America has more accidental landlords than ever before.
This can be attributed to multiple factors. Some people become accidental landlords because they held onto low interest rates from years ago, while others need a way to keep up with increased expenses.
If you become an accidental landlord in Fayetteville, it can feel overwhelming. In today's post, we're going to give you a few property management tips for navigating your newfound landlord responsibilities. Keep reading and you'll be able to turn an unforeseen situation into a profitable one.
Screen Your Tenants
Being an accidental landlord places a lot of responsibility on your plate without warning. If you're going to make the best of this situation and keep your rental as low maintenance as possible, you need quality tenants.
Market your property with a thorough description and quality real estate photos. Once you've got enough applicants, put a proper screening process in place to find a tenant you can trust.
This involves criminal background and credit checks. These checks will give you important information on an applicant's character and financial stability. You can also speak to character references to determine if they'll be a good fit as your tenant.
Maintain Your Property
Once you've selected the perfect tenant, you need to do everything you can to keep them satisfied. Happy tenants tend to stick around and lower vacancy rates, which is the key to long-term profit as a rental property owner.
One of the most important landlord responsibilities is maintenance. Make sure you stay on top of maintenance requests from your tenants. Doing so will ensure they're content and prevent costly wear and tear in the unit.
Put Eviction Protection in Place
No new landlord's guide is complete without discussing eviction protection. If you're going to protect your property for the long haul, you need to understand what to do in the event a tenant gives you trouble.
Firstly, if you do your due diligence with tenant screening, it greatly minimizes the risk of eviction. But, knowing how to handle the process will make evictions a lot less stressful when they happen.
Start by gaining an understanding of eviction laws in Arkansas. If you go outside the law, you could end up in serious hot water. Then, learn more about the steps you need to take to execute an eviction successfully - the more thoroughly you understand this, the more efficient the process will be.
Property Management for the Accidental Landlord
This new landlord guide will help you work through the complexities of being an accidental landlord. Of course, not everyone has the time to become a landlord on short notice. If this describes you, it might be a better decision to hire a property manager to run your property on your behalf.
At Allred Properties, we've helped countless accidental landlords in Fayetteville, AR run successful rental properties. Our services include everything from property marketing and tenant screening to maintenance and eviction protection. To learn how we can help you thrive as an accidental landlord, contact us today.