Becoming an accidental landlord in Charlotte, North Carolina, can come as a surprise. However, it's an opportunity dressed as a challenge.
You may have inherited a property or are renting out your home because of financial hardship. Whatever the reason, being an accidental landlord can be a great way to make money and learn about real estate.
But it's important to know what you're getting into before you manage your rental property. Here are some property management tips for becoming one of the best accidental landlords in the Charlotte area.
Know the Laws
Did you know Charlotte has specific requirements regarding rental property upkeep? It's important to know the laws before you become a landlord.
For example, if your property is in a historic district, there are certain things you can and cannot do with it. You may also need to get a permit for any renovations or repairs that are made on your property.
It's important to consult with an attorney before you become a landlord. They can help you understand what's required of you and how to avoid any legal issues down the road.
Properly Screen Tenants
Your Charlotte rental property is a significant investment. So who you choose to live there matters. Conduct thorough tenant screening, including credit, rental history, and criminal background checks.
This is more than just due diligence. It's about protecting your property and ensuring a stable income stream.
Tenant screening services are also available. They're a worthwhile investment if you're not well-versed in the intricacies of background checks.
Stay on Top of Maintenance
In the humid subtropics of the Charlotte area, properties can face weather-related wear and tear. Regular maintenance checks can prevent minor issues from escalating into major expenses.
Create a network of reliable contractors for repairs and maintenance. Having a go-to electrician, plumber, or handyperson can make all the difference. When managing rental property, being proactive is far more cost-effective than being reactive.
Set the Right Price
It's critical to balance competitive pricing with your investment's profitability. Too high, and your property sits empty. Too low, and you undercut its value.
To find the right price, research similar properties in your area.
Look at what they're renting for and how long it takes to fill vacancies. You can also use an online tool like Zillow to get an idea of what similar homes are going for. Make sure your rent is in line with the Charlotte, North Carolina real estate market.
Leverage Technology for Management Efficiency
In an era where efficiency is key, leveraging technology can significantly ease the burden of landlord tasks. Property management software and online platforms offer an array of tools tailored to the accidental landlord's needs.
From digital lease agreements to maintenance request tracking, technology can streamline your operations. This can help you save time and money, while also reducing the risk of human error.
Accidental Landlords: Your Strategy for Success
Accidental landlords must remember adequate preparation now can save unneeded stress later. By creating a plan and sticking to it, you can ensure your rental property is a success.
PMI Mecklenburg is Charlotte's premiere property management company. For more information on how we can help you succeed as an accidental landlord, contact us today.
