Becoming an accidental landlord could mean all kinds of hiccups and legal red tape. Still, with the right approach, accidental landlords can earn plenty of profits.
Whether you've inherited a property or decided to rent out your former home, you need preparation and knowledge. Read on to learn how you can handle the responsibilities of managing rental properties with confidence and success.
Familiarizing Yourself With Landlord Responsibilities
The foundation of successful property management lies in understanding your obligations as a landlord. In Raleigh, North Carolina, landlords must adhere to state laws that govern the following:
- Lease agreements
- Tenant rights
- Property maintenance
You must make your property safe and meet local housing codes. It includes addressing issues like:
- Plumbing
- Heating
- Structural safety
Also, drafting a clear and detailed lease agreement is essential. This document serves as a contract between you and your tenant, setting expectations and protecting your rights. Open and prompt communication with tenants is also a vital part of fulfilling your landlord responsibilities.
Screening Tenants and Leaving No Stone Unturned
One of the most critical steps in managing rental properties is tenant screening. Selecting the right tenant can significantly impact your success as a landlord.
A thorough screening process helps minimize risks such as late payments, property damage, or eviction. Evaluate potential tenants by reviewing their credit history, verifying employment, and checking their rental background. Contacting previous landlords can provide insight into a tenant's reliability and behavior.
Plus, tenants must be ensured that they meet income requirements, such as earning at least three times the monthly rent.
Setting the Goldilocks Rental Price
Do you want more property management tips?
Research the Raleigh rental market to understand the going rates for properties similar to yours. Setting the price too high may deter prospective tenants. Still, pricing it too low could lead to financial losses.
Use online rental platforms and consult with local property management experts to ensure your pricing aligns with market trends. Offering incentives, such as including certain utilities, can also make your property more appealing.
Maintaining Your Property Based on Raleigh Landlord Advice
Spic and span properties are more likely to draw in long-term tenants and reduce turnover. Regular inspections are the secret. Be prepared to address maintenance requests, especially for urgent matters like plumbing or heating failures.
Consider investing in small upgrades, such as the following:
- Fresh paint
- Modern appliances
- Landscaping
Doing this can go a long way toward boosting rental value.
Professional Management for Rental Property Best Practices
If managing your rental property feels overwhelming, hiring a property management company may be a worthwhile investment. Property managers handle:
- Tenant screening
- Rent collection
- Maintenance
- Legal compliance
Local expertise can help you navigate the Raleigh rental market more effectively.
Accidental Landlords Can Become Thriving Landlords
With the right approach, accidental landlords don't have to feel in over their heads.
That's where the Raleigh experts of PMI Capital City RTP come in. For ten years running, PMI has made the top 500 in Entrepreneur's list. We're known for holistic services that include everything from maintenance to handling evictions.
Don't wait to claim your free rental analysis from the PMI team today.
