Maybe you have inherited a Lakewood Ranch property and rather than selling that home, you’ve decided to rent it out. That makes you an “accidental landlord.” You might also consider yourself an accidental landlord if you’re renting out the home you once lived in yourself.
If you never planned to be a landlord but you find yourself with a property that you’ll be placing on the Lakewood Ranch rental market, you’re in a pretty strong position. There’s a high demand for well-maintained rental homes, especially in this residential market. You are likely to earn high rents and in the long term, you’ll see your property value rise and your ROI increase.
However, you’ll also be expected to do all the things that landlords are required to do. Here’s what you need to know before you rent that home.
Prepare Your Property for the Lakewood Ranch Rental Market
Empty homes rent better than homes still holding all your personal belongings. Tenants will want to see a clean, empty property so they can imagine moving their own possessions into it.
Make any necessary repairs or updates before you can start looking for tenants. Complete an inspection of the property and make a list of any painting, repairs, or replacements that may be necessary. Carpets cannot be stained or worn. Everything must be functional. That weird closet door that doesn’t open might have been fine when your grandmother owned the home, but it won’t be acceptable when you’re renting the home out.
Finally, have a good professional cleaning done before you list the property. Tenants will not tolerate moving into someone else’s mess.
Price Your Property in Accordance with the Lakewood Market Rents
Establishing a rental value can be a challenge if you don’t know the local market well. The amount you collect in rent will depend on a few important factors:
- The home’s location
- The home’s size, floor plan, and amenities
- The condition of the property
The strength of the Lakewood Ranch rental market is the most important factor. Take some time to get to know what other homes are renting for around you. This data will help you price your own property accurately and competitively. Vacancy is costly, so don’t overprice your rental home.
Plan for Routine and Emergency Maintenance
Many accidental landlords are unprepared for the repairs and maintenance that will be required. Put together a list of vendors and contractors who will respond right away to the needs of your property. You want professionals who are licensed and insured. Maintenance should be cost-effective, but you can’t waste time looking for the cheapest plumber. You also shouldn’t do the work yourself unless you’re experienced in making those specific repairs.
Professional Lakewood Ranch Property Management Benefits Accidental Landlords
As a landlord, you’ll also need to understand fair housing laws, security deposit laws, and how to enforce your lease agreement. What happens if a tenant doesn’t pay rent? Are you prepared to pursue them legally to collect it? Will you know how to evict? These can be challenging issues for an accidental landlord.
The best way to protect your rental property and have a good rental experience is by working with a professional Lakewood Ranch property management company. We can take the lead on leasing, managing, and maintaining your home, leaving you with peace of mind, regular income, and protection against expensive mistakes.
If you’d like to hear more about our services, please contact us at Anchor Down Property Management.