That stunning property inheritance you now own could become a source of stress fast. Everything from the local housing market to property taxes can make it a burden. Instead of letting your landlord responsibilities cause stress, learn from the accidental landlords before you.
For example, you can hire a property management company. After all, fewer than half of all landlords manage their own properties.
Searching for more tips to become a successful accidental landlord? Read on!
Understand the Local Housing Market
Before applying the rest of these landlord tips, research the Covina, California housing market. Understanding real estate trends will help you make informed decisions when you rent out the property.
Start by reviewing local, state, and federal housing laws and regulations. Neglecting to follow these laws could lead to legal issues.
Compare your rental property against similar properties in the area. Renters will do the same when searching for a home. Update your property listing and rental price according to the current rental market.
Use digital marketing to help more people find your rental property online. Share stunning photos of the property or create a virtual tour. Virtual tours make it easier for renters to determine if they have a real interest in the property.
Outsource Tenant Screening
Inaccurate tenant screening reports could lead you to choose an unreliable renter. Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 complaints. About 65% were related to inaccuracies.
Outsource your tenant screening process. A property manager can review background checks, credit scores, employment verification, and rental histories. They'll help you choose renters you can trust without bias.
Automate Landlord Responsibilities
Save time and money by automating your landlord responsibilities. Property management software can handle:
- Rent collection
- Document management
- Lease agreement documents
- Maintenance request
- Tenant inquiries
Automating these tasks will save you valuable time. Automation ensures better accuracy by minimizing human error.
Using a tenant portal will provide your renters with the ease and convenience of online tools. They can pay rent from the comforts of their own home. If they pay late, the portal will automatically charge a late fee.
Request Property Management Services
Consider hiring a full-service property management company. Their services can cover:
- Rent collection
- Maintenance and inspections
- Applicant screening
- Financial reporting
You can request legal help, assistance filing your property taxes, and more. Relying on property management services will take the stress off your shoulders.
Rely on your property manager's experience and expertise. Choose a team with a thorough understanding of the local housing market. They'll ensure you avoid costly mistakes that can cause you unnecessary stress.
Minimizing Stress for Accidental Landlords
The most successful accidental landlords don't do it all alone. Instead, they request property management services. With help from an experienced team, you can thrive in the real estate industry.
Look no further for help! PMI San Bernardino has 20 years of industry experience helping accidental landlords like you. We use award-winning strategies and state-of-the-art tools to maximize your earning potential.
If you recently inherited property, don't wait to ask for help. Contact us to request our property management services today!