Have you ever been given something that felt like more of a burden than a present?
That can be the experience for accidental landlords. They're forced to rent out a property due to high interest rates or inheritances.
It's a lack of knowledge that makes this potential gift feel so overwhelming. Knowing what to do with it can turn it into a valuable asset that helps you earn income.
Read our accidental landlords' guide for properties in Maple Valley, WA to learn how.
Know the Law
Almost everything landlords do has laws and regulations attached to them. Learn the local laws about essential components such as:
- Tenant and landlord responsibilities and rights
- Property maintenance and repairs
- Security deposits
- Tenant screening
- Eviction plans
This prevents disputes that could escalate into legal problems with financial or criminal penalties.
These laws also don't stay the same. Keep up with changes to the regulations to remain compliant.
Set the Right Rent
One of the first questions you may want answered in an accidental landlord's guide, is, "What rental rate should I set?"
The best solution is market research. Check what similar properties in your area are going for.
Don't set a rate that's much higher than the average or renters will go for a cheaper option. Don't go too much lower either. Renters may see it as a sign of poor quality, and you won't get enough income to make a profit.
Create a Comprehensive Lease
Draft a comprehensive lease agreement for each renter. Outline all terms, including:
- Rent amount
- Due date
- Late fees
- Maintenance responsibilities
- Security deposits
- Pet policies
These clear agreements let everyone know what's expected of them. They prevent disputes later and serve as evidence if they do come up.
Screen Tenants
Another way to prevent disputes is by screening tenants. It's an essential part of finding ones that pay rent on time and don't cause damage.
Check and verify all information about their:
- Criminal record
- Credit
- Income
- Employment
- Previous rentals
- References
Maintain Communication
The best rental property management tips cover how to keep your most valuable asset; quality tenants. One of the best ways is consistent communication.
Respond to their needs as soon as possible. Offer multiple methods of communication so they can always reach you. Disputes will arise, but try to resolve them with compromises and third-party mediation. Addressing lease violations is a must, but evictions should be a last-ditch option.
Maintain the Property
Even accidental landlords need to take care of their property with regular inspections. Let tenants know before you come into their property to protect their privacy. Looking around helps you spot lease violations and maintenance issues.
Address maintenance issues or tenant requests as soon as possible. This keeps minor issues from becoming emergencies.
We Take the Burden Off Accidental Landlords
Accidental landlords must learn laws, set rental rates, make comprehensive leases, communicate with tenants, and maintain the property.
PMI Puget Sound is a full-service Maple Valley property management company. We provide high-quality customer service and use the latest technology to let you view your investment at any time.
Our goal is to help you set the maximum monthly rent and increase the value of your investment over time. Contact us to see how our property management services can help it rise every day.
