Research the market value of renting your home in the Florida Keys. Compare the rental prices of other home rentals of similar square footage and condition to your home by driving around your area, looking at homes with "For Rent" signs, calling the renting parties and asking them about the prices and conditions of their properties. Ask what the cost is to rent the house by the week or by the month in the winter busy season. Set your rental price by comparing what other property owners are charging for theirs.
Check your homeowners' insurance policy. Call your insurance company and ask if your property is insured for renters. Switch your policy over, if necessary, to a rental property insurance policy. This protects you if renters damage the property.
Decide whether you want to hire a real estate management company to handle renting out your house or if you want to manage the property yourself. People who live in the Keys and rent out property may manage the property themselves. This enables them to be readily available should something go wrong with the property or if repairs are necessary. People who live out of the area might hire a real estate property management company. Meet with a few different management company representatives, talking with them about how they conduct business, how accessible they are to property owners and what their fee structures are.
Advertise your house for rent on vacation websites, such as the one listed in the Resources section of this article, and in vacation guides. In your ad clearly state what is included with the house, how many bedrooms and bathrooms it has, the home's square footage, which appliances are included, when it is available, how much it costs to rent the home by the week or by the month, and how a potential renter may contact you. Including photos of your home can help attract renters who can't check it out in person before they commit.
Send prospective tenants rental applications, asking for the names, addresses and phone numbers of everyone who would be staying in the house. Ask for each tenants' birth date, rental history including phone numbers of previous rentals, employment or other means of income, and the length of time they plan on staying in the home. Include a statement on the rental application that says something along the lines of "I hereby authorize the rental company to conduct background checks as it deems necessary." Ask each applicant to sign the agreement and provide a fax number where the tenants can send the paperwork to return it to you.
Call the rental offices listed on the prospective tenants' application and inquire whether the tenants paid their rent on time, left the properties in good condition or were evicted. Fax the prospective tenants' signed permission application form to the rental offices, if requested, permitting such information to be released. Consider whether you would want someone with such a background and employment history living in your house.
Draft a lease for your rental property with the help of an attorney. Talk with the attorney
about any special terms you want included for a security deposit or fines. Send the lease to your tenants to sign.
Collect the signed rental agreement plus a check for the security deposit and the week's rent, or first and last month's rent if it's for a longer period.
Meet the tenants at the property when they arrive in town. Walk the tenants through the home and show them any special features they need to know, such as how to operate the oven or where the cleaning supplies are. Hand them the keys and welcome them to their rental.
