As MSN.com reports, nearly half of San Diego County, CA's homes cost at least a million dollars. Such high price tags and rising mortgage rates have made home buying and selling in the area even more challenging. So, it's no wonder accidental landlords (those who become landlords "unintentionally") are becoming more common here.
If you're in the same situation and need novice landlord support, this post is for you. The experts at McLain Properties have shared unplanned rental guidance and property management tips, so read on.
Understand the Responsibilities of Accidental Landlords
One of the most crucial pieces of rental property advice for landlords, whether intentional or accidental, is gaining familiarity with the job's legal and financial responsibilities. Here are just some examples:
- Adhering to federal, state, and local housing regulations
- Respecting tenant rights
- Providing mandatory disclosures related to the property's condition
- Conducting regular property maintenance to ensure a safe living environment
Additionally, understanding the intricacies of rental agreements can prevent conflicts later on. A well-structured contract protects both parties, clarifies expectations, and helps encourage successful lease renewals.
Prepare a Budget
As an accidental landlord, you must prepare for unforeseen expenses, such as emergency repairs and potential legal fees. In addition, you should keep a budget that accommodates regular expenses, such as:
- Property taxes
- Insurance
- Utilities
- Maintenance and repair costs
Maintaining a budget and setting aside a contingency fund can help you navigate financial obligations more effectively.
Maintain Good Communication With Tenants
Even if you did not intend to be a landlord, maintaining a good relationship with your tenants is essential. A positive rapport can lead to better communication and fewer conflicts. Make it a point to be responsive and respectful to their needs.
Hire a Full-Service Property Management Firm
Hiring a full-service property management company is an effective way to ease the stress of being a landlord. They're real estate experts who can handle all aspects of renting your home to tenants.
Some examples of what a property manager can do for you include:
- Running rental analyses to determine how much you can rent your property for
- Marketing your property to as many prospective renters as possible using their local knowledge and innovative technology
- Screening tenants per California's fair housing laws
- Assisting tenants with the move-in process
- Collecting rent and processing receipts
- Accounting and financial reporting
- Ensuring your home is well-kept through routine inspections, maintenance, and repairs
- Enforcing the lease agreement's terms and conditions
- Providing legally compliant eviction services
So, by opting for full-service management, you can earn like a landlord without struggling and stressing out.
Move Forward as an Accidental Landlord
Accidental landlords may have entered the rental real estate without the initial intention of doing so, but their journey can be such a game-changer that they may choose to embrace their "new" career. It can be potentially lucrative, especially with the right support system, including full-service property management.
So, if you're ready to move forward and succeed as an accidental landlord, partner with McLain Properties, our full-service property management firm serving San Diego County. Founded in 1978, our company has well-established roots and an extensive history in real estate sales and property management.
Get started by reaching out today and requesting your free rental price analysis!
