By any chance, do you have a vacant property in Raleigh in need of a tenant? You're not alone - as the rate of accidental landlords has seen an increase in 2024 so far.
But you shouldn't stress about this unexpected scenario. This is a great opportunity for you to earn additional income. But before you start looking for potential tenants, you need to plan ahead as a landlord.
This guide will share the most important tips needed to succeed as an accidental landlord.
Here's what you must know:
1. Screen Tenants
You should consider outsourcing your tenant screening process first. This lets you conduct a tenant background check for your property.
It's always best to choose a tenant who has prior experience renting a property. If it's a property similar to yours, that's even more ideal! You want to ensure tenants can afford to pay rent and bills without any issues.
Once you meet potential tenants, interview them before offering a lease. While you might be eager to start earning money, you must take your time to find the right tenant.
Your relationship with your tenant is a business relationship. You should only hand over the keys to someone with whom you feel comfortable.
2. Maintain Your Property
Raleigh is truly one of the most popular cities in the state and saw a 50% increase in house prices in 2022! This is both good news and challenging news for accidental landlords.
The challenging news means that you'll have a lot of competition. One way to stand out is to ensure you maintain your property often. You should hire a professional cleaner before each showing.
You can also consider rental property inspections during your tenant's stay. This ensures that your property is maintained at all times. You can also use this to check if your tenant is being negligent in caring for your property.
3. Hire a Property Manager
The final tip is to hire a property manager to handle the hardest tasks. A property manager can help you market your home to potential tenants. They'll continue to help you even after you've leased the property.
They can deal with any issue your tenants are facing. Rather than your tenants speaking with you, they can communicate directly with the property manager.
Property managers can handle other tasks such as rent collection, invoicing, overseeing inspections, contacting contractors, etc. They're considered a crucial resource for both accidental landlords and real estate investors.
Follow the tips in this guide, and you'll have no problem succeeding as an accidental landlord.
Accidental Landlords Will Succeed in Raleigh
Accidental landlords in Raleigh are sitting on a gold mine, and now you know how to build a solid income from your property.
Start by doing a tenant background check for any potential candidates. This is the best way to filter out any tenants that may cause issues.
You'll also need regular maintenance procedures for your home. Rental property inspections are an important step in this process.
What about turnkey property management? PMI Triangle has over two decades of experience and is eager to hear from you!
