Has a loved one recently died and left you a residential property? Gaining a new home is nice enough, but you may not need to live in it. Instead of selling the property, there's always the option of renting it out.
Accidental landlords aren't always prepared for the job, which means they might make mistakes or rent out to the wrong people. As a landlord, it's important to understand your responsibilities and take the role seriously.
Here are five landlord success strategies that can ensure you profit off of your previously unused property.
1. Understand Landlord Responsibilities
The most important information to know is your legal responsibilities as a landlord. You'll want to familiarize yourself with your duties as a landlord in Los Angeles as well as everything there is to know about rent law.
As a landlord, you're responsible for maintaining your property's utilities and structural elements. This also includes keeping the exterior clean and free of pests.
Meanwhile, the tenant is responsible for keeping the unit clean and in good condition.
2. Screen Tenants
When renting out your property for the first time, you'll want to make sure you're getting good tenants who will keep it in good condition. The best way to do this is by screening tenants and running background checks on them.
The main things to look for include a criminal background, housing history, and employment history. These ensure that they will be good tenants who can afford rent each month.
3. Invest in Property Maintenance
Keeping your property in good condition is a legal requirement and crucial for maintaining tenants. You can't expect them to pay to repair things such as plumbing issues or electrical problems. Those fall under the landlord's jurisdiction.
Inspect your rental property at least every six months and make sure to deal with any tenant complaints as soon as possible.
4. Create a Comprehensive Lease Agreement
Clear communication is key to avoiding misunderstandings or conflicts. The best rental property advice is to create a solid lease agreement that leaves nothing out.
Some of the most common terms to include are what's included with the rental, the tenant's duties, grounds for eviction, and payment options.
5. Keep Detailed Records
Every first-time landlord guide will tell you to keep records of all your transactions with a tenant. This includes correspondence, past rental applications, and financial information.
Keeping this information will help save time and stress when tax season comes around, and it can also save you in case of legal trouble. However, always make sure that the tenant knows what information is recorded in advance.
Accidental Landlords Can Succeed
Accidental landlords often find themselves stumbling into problem after problem because they aren't prepared and haven't done the research. However, there is a way to access professional help and property management tips in your area.
PMI Los Angeles provides property management services you can trust in the LA area. We're one part of a fast-growing franchise with nearly 20 years of experience. Schedule a consultation today to learn more about how we can help you.
