According to Pew Research, 36% of American households rent their accommodation.
With so many rental properties on the market, it's not uncommon for people to find themselves in unexpected custody of one. Stepping into the role of an accidental landlord can feel daunting at first, but it's also a chance to earn extra money and learn about property management.
In Lafayette, where the real estate market is always changing, knowing the basics can help you succeed. In this guide, we'll go over 5 key accidental landlords must know.
Read on to learn more.
1. Understanding Legal Obligations
It's important to start by learning about the local property laws in Lafayette. As a landlord, you need to follow state laws that handle issues ranging from security deposits to how evictions are handled.
Making sure your lease agreements are up to the standard required by law is vital. Non-compliance can result in legal headaches and hefty fines down the line.
2. Effective Property Management
Good management is crucial for keeping your property in great shape and keeping tenants happy. When tenants reach out with questions or need repairs, responding quickly is key.
This helps keep the property in good condition and maintains its value, because happy tenants are more likely to take good care of your property. In turn, this improves retention and keeps turnover costs low.
3. Financial Management and Planning
Setting the right rent price is important. It's a good idea to look at what other landlords are charging in Lafayette to make sure your rent is both fair and profitable.
Keeping detailed financial records is also important, including rent collection, property maintenance, and administrative fees. These records help you keep track of your finances, and make tax returns much easier.
4. Building Strong Tenant Relationships
Having a good relationship with your tenants can make being a landlord much easier. Being clear and respectful in your communications can help create a positive living environment.
Be clear with the lease terms and use tenant screening to find good candidates. Tenants who feel valued are more likely to take care of the property and stay longer, which means less hassle and expense for you when it comes to finding new tenants.
5. Preparing for the Unexpected
It is always a smart idea to be ready for the unexpected. Having a savings fund for emergencies, like sudden repairs or legal issues, can help you manage without stress. Being prepared financially can keep things running smoothly and prevent financial woes down the line.
Calling Accidental Landlords: Take Control Now
Accidental landlords in Lafayette can find this new experience to be very gratifying. However, it's a lot of responsibility. That's where a trusted property manager comes into play.
With more than 30 years of experience in the field, our property management experts are equipped and ready to help you turn a profit while enjoying the freedom to pursue other interests and opportunities.
Are you ready to take your newfound property portfolio to the next level? Contact us today for everything you need to know.
