Imagine this: You've put your home on the market for sale. Days turn to weeks, weeks into months, and no buyers put an offer in for your home making you rethink your decision to put your home up for sale.
Accidental landlords are more common than you think, and you've just become one. Read on to find out about some things you need to know if you find yourself becoming an accidental landlord.
What Is an Accidental Landlord?
Accidental landlords are people that started out selling their homes. Then because their home didn't sell, they instead find that they need to begin renting the home out instead of leaving the home on the market with no one to occupy it.
Just because you've become an accidental landlord doesn't mean you can neglect all the rules of being a landlord.
Learn the Laws
Now that you've become an accidental landlord, you need to take some time to learn the landlord-tenant laws. These laws are in place to ensure you remain compliant and don't do anything that could potentially land you in court being sued by a tenant.
Another reason to learn the laws of being a tenant is to ensure you understand what you can do legally as a landlord. You also need to know the various processes to follow in case you must take action against a tenant.
Draw Up a Contract
The best thing to do after you become an accidental landlord is to begin writing everything down. This starts by drafting a contract for yourself and your tenants to sign when they move into your property.
In the contract, you should ensure you list everything important in it and things that you think aren't so important. For example, ensure you list the type of unit that a tenant is renting, including details about the number of bedrooms and bathrooms.
You should also include the amount of monthly rent that is to be paid when it will be paid, and other responsibilities that are designated to the tenant. The reason you need to do this is in case things ever come into question you can refer back to the contract and let the tenant know that they agreed to it when they initially moved into the property.
Hire a Property Management Company
If you put your property up for sale because you were moving cross country or were taking another job, understandably, you won't be able to manage the property from your new location. This is why you should look into hiring a property manager.
They will be responsible not only for overseeing property maintenance, but they will also conduct viewings of the property and perform background checks of potential tenants before approving them to move into the property.
There are several companies that you can use as a property manager that is equipped with the skillset you need to ensure your properties and tenants are well taken care of.
Becoming Accidental Landlords
As accidental landlords, there are several things you need to know. Don't forget to draw a contract, and it may be worth it to hire a property manager.
Contact Brink Property Management for more help today.