The increase in America's accidental landlords has been well-publicized.
People become accidental landlords for a variety of reasons. Perhaps you inherited a property from a deceased loved one or maybe you're deciding to rent your property because of soaring mortgage rates. Whatever the reason, you can either let it sink you or make lemonade out of the lemons.
Our advice is to choose the latter. In today's post, we'll give you some crucial accidental landlord advice to help you maximize your property. Keep reading and you'll have the landlord tips and tricks necessary to generate serious ROI on your property.
Learn New Jersey's Landlord-Tenant Laws
To be a great landlord, and to make your life easier as a landlord, it's best to understand your local laws. In New Jersey, these laws are in place to protect the rights of the landlord and the tenant.
As a landlord, it's your legal obligation to provide suitable living conditions, maintain the property, and give your tenants privacy. You must abide by rental increase restrictions and follow proper procedures when issuing evictions. In return, your tenant must pay rent on time and treat your property with care.
If you understand the laws, you'll know what you need to provide your tenants and what to expect from them. This is a key to success for most landlords.
Take Marketing Seriously
Aside from having poor tenants, every landlord's worst nightmare is an extended rental vacancy. You can minimize the likelihood of vacancies with strong rental marketing practices.
You want to attract the right type of applicants, so how you present your property in the rental listing is crucial. Describe the property thoroughly, accounting for all of the best amenities. Don't forget to detail the local neighborhood amenities as well.
Complete your rental listing with plenty of high-quality real estate photographs from a professional. List it on the rental sites of your choosing and consider using digital marketing tactics to cast the widest possible net.
Screen Your Tenants
Once you've got plenty of applicants, you'll need to screen them to find the best tenant. Tenant screening looks into applicants' financial and personal backgrounds to unearth anything concerning. If there are red flags about someone's finances or criminal history, you can screen them out.
Do Proactive Maintenance
The screening will secure you a fantastic tenant, but that's just the start of your responsibilities. When you have a great tenant, it's in your best interest to keep them happy. Happy tenants stick around in rentals, keeping vacancy rates low and ROI high.
Make sure your tenant communicates any issues as they occur. The more proactive you are in responding to maintenance requests and handling preventative maintenance, the better off your property will be.
New Brunswick Property Management for Accidental Landlords
If this sounds like a lot of work, you wouldn't be off base. The thing about accidental landlords is that they don't always have the time for these property investment strategies. If that describes you, hiring property management might be the answer.
At PMI Central New Jersey, we're New Brunswick's top property manager, offering comprehensive services that include everything we've touched on. To consult with one of our property management professionals about your rental, contact us today.
