Picture this: a family member or close friend passes away, and suddenly, you discover you've inherited property. Now what?
You will join a growing group of homeowners in the United States known as accidental landlords. This means you've inherited property that you may not want to sell due to financial constraints or the prospect of extra rental income.
So, what is the next step to take? If you're unsure, read on to learn more about how to manage your property rental when you have suddenly become a landlord.
Hire a Property Management Company
One of the easiest ways to ease the burden of rental management is by outsourcing it to a property management company. These companies can do as little or as much as you need, from simply taking care of one element to doing it all.
They can liaise with contractors for maintenance requests, keep track of tenant payments, and even manage your rental property finances. This is a great option if you don't have the time for rental management, or you're a new landlord.
Tenant Screening
Finding the right tenants can be tough. You need reliable people, who can afford your property, and who will stay for a long time. The longer your tenants renew their lease, the less work you have to do.
You will need to check potential tenants for eviction history, credit scores, and criminal records. If someone can't pay on time or damages the property, you could be jeopardizing your rental income.
Luckily, property management services can take care of tenant screening for you. You can weed out bad tenants and rest easy knowing your rental is well taken care of.
Property Maintenance
As a new landlord, you need to make sure your property has required maintenance and that it is up to code. Schedule regular property inspections to find small issues that may turn into bigger problems down the road.
You will also have to keep up with things like yardwork, updating appliances, and general seasonal maintenance.
Consider Selling Your Property
If all else fails or you find you can't be a landlord, you can always sell your property. In today's real estate market, the process will no doubt be quick and painless.
You can use the funds from your sale to invest in another property, pay off debt, or stick it in a high-yield savings account for your short-term financial goals.
Use These Tips for Accidental Landlords
For accidental landlords, the prospect of managing a new property rental doesn't have to be daunting. With this guide, you can ensure you take care of your property or at least profit from it.
If you are a new landlord in the Irvine area, PMI Orange County is here to help. We'll work with you and take care of all of your property management needs, so you'll have peace of mind.
With our expertise and full scope of property management services, we can bring your rental management to the next level. Send us a message to learn more.
