Over 14 million Americans choose to invest in rental properties and become landlords.
Becoming a landlord can be an unexpected journey for many people in Phoenix. Some find themselves in the role of an accidental landlord without ever planning for it.
Are you in need of some great landlord tips? Read on for five insights that can make your job as an accidental landlord easier.
1. Understand the Different Types of Landlords
It's crucial to understand the various types of landlords. Accidental landlords can fall into these categories:
These landlords are often homeowners who need to move away. It could be for work or other reasons. Rather than selling their property, they choose to rent it out.
Inherited Property Landlords
Inheriting a property can unexpectedly turn you into a landlord. Many accidental landlords find themselves in this situation when a family member passes away.
Property Investment Landlords
Some accidental landlords may choose to invest in property but may not have planned to be landlords. They buy properties with the aim of selling them later but end up renting them out for extra income.
2. Develop Essential Landlord Qualities
Becoming a landlord in Phoenix isn't always easy. It demands these key qualities:
Dealing with tenants can be taxing. Property maintenance can be another challenging task. Patience is one of the greatest landlord qualities to handle unexpected situations.
Effective communication with your tenants can resolve issues faster. It'll also build a positive relationship with your tenants.
Be prepared to address various issues that may arise. This could include maintenance requests, tenant disputes, or financial matters.
Keep track of important documents, rental agreements, and financial records. This will help you keep everything in order.
The rental market and tenant needs can change. Being adaptable is essential to meet these evolving demands.
3. Master the Basics of Landlord-Tenant Laws
Understanding landlord-tenant laws in Phoenix is critical for becoming a successful landlord. This includes knowing the following:
- Tenant rights
- Eviction processes
- Security deposit regulations
- Property maintenance responsibilities
Staying on the right side of the law helps you avoid potential disputes with your tenants.
4. Prepare a Full Rental Agreement
Your rental agreement is the foundation of a professional relationship. Your rental agreement should include these important details:
- Rent amount
- Due date
- Security deposit terms
- Maintenance responsibilities
- Rules and regulations for the property
5. Consider Professional Property Management
Do you find yourself overwhelmed by your properties? A professional property management company can take charge.
While this comes with a cost, it can free up your time and provide peace of mind. They'll ensure that your property is well-managed even if you are an accidental landlord.
Every Accidental Landlord Can Thrive With These Tips
Becoming an accidental landlord in Phoenix can be a challenging but wonderful experience, even if you didn't plan for it. With these insights, you can ensure a positive and profitable landlord experience.
Are you in need of some property management assistance in Phoenix? Contact HomeRiver Group to discuss our extensive and incredible property management solutions.