There are an estimated 10 million landlords across the country. While many of them chose this path, some find themselves in the position of owning a rental property unexpectedly.
There are two ways to become an accidental landlord. Most of the time, accidental landlords are people who come to inherit rental properties from a loved one.
In 2023, however, many people are finding themselves becoming a landlord by accident when it comes time to move. With such a murky real estate market, you may discover that it's easier to rent your home than sell it.
What should you do if you become an accidental landlord? Read on to find out.
Learn Landlord and Tenant Rights
If you're an accidental landlord, you might not know much about what you can legally door what rights your new tenants have. If you want to avoid potential lawsuits, you're going to need to become well-versed in Florida landlord and tenant rights.
For example, you may want to review the tenants that are currently living in your property. In that process, you may realize that there are some who aren't staying on top of rent payment or regularly break the lease. Before evicting existing tenants, you need to make sure that you have legal grounds to do so and follow all protocols.
Don't Let the Property Go Into Disarray
If you determine that you aren't going to sell your new rental property, it's time to commit to upkeep. Property value matters when you're renting just as much as it does when you're selling.
Practice preventative maintenance so that small problems don't become expensive renovation projects. If you raise rent over the years, make sure that your property is up to par with similarly priced properties in your area. If you overcharge for a property that's falling into disarray, you're going to face rising vacancy rates.
Hire a Property Management Company
At the end of the day, you didn't plan to become a landlord. However, you may still enjoy the idea of owning an investment property. This is where property management companies come in handy.
Property management companies can handle everything from marketing your vacant units to screening tenants to answering maintenance calls. Hiring full-service property management is the most cost-effective way to go from an accidental landlord to a property owner earning passive income.
Accidental Landlords Can Thrive With All American Realty
As the term suggests, accidental landlords weren't planning on owning rental properties. If you're an accidental landlord, you may not feel the drive to become a hands-on landlord with a mastery of landlord and tenant rights overnight. If you don't want to let go of your rental properties but don't want the responsibility of running them, it's time to partner up with All American Realty.
All American Realty offers full-service property management in Fort Walton Beach. Contact us to find out more about our services, experience, pricing, and more.
