Every year, more and more people find themselves of being in the position of being an accidental landlord.
This means that they inherited a property from a parent or family member, and in most cases, they were completely unprepared to manage it.
Thankfully, being an accidental landlord doesn’t have to be a difficult experience, especially when following these tips.
Contact The Tenant
The most important part of being an accidental landlord is reaching out to the tenant to inform them of the change in ownership of the property and what they can expect moving forward.
Most tenants will naturally be concerned about the property being sold so if the goal is to keep the rental, the tenant’s concerns should be put to rest.
During the conversation with the tenant, they should also be reminded about when rent is due and how it is to be paid. Doing this removes any expectation that they can take advantage of the new landlord and not pay rent on time.
Get The Property Inspected
After talking with the tenant, the next step is to get the property inspected to see what condition it’s in and if any maintenance issues may need to be addressed immediately.
Get Landlords Insurance
Another essential thing to do during the first days as an accidental landlord is to get landlords insurance.
Landlord’s insurance is important because it protects the landlords’ best interests should accidents, injuries, or worse occur at the rental property.
Hire A Property Manager
Last, of all, every accidental landlord should hire a property management company because a property manager will save them the time, money, and hassle of managing the rental property themselves.
Contact RPM Central Valley
For more property management tips, or to speak with us about renting out your Central Valley home, contact us today by calling (209) 572-2222 or click here to connect with us online.