The regions of Northeast and Midwest America has seen a rebound in population growth , according to the 2023 census. This brings welcome news to many professional landlords.
But what happens if you're an amateur landlord? In fact, what happens if you're an accidental landlord? This is when you have an empty property that you don't wish to live in.
The best option is to find a tenant. But this is easier said than done and is often a stressful task.
Here's how to succeed as an accidental landlord:
Learn the Laws and Rules
The first step should be to learn the legal obligations you'll have as a landlord. You don't have to memorize these, but you must have a general idea of what the rules are.
You should hire a real estate lawyer to assist you with remaining compliant at all times. The lawyer will also help you draft your lease agreements and handle any potential tenant disputes.
Outsource Your Tenant Search
Finding tenants is perhaps the most stressful aspect of being an accidental landlord. You can outsource the tenant screening process to a property manager.
With this process, you'll tell the property manager about your ideal tenant. Let them know whether you want to rent to a single person, a couple, or a group. You can discuss whether you prefer short-term or long-term tenants.
The property manager will take time to find applicants based on your criteria. They'll screen tenants to ensure they also have a good reputation and have a track record of being responsible.
Take Your Time to Calculate Rent
Don't charge your rent without doing proper research first. You must first look at similar properties in your neighborhood. This will give you an idea of how much to reasonably charge.
You don't have to charge the exact amount as these other properties. Nevertheless, it's never ideal to charge too much above the average amount. If your tenant arrives after the first day of the month, you can charge prorated rent.
Communicate Often
Once you find your tenants, you want to make yourself available to them. You shouldn't overstep your boundaries, but you shouldn't hesitate to reach out to them on occasion.
Your tenants should feel comfortable knowing that you're always there to respond to their requests. Send them a message once in a while to check up on them.
However, if you don't have time for this, then you can always depend on your property managers. They'll work around the clock to communicate with your tenants when needed.
An Accidental Landlord Can Make It
Becoming an accidental landlord isn't something that you may have looked forward to. However, rather than looking at this scenario as a burden, you can consider it an opportunity.
Follow the steps in this guide to succeed as an accidental landlord. You can always have a property manager to assist you.
Axela Management is the best property management solution for an accidental landlord like you. We have several testimonials from successful landlords, and we look forward to helping you.
