Becoming an accidental landlord can be a shock. But as it could passively earn you over $56,000 per year in Kennewick, WA, it's also a fantastic opportunity.
Even if you're new to the industry, there are tried and tested property management strategies you can use to be successful. Following these tips can help you adjust to your new circumstances and become a profitable landlord right from the outset.
Keep reading this unexpected rentals guide for the best landlord advice.
An Accidental Landlord Should Understand the Market
It's tempting to immediately market your home and look for paying tenants. But one of the best property management tips is to first research the market. This will tell you how much demand there is for housing in your location, and how much rent you'll be able to charge, which may be more than you'd originally thought.
This review process will put you on a solid footing as you begin your accidental landlord journey.
Prepare the Property
In an ideal scenario, your rental property will be in perfect condition. But you may find there are minor maintenance issues, or even more serious ones that are a health or safety risk.
For example, tidying up cosmetic issues such as an overgrown backyard may not be strictly necessary, but it can help you attract more tenants. In contrast, if you notice faulty electrical wiring or asbestos in the home, these need to be resolved immediately.
Perform Tenant Screening
It's exciting when a potential renter asks to sign a contract, as this means you'll be earning money even while you sleep. However, it's important to carry out a thorough tenant screening process before handing over the keys.
These checks help establish crucial elements such as whether an applicant is of good character. By obtaining references, you can determine if a tenant is likely to be responsible and look after your property.
Tenant screening can also confirm an applicant has the financial means to pay rent. This can give you the peace of mind you'll receive a regular monthly income from your investment property.
Simplify Rent Collection
When you manage rental properties, one of the most vital accidental landlord strategies is to make it easy to collect rent. Otherwise, you may find payments are late, which could impact your cash flow.
While there are other methods, one of the best strategies is to use an online tenant portal. This allows renters to log in at any time and pay their rent. You'll also be able to see when payments are made, providing complete payment process transparency.
Crown Property Management Can Maximize Your Rental Profits
At Crown Property Management, we understand how stressful it can be when you become an accidental landlord. The good news is you can navigate your experience with the help of expert industry guidance.
Our expert team has been helping landlords in Kennewick, WA manage their properties and maximize their profits since 2001. As we're locally owned and operated, we bring a personal touch and combine this with decades of experience.
Let us take away the pressure of being a new landlord, and contact us today.
