If you've inherited a property, need to relocate, or can't sell your home, you've likely found yourself in a tough situation. Being an accidental landlord is a daunting process, especially in Greenville, where the rental market can be unforgiving.
However, you aren't alone. Many people in the United States have found themselves as accidental landlords. With the right approach and preparation, you can successfully navigate your new role.
We don't want you struggling alone, so we've put this guide together. Below, you'll read about five tips that'll help you manage your new property.
1. Know the Legalities
The first accidental landlords should do is familiarize themselves with the local laws. As a landlord, you have to follow specific regulations. Understanding your rights and responsibilities will help you be successful and avoid any legal issues.
Each jurisdiction has its own set of laws regarding security deposits, eviction procedures, and property maintenance. You don't want to get in trouble with the state because you weren't aware of your legal obligations.
Working with a professional can make this step much easier. There's a lot of information out there and some legal documents and laws can be difficult to understand. This is why hiring a real estate asset management company can be so beneficial.
2. Screen Tenants Thoroughly
Running a tenant background check and gathering credit reports aren't the most exciting tasks, but they have to be done. Having a thorough screening process will help you avoid potential problems. Taking the time to verify employment and check their rental history will be time-consuming, but it'll be worth it in the end.
3. Maintain the Property
Rental property inspections and maintenance are also crucial when you become an accidental landlord. Keeping your rental property in good condition helps preserve value and attracts tenants.
Be sure to address maintenance issues right away. Make repairs when needed and upgrade appliances when you can.
A step that many accidental landlords forget is keeping detailed records. Anytime you make a repair or upgrade document the changes for tax purposes. Doing this will also demonstrate your commitment to providing a safe living environment for your tenants.
4. Set Clear Expectations
To create a good relationship with your tenants, you'll need to communicate your expectations to them. A comprehensive lease agreement that outlines pet policies and rent payment schedules is key. Having open and clear communication will reduce issues between you and your tenants.
5. Plan for Financial Stability
There are a lot of financial responsibilities that are required when you own an investment property. You'll need to create a budget for all your expenses. This includes property taxes, insurance, repairs, and potential vacancies.
A Roadmap for Accidental Landlords
Becoming an accidental landlord unexpectedly can be tough to navigate. You'll face challenges, and the process can seem overwhelming.
However, following the tips above and working with a turnkey property management team will significantly reduce your stress. It's important to have the right approach and mindset so you can manage your property successfully.
Here at PMI Southern States, we know what you need. Our team has helped countless accidental landlords in Greenville, South Carolina, over the years and we are confident we can support you, too.
Send us a message here!
