Individuals own around 71.6% of the 48.2 million individual rental units in the United States. Although many landlords intentionally invested in property, others fell into it by inheriting property or through other unforeseen events.
If you've recently become an accidental landlord yourself, you may be wondering what to do next. If you never planned to be a landlord, it can be tough to know what to expect and understand how to manage your rental well.
Fortunately, we're here to help. Below we'll go over the greatest landlord tips to follow for accidental landlords in the Hillsborough area.
Understand Tenant-Landlord Laws
The first thing to do when becoming an accidental landlord is to learn everything you can about tenant and landlord laws and regulations. There are many laws that exist to protect both tenants and landlords, so you need to review them.
Laws outline anti-discrimination requirements, liability issues, and various responsibilities between each party. Understanding local state, and national regulations will help you get situated and understand your new role.
Review Lease Agreements
You also need to review any current lease agreements that you have with tenants and be sure that you understand them all completely. This way, you'll know exactly what your responsibilities are with each tenant and will avoid breaking them and causing issues.
Lease agreements are serious. They can help protect both you and your tenants, so make sure that you understand any that you are a part of.
Get Organized
When becoming a landlord, you must get organized. Make sure that you do everything you can to track your rental properties and protect yourself.
You should start tracking your income and expenses immediately so that you can file your taxes properly. It's also a good idea to get landlord insurance to protect you in case something goes wrong.
You might also want to get our free rental price analysis to ensure you know the value of your rental.
Pay Attention to Maintenance
As an accidental landlord, one of the things you'll want to pay attention to is the condition of your property. Be sure that you're staying on top of maintenance and responding to tenant requests for repairs.
Taking care of your property will help make your tenants happy. It will also help maintain the property's value and ensure it's ready when it's time for a new tenant to move in.
Hire a Property Manager
Especially as an accidental landlord, hiring a property management company is worth considering.
A property manager can help to take care of your property and its tenants for you while allowing you to be a hands-off landlord. They can help with marketing your property, screening tenants, handling maintenance, and everything that comes with being a landlord.
Using a property management company can give you a steady stream of passive income. It will also free up your time and energy for other things, so it's well worth considering.
Following These Tips for Accidental Landlords
If you unexpectedly became a landlord, be sure to follow these tips for accidental landlords. Make sure that you understand landlord regulations, pay attention to maintenance, get organized, and consider hiring a property management company.
If you're looking for property management in the Hillsborough area, consider Gates Management & Realty. We're committed to providing best-in-class property management. We pride ourselves on excellent communication and client satisfaction.
Ready to get started? Contact us today to learn more about how we can help.