An abundance of homeowners who are locked into their low mortgage rates from yesteryear is turning America into a "nation of accidental landlords".
It's not just favorable mortgages that make people accidental landlords. Some people have inherited homes from deceased loved ones while others have empty homes after going through divorce. Whatever your reason for being an accidental landlord, it's important to know there's no reason to panic.
Today, we'll give Phoenix's accidental landlords a few tips for turning an overwhelming situation into a beneficial one. Keep reading and you'll have a clear path to making money from your property.
Market Open Units
The path to an easy life as an unexpected landlord is to find a great tenant and keep them happy. That starts with rental property marketing, which will help you put your vacant unit in front of the largest possible number of renters.
Create the perfect rental listing by writing a thorough description of your unit, as well as the local area's amenities. Take lots of high-quality real estate photos - pictures are what will sell your unit to potential tenants. If you need more eyes on your listing, look into SEO and paid ads to maximize exposure.
Screen Tenants
With strong marketing, you should receive a large number of applicants. Now, you need to employ tactful tenant screening practices to find the best candidates from the bunch.
Perform criminal background checks, credit checks, and reference calls. Obviously, criminal background checks are essential for determining if someone is going to cause problems. Credit checks inform you of their financial health - failure to pay rent is the most common reason for eviction.
Where some applicants can set themselves apart is with a good reference check. The best references are former landlords because they can tell you what someone is like as a tenant.
Maintain Your Property
Your screening methods should find you the ideal tenant. Once they're living in the unit, it's up to you to keep them happy. Strong landlord-tenant relationships are the key to lowering vacancy rates, which will keep your rental property manageable and lucrative.
The best way to keep a tenant happy is by promptly responding to maintenance requests. Preventative maintenance is also helpful for avoiding larger repair costs down the road.
Learn the Laws
It's in your best interest to familiarize yourself with the federal, state, and local laws around rentals. Failure to comply with the law - even out of ignorance - can result in severe penalties. The most important things to pay attention to are fair housing laws, tax laws, and zoning (for short-term rentals).
Property Management for Accidental Landlords
The simplest way to tackle your accidental landlord responsibilities is to hire a property manager. These services can do as much as you need them to, including everything we discussed above.
For accidental landlords in Phoenix, your best bet for property management is Real Property Management of Phoenix Valley. We can help you market vacant units, screen tenants, collect rent, and maintain your property, among other things.
Contact us today to learn more about our services.
