It's estimated that there are nearly twenty million rental properties in the United States. Landlords play an important part in managing and leasing these properties to renters.
Typically when someone becomes a landlord, they'll choose it as a career path. However, that's not the case with accidental landlords. Typically through inheritance or similar circumstances, these individuals will get rental properties that they don't know what to do with.
If you fall into this category, you're in the right place. We'll briefly give you some tips for properly handling your new property. That way, you can find a solution that best fits your goals and financial circumstances.
1. Review Your Current Leases
The first thing you need to do is review the current leases you have for the rental properties. That way, you don't inadvertently break a rental contract. This review can also be a good time to get to know your tenants.
Consider having a sit-down with them. Introduce yourself and explain how you got thrust into the landlord role. If you plan on selling the property, you should inform them of this.
Or, if you want to stay on you can use it as an opportunity to decide whose lease you want to renew and who might be a property condition problem.
2. Familiarize Yourself With State Laws
Different states have different landlord/tenant rights. As such, as a new landlord, you must familiarize yourself with them.
That way, you know what your responsibilities are and how to handle potential disputes. If you live in Maryland, check out this resource to get an overview of landlord and tenant laws.
3. Decide What You Want to Do With the Properties in the Future
It's important to remember that being a landlord isn't for everyone. As such, if you aren't feeling called to the role, it's important to know all of your options. As an accidental landlord, you have three.
First, you can become a first-time landlord for your property. Second, you can sell the property. Third, you can hire a property management company. This last option is likely the best for accidental landlords.
It allows you to benefit from the passive income of rental units without having to deal with any of the work. Here at PMI Capital Region, we offer a variety of different property management services including:
- Tenant screening
- Rent collection
In exchange for this work, we take our fees out of a small percentage of your rental income. It's a win-win situation for everyone!
Need More Help for Accidental Landlords?
We hope this guide helped you learn some helpful tips for accidental landlords in Bethesda, Maryland. Here at PMI Capital Region, we know how overwhelming it can be to get local real estate that you weren't ready for. That's why we make it easy for you.
If you want to keep the property, we can help manage it for you so you don't need to worry about it. Or, if you want to sell it, we can help you find a buyer. So if you're ready for the property services you deserve, contact us today.