Uh oh, you've suddenly come into ownership of a property that you have no intention of living in. You don't want to sell it, but you don't want it to collect dust while you decide what to do. Now what?
If you choose to rent it out, you join many other accidental landlords. This is an exciting opportunity for you, but it can also be stressful. Being a landlord is a big responsibility.
We're here to offer a few tips that can make it easier. Read on to learn more.
1. Understand Landlord Responsibilities
When you become a landlord, even an accidental one, you need to learn the ins and outs of the laws and responsibilities that pertain to you.
Familiarize yourself with local landlord-tenant laws, regulations, and responsibilities. Different places have different rules regarding rent, eviction, property maintenance, and tenant rights. Make yourself aware of these things so you don't end up in legal hot water.
2. Screen Tenants Carefully
Most tenants are going to treat your rental property well. However, some won't. You need to find high-quality tenants.
Implement a thorough tenant screening process to find reliable and responsible tenants. This includes conducting background checks, verifying their employment and income, and checking rental references.
Note that there's no one "right" way to screen tenants. A property manager can help you out. We'll talk more about that later in the article.
3. Maintain the Property
You have to keep a rental property in good condition. It's an investment and it's going to be someone's home. You're responsible for maintenance.
Inspect and maintain the property to address any issues as soon as they arise. This can prevent minor problems from becoming major expenses and it will keep your tenants happier.
4. Create a Comprehensive Lease Agreement
Do you know how to write a lease? A lease is a serious legal document, so you want to make sure that yours is comprehensive.
Draft a clear and legally sound lease agreement that outlines the terms and conditions of the rental. Cover rent due dates, security deposits, maintenance responsibilities, and any specific rules or policies. Remember, if it's not on the lease, it isn't your tenant's responsibility.
5. Consider Property Management
Managing a rental property is no easy task. If you're an accidental landlord, it may be in your best interest to hire someone to help you.
If you find managing the property challenging or time-consuming, consider hiring a property management company. They can handle tenant communication, maintenance, and many other tasks on your behalf. They have years of experience with rental properties, so they can fill in the gaps.
Follow These Tips for Accidental Landlords
Accidental landlords may be new to property ownership, but that doesn't mean they can't do a great job. These tips can help you get started with a successful rental property. You have nothing to worry about!
Are you in need of help with your Saratoga Springs, NY, property? Veno Properties can help. Contact us to learn all about our property management services today.
