florida are effected little if at all by this Seasonal variation. Keep in mind that these Annual Tenants are generally living here 12 months out of the year. We place Tenants into properties all throughout the year despite the season or time of month.
|Determining List Price|
When going through the process of determining the listing price for your property be sure to include properties in all of your Competitive Circle. That includes your building or complex competition and your area competition. You should view recent closed rentals, pending rentals and actively listed properties in both market segments. After all, that is what a prospective tenant is going to do before making an offer. The average Tenant will see 10 to 15 properties before renting. Also, keep mind that your listing will have to show well, in its price range, or not be even be considered by most quality Tenants.
Better to price it at what you will take and stand firm than price it higher. In that way, you will show well compared to the competition and not miss out on any quality Tenants within your price range.
|Availability to Show|
Showing a “Tenant Occupied” property is a delicate matter. Most Tenants say that they are willing to show the units prior to vacating. Generally, 30 to 60 days prior to surrender. They understand the Landlord's desire to avoid any level of vacancy, so they agree to show the unit. The issue comes when they realize that the unit will be shown 10 to 15 times a week. If they are not home and the Tenant will allow showings in their absence, then it is easy enough to make appointments and show the unit. If the Tenant insists on being present, then the pleasant cooperation rarely extends past the first 10 to 15 showings. Understandably so, the Tenant feesl dis-satisfied with the invasion.
My most successful investors do not start to show their units until 5 weeks from surrender. This places the unit available to view at the best timeframe. Most Tenants go to start to see apartments 4 to 5 weeks out from when they want to take possession. If they start to show 60 days out, the Tenants are usually uncooperative and unavaialable to show by this point.
By the way, most of the Tenants we place stay about 2 to 3 years before moving on. Most seasoned Landlords are most likely having the same experience.
If you are renting a "Vacant Unit" in a secure building. Think about allowing the unit to be placed on Electronic Lockbox (SUPRA). The SUPRA permits the unit to be shown by Real Estate Professional that have an Electronic Key Device managed by through local Board of Realtors. It keeps track of the who shows the unit and when it was shown. The advantage is convenience. An agent does not have to make specific appointment times to gain access to the unit and show it. We show my listings that are on SUPRA up to three times more than when they are not....and they rent quicker! By the way, the Supra can be restricted to only allow showings between certain times of the day. We generally have my vacant listings set from 8am to 8pm. Some Tenants can only view before and after work.
|Responding to the Offer|
Well, there have been quite a few showings and finally an offer has arrived. There should be a written Offer To Rent (also called a Contract to Rent) stating who they are, how many persons will be occupying the unit, number and size of any pets (if permitted), rent amount, deposits and rental period desired. The offer should also include a full credit report and completed Tenant Information Form.
Most Landlords will place a great deal of weight upon the credit report. It is not that they are looking for an incredibly high score, they just do not want to see anything derogatory. They will usually call the past two Landlords and the Tenant directly.
If the Landlord decides to move forward, the Real Estate Professional writes the Lease according to the agreed terms on the Contract To Lease. The Lease is contingent upon the Association Approval. The Tenant will usually have to pay a $100 to $150 association application fee. The Association will run a background check on the Tenant, meet with the Tenant in-person for an interview / orientation and then final approval will be given.
|The Most Frequently Asked Seller Questions?|
I am already competitively priced and not receiving offers? Should I lower my price?
My property is competitively priced, was shown several times, but still no offers? Why?
Bill Cott | Seawatch Realty, Inc | Licensed Real Estate Broker: (954) 494-5812
Listing your Southeast Florida Property for Rent
Renting your Condo, Co-op, Townhome or Villa
We are local real estate professionals with a special focus on beach area Condos, Co-ops, Townhomes and Villas. If you are giving serious consideration to listing your beach area property for rent, we invite you to contact us. We will assist you in strategizing the best approach for you to place your property on the market and meet your rental goals in an opportune manner.
At Seawatch Realty, our consultative approach provides our customers with the information they need to make confident decisions throughout the rental process. Experience has taught us that every Landlord is a little different in their approach, which is why we take the time to listen to what our clients have to say. Executing a planned strategy by working as a team has always been the best foundation for success.
As an initial step, click on the Request Link below and we will send you a "Competitive Rental Analysis". This will provide you with an accurate and detailed snapshot of not only the current rental activity within your community, but also the present, active competition in the surrounding area. Upon your review of this information, we look forward to having a productive discussion and the opportunity to assist you further. We thank you for your consideration.
Competitive Rental Analysis Request