You're sipping your favorite cup of coffee, enjoying the scenes around your quaint Mt. Laurel neighborhood. Life is good. Suddenly, your phone rings, and it's your old college friend. "I'm moving abroad for a year. Can you take care of my house? Maybe rent it out?" Without thinking about it, you agreed to help them out, and just like that, you've become an accidental landlord.
Congratulations! You're now part of a club you never knew existed. But don't worry, this unexpected adventure can be incredibly rewarding with the right tips and tricks.
Check out these top tips for Mt. Laurel accidental landlords.
Inspect the Property
Regular property inspections are essential for maintaining the value and condition of your rental property in Mt. Laurel.
Set up a schedule for regular inspections, ideally every three to six months. These inspections allow you to check on the overall condition of your Mt. Laurel property and ensure that it is being well-maintained by your tenants.
Ensure that tenants are sticking to the terms of your signed lease agreement during inspections.
Check for unauthorized pets, additional occupants, or any modifications to the property that were not approved. Enforcing lease compliance helps maintain the property's integrity and protects your investment.
Screen Tenants
You'll need to do background checks on all potential Mt. Laurel tenants. This includes checking their credit history, criminal record, and rental history.
A good credit score indicates financial responsibility, while a clean criminal record and positive rental history suggest a reliable tenant. Various online services can help you perform these checks quickly and efficiently.
If you feel overwhelmed, you can always look into your options for outsourcing.
Hire Property Managers
If you need it, bring in some extra help. Property managers can give you the rental property advice you need to ensure everything goes smoothly. One of the most challenging aspects of being a landlord is ensuring timely rent collection. Property managers have systems in place to collect rent consistently and address any payment issues promptly.
They also handle your financial tasks, such as bookkeeping, preparing financial statements, and managing security deposits, ensuring that your finances are in order.
Communicate
Establish and maintain open channels of communication when you're managing tenants. Provide them with your preferred contact methods, such as phone, email, or a dedicated property management portal.
Keep your tenants informed about important matters related to the property. This includes notifying them of any planned maintenance, upcoming inspections, or changes in policies or procedures. Regular updates help tenants feel informed and valued, reducing uncertainty and potential misunderstandings.
As one of your landlord responsibilities, schedule regular check-ins with your tenants to see how they are doing and if they have any concerns. These can be informal conversations or more structured meetings. Regular check-ins help you stay informed about the condition of the property and any issues your tenants might be facing.
Accidental Landlords: Use These Tips Today
With these tips for accidental landlords in Mt. Laurel, you'll quickly have a successful new venture.
Do you need more property management help? PMI Garden State is part of a franchise with decades of experience helping people new to the world of real estate, just like you.
Contact us today.
