Becoming an accidental landlord can be time-consuming, but a few tips can help you make money with a property.
Accidental landlords typically don't have the resources necessary to efficiently manage real estate. Because of this, without using the right strategies, you won't be able to successfully sell or rent your property.
Here at HBR Rentals, we have all of the tools you need to start earning money from a property, regardless of how you got it. Here are four tips for accidental landlords in Tracy!
1. Screen Tenants
One of the best tips we can give to an accidental landlord is to screen tenants thoroughly. This will prevent you from running into a plethora of issues, and it will ensure you can maximize profits with a rental property.
Tenant screening is as simple as running background checks and interviewing applicants. If a tenant seems like a good person and has a positive rental history, they will likely be great for your property.
2. Invest in Preventive Maintenance
Another thing you should do is invest in preventive property maintenance. This is the process of checking and repairing things around a property to prevent them from leading to larger issues.
For example, when conducting a property inspection, if you notice that a pipe is starting to leak, you should fix it immediately instead of letting it get worse. This can help you save some money and will keep tenants satisfied.
3. Use a Tenant Portal
Another thing that will help you satisfy tenants is using a tenant portal.
A tenant portal is a property management program that allows you to communicate with tenants online. From the online portal, you can post updates about your properties, view documents, collect rent, and more.
Investing in one will not only allow you to better manage your properties, but it will also make transitioning away from being a landlord easier.
4. Hire a Property Manager
Because being an accidental landlord can be stressful, you should consider outsourcing everything to a property management company.
When hiring a property manager, you can have them handle rent collection, tenant screening, property marketing, maintenance, inspections, and anything else that comes with managing a property. They can also ensure that you're complying with housing regulations, which can vary depending on where your properties are located.
Although a property manager will take care of everything, you can still involve yourself with your properties as much as you'd like. For example, during tenant screening, you can interview tenants while the manager runs background checks.
Accidental Landlords Should Hire HBR Rentals
As you can see, accidental landlords can do several things to turn a bad situation into a good one. Now that you have these tips, you should hire HBR Rentals to manage your properties if you want to get the most out of them.
With many years of property management experience, HBR Rentals knows how to make any investor as successful as possible. Not only can we manage your properties, but we can also help you invest more efficiently.
Contact us now to get started with our property management services!
