Accidental landlords come about for various reasons. You might become one if you've recently inherited a property or if you have to rent out your home due to unforeseen circumstances.
No matter how you became an accidental landlord, it's happened quickly. Luckily, there are tips and resources that can help you succeed in this new endeavor.
Keep reading to learn how to turn your situation into an unexpected opportunity for success.
Learn Tenant-Landlord Laws
Accidental landlords should first get up to date on tenant-landlord laws and regulations. There are laws in Dulles, VA that protect tenants and landlords.
Laws outline liability issues, anti-discrimination requirements, and various responsibilities between both parties. Get situated in your new role by understanding local, state, and national requirements.
Review Lease Agreements
If there are current lease agreements that you have, you need to review them to understand them. By doing so, you'll know what your responsibilities are with each tenant.
Both parties will understand how to avoid breaking lease agreements and causing other issues. Lease agreements protect you and your tenants, so get to know your part in them.
If you don't have lease agreements yet, outsource tenant screening services. This will ensure you only rent out your property to quality people. When you hire a full-serivce property management company in Dulles, this service will be included.
Get Organized
Becoming a landlord requires getting organized. You need to be able to track your rental properties and protect yourself. Start tracking your real estate income and expenses immediately so that you'll be able to file your taxes.
Consider getting landlord insurance to protect you in the event of unexpected circumstances. Knowing you have this protection can lower any landlord stress you may experience.
Knowing the value of your property is important as well. A property management company can help you get a rental analysis.
Know the Condition of Your Property
An accidental landlord might not be aware of the condition of the property. You'll need to pay attention to this and complete regular property maintenance to stay compliant.
Tenants will make maintenance requests and you'll need to respond with repairs in a timely manner. Taking care of your property will keep tenants happy and keep the rental income rolling in.
You'll maintain the value of your space with regular property upkeep. If you ever want to sell your property, you'll get more money out of the sale if the property is in good condition.
How Can Accidental Landlords Be Successful?
Accidental landlords can become successful landlords, and eventually real estate investors, with these great tips. You might find that you have a knack for property ownership and continue to grow your investment portfolio.
If you struggle with the property management part of being a landlord, let us help. PMI Loudoun is a full-service property management company with over 20 years of experience.
We pride ourselves on providing friendly and professional services to property owners and their tenants. If you're ready to take your property to the next level, contact us today to get started.
