Rent
Do you want to rent your property?
Many clients ask us if we take care of renting the property they bought as an investment. And the answer is yes! We want to help them find the best tenant and quickly.
In addition, we support them in the search for a new place to live, guide them step by step through the whole process, and guide them with the required documentation.
WHAT SHOULD I KNOW BEFORE LOOKING FOR A PROPERTY TO RENT?
Before you start looking for a property to rent, the first thing we advise is to seek the help of a real estate professional who can assist you throughout the process. Be sure to determine your budget before selecting the areas in which you are going to spend.
Main steps to rent:
Meet with a real estate agent. They will be your best ally since web pages and online ads must always be verified by your real estate broker so that you are not a victim of scams.
Set a budget and location. Prices in South Florida can change based on the city you select, the location and the number of square feet. Rent adjacent to universities, airports and large companies or business centers increases the cost of the property.
Collect all the requirements. It is important that before looking for properties, you have documents such as your proof of income, payroll or bank accounts to prove to the owner that you have the means to pay the rent, police record and have at least the first month that will be given as a deposit to separate the unit.
Find properties within your budget. When renting, we must be aware of how much we can pay because that is a variable that the tenant takes into account. You have to earn at least three times more than what we will pay in rent. If the house costs $1,000, our monthly income (including our spouse’s) should be at least $3,000. Your agent will send you a list of options that match the characteristics they set on the search.
Visit properties. The real estate broker will contact the agents of the properties that you have liked the most, to make appointments and that you can go personally to meet them. Keep in mind that some may still have a tenant in the unit, so it is always recommended to make these appointments more than 24 hours in advance.
Place a rental offer. Before placing an offer, the real estate agent will carry out an analysis where he will show you what the last rented units have been in the community you have chosen and how much they were rented for, in order to present an offer that is fair for both the owner as for you.
Apply to the neighborhood association or management company. To apply for most rental housing you must fill out an application or form, pay an administrative fee and submit the requirements in writing or by email. That money is not returnable. If the association were to reject the request, they would not return it.
What documents do I need to rent?
Credit record with a score above 620
Valid State ID
Demonstrate income of at least 3 times the value of the rent
Police record: no criminal record and/or eviction record for the last 3 years
Immigrants who do not have those requirements have two options; look for a relative or friend who rents a property knowing that they do not meet the conditions, or go to a rental community that receives foreign tenants charging only one month’s deposit (however, not all of them accept foreigners). You should bear in mind that having a bank account with sufficient funds can serve as collateral when it comes to proving income.
What is the difference between a rental community and condominiums?
An apartment rental community corresponds to a group of properties where the owner is a single person (person / persons / corporation) and rents the units through a management company, which may be its own or a third party.
A condominium corresponds to a group of properties, but for each of them there is an owner. A single person or corporation can of course have several properties. Among all the owners they select a condominium board and an administrative board.
This administrative board has a series of requirements to accept future tenants, which are usually the same that the owner asks for when renting.
How long are the contracts?
Leases are usually for twelve months, you can also get contracts month by month or for six months, but they increase the value of the monthly rent.
Investors like to have a contract that guarantees income for a long period, therefore, the longer the contract period, the cheaper the rent can be.
Are they pet friendly?
One of the aspects that can make rent more complicated is having a pet. Many condominiums and homeowners do not like their tenants to have animals, because if there is a fine, it falls on the property.
If in any case we want to keep our “best friend” it is important that he has the vaccination record up to date, as well as the identification tag. Some properties allow pets weighing up to 20 pounds that fit into the small or medium dog classification. Typically, the owner will ask for a non-refundable pet deposit ranging from $250 to $500.
Note: All of the above may vary if your pet has an emotional support or service certificate.
