Homeowners usually become accidental landlords due to unexpected situations. You might find yourself moving out of your forever home due to a work relocation or moving in with a partner when you're not ready to sell your home.
You might even inherit an extra home, with or without tenants already in place. In these cases, it makes sense to reap the profits that a rental unit can bring, but you'll need a little landlord guidance to ensure you make a success of it.
Read on for our best tips to ensure you thrive as an accidental landlord.
1. Research the Local Rental Market
You don't need a license to rent your home in San Diego unless you're specializing in short-term rentals, but you must familiarize yourself with the latest tenant protection laws before you get started.
It's important to get to know the rental market conditions in your area, too. These factors determine what makes a property appealing to tenants and affect how much rent you can charge.
A real estate expert or experienced property manager can help you with real estate tips, market overviews, and a rental analysis for your home. They can also provide you with rental market strategies to ensure your success.
2. Screen Your Tenants
Bad tenants can seriously hamper your success as a landlord. They don't pay their rent on time, they damage your property, and they cause you enormous stress.
Tenant screening, according to the Fair Credit Reporting Act, is vital for rooting out the good from the bad. A property manager can assist you with this.
3. Ensure Effective Communication
Communication is vital across the board when it comes to maintaining harmonious landlord-tenant relationships. Make sure your tenants understand the terms of their lease agreement.
Always let them know well in advance about routine property inspections or if you'll be undertaking maintenance work. A tenant portal can help facilitate good communications.
4. Set up a Budget for Your Rental Home
Ongoing routine maintenance is vital for ensuring your property retains its value. Prompt attention to these tasks ensures your unit remains safe and habitable and can help you avoid major repair issues.
You must set aside some money in a separate account so you can cater for necessities as well as unexpected expenses.
5. Hire a Property Manager
Hiring a property manager will help you navigate the intricacies of being an accidental landlord effortlessly. These experts have the legal know-how and real estate knowledge to ensure your success and relieve the inevitable stress of venturing into the unknown.
Property management services offer everything you need to thrive, including rental property marketing, maintenance coordination, and technology for effective communication.
Thrive as an Accidental Landlord
Getting to know your local real estate market, tenant screening, budgeting for improvements, and effective communication are vital for your success as an accidental landlord.
Investment Safe Property Management has over 25 years of experience managing rental properties in San Diego. Our technologies help streamline your operations and communication, but we still pride ourselves on personalized service and support for every client.
Our services include marketing, tenant screening, rent collection, maintenance, and accounting. Browse our blog for more property management tips, and let us help you embrace success as an accidental landlord.