Due to a variety of reasons, from skyrocketing interest rates to inheriting unwanted properties, America has become a nation of accidental landlords.
If you've found yourself in a situation where you have a property you can't or don't want to sell, renting it out is the sensible solution. The term, "accidental landlord" has a negative connotation, but it doesn't have to be a negative experience.
In today's post, we aim to help the accidental landlords of Atlanta with 4 helpful tips. Keep reading and you'll know how to make your rental property less of a headache and more of a nest egg.
1. Understand Local Laws
Before you start renting out your property, it's important to get a sense of landlord-tenant laws in Georgia. You need to know how leases, evictions, and security deposits work before you jump into a tenancy.
If you try to tackle any of the above without knowledge of tenants' rights, you could end up in legal hot water. For example, evictions are carried out in a very specific way and each state has unique rules around them. With a security deposit, there are rules around storing and returning them that you need to know.
2. Tenant Screening
Accidental landlords typically experience more stress than purposeful landlords. The biggest cause of stress for landlords has to do with delinquent tenants. If you rent to someone who fails to pay rent or damages your property, it's going to be a stressful experience.
You can avoid this by thoroughly screening each applicant you have. Look into their criminal and financial background, then call landlord references to ensure you're getting a responsible, respectful person in your unit. Doing so makes being a landlord that much easier.
3. Look After Tenants
Getting good tenants in your units is a great start, but you need to keep them happy. The best way to have a relaxing experience as a landlord is to keep good tenants in your property. Long tenancies also lower vacancy rates and keep more money in your pocket.
Make sure that your tenant always has a way to get hold of you. They should feel comfortable making maintenance and repair requests with the knowledge that you'll perform regular property maintenance to keep the unit in good shape.
4. Hire a Property Manager
If you're finding your landlord duties overwhelming, the best thing to do is to hire a property management company to help. A good property manager can handle every aspect of landlord duties, from tenant screening to rent collection. With property management, you can sit back and collect passive income from your rental without lifting a finger.
Accidental Landlords Can Have it Good
Becoming an accidental landlord doesn't have to be a bad thing. Use these tips to turn an unplanned situation into an advantageous one. Even if you don't have the time to look after your rental property, hiring property management can do it for you.
PMI Marietta has helped many of Atlanta's accidental landlords get to grips with their rental properties. Contact us today to learn how our services can help you run your rental property in 2024.
