Guide for Accidental Landlords

Being an accidental landlord happens when homeowners have to rent out their property due to various reasons, such as moving into a new home, financial difficulties, or they inherit property.

 Whatever the reason may be, being a landlord means taking on a significant responsibility that requires knowledge and experience. This guide provides essential information that novice landlords can follow to ensure they successfully manage a rental property.

Understanding Landlord and Tenant Laws

One of the most important things that a landlord must understand are the basic landlord and tenant laws. These laws vary by state; therefore, it's essential to research and understand your state's landlord and tenant laws. Here are a few common laws a landlord must keep in mind:

- Fair Housing laws forbid discrimination

- Security Deposit laws must be followed

- Lease Agreements are binding legal contracts

- Eviction laws must be followed

Security Deposit Laws

When a tenant moves into your property, they typically pay a security deposit in case of damages or unpaid rent. As a landlord, you must understand your state's security deposit laws.

- Know the maximum amount you are allowed to collect

- Know the required time frame for returning a security deposit

- Know the acceptable reasons for withholding part or all of a security deposit

Marketing Your Rental Property

How you advertise your property is crucial to get suitable tenants and leads. Use an online platform for marketing your rental property.

Once you have written the ad, use high-quality images to present the property in the best possible light. A prospective tenant may not visit your property if your photos are blurry, grainy, or unappealing.

Screening Your Tenants

A screening process is essential for finding the right tenants for your property. Here are some tips on what to include in your tenant screening process:

- Running a credit check

- Running a criminal background check

- Contacting their previous landlords

- Verifying their employment

Preparing and Signing a Lease Agreement

The lease agreement is a legally binding contract between the landlord and the tenant. You should have the lease agreement ready before the tenant moves into the property.

- The lease agreement should include the names of all tenants moving in, including children

- Include the dates of the lease

- Outline the amount of rent and due dates

- Outline any penalties for late fees or early termination

Tenant Responsibilities

The lease agreement should explain the basic responsibilities of the tenant, such as:

- Maintaining the property

- Paying rent on time

- Observing any by-laws or restrictions for the complex

Collecting Rent

Collecting rent can be a challenge for any landlord. Here are some tips to make rent collection manageable:

- Electronic payments

- Set up automatic payments

- Enforce strict policies

If you find a tenant is consistently late in paying rent, follow up with them in writing and consider legal action.

Handling Maintenance Requests

As a landlord, assuming responsibility for necessary home repairs is inevitable. When tenants notify you about a concern or problem, handle the maintenance requests in a timely and effective manner.

- Create a system that allows tenants to quickly notify you of any concerns

- Make a list of reliable contractors and service providers

- Set up a maintenance schedule for consistent upkeep

Conclusion

As an accidental landlord, it's vital to remember that you're running a business. By following these basic guidelines, you can minimize the risk of liability and build a successful rental property business. Be proactive, and do your research, and you will be able to jump into the rental market and become an accomplished landlord.