Did you purchase a property without the intention of renting it out but are now facing the prospect of being a landlord in Asheville, NC?
That's not unheard of. A good number of people who are rental property owners today didn't set out to be landlords. Whether you're renting out your first home or a property you inherited, you need to know the life of an accidental landlord isn't easy.
You just want to be as successful as the other landlords. At the end of the day, you're now in business, and you ought to make a profit.
To help you become successful, we're sharing some of the most common accidental landlord challenges and how to overcome them.
Read on!
1. Understanding Landlord-Tenant Laws
Unless you're a lawyer, chances are reading the law isn't one of your favorite activities. Yet, being a landlord involves understanding and complying with various laws a little bit more than you'd like. In North Carolina, there are landlord-tenant laws you must follow, along with local codes in Ashville.
As if this isn't enough, there are also federal laws that come into play when you're a landlord. The Fair Housing Act, for example, makes it illegal to discriminate against a tenant based on religion or race.
Most accidental or first-time landlords struggle to understand these laws, and they often find themselves in legal trouble because of that. The solution here is simple. You can hire an Ashville landlord attorney or let a real estate management company manage your rental.
2. Rental Pricing
Determining how much to charge your tenant(s) might look easy, but there's a science to it. You may want to charge a price you feel the property is worth, but that's not how the rental market works.
Some key factors that influence rental prices include market conditions, neighborhood, size of the rental, and the amenities it offers.
You must do proper market research before setting the rent. Alternatively, get a free rental analysis.
3. Tenant Screening
Your property is ready for renting, and you've done your best to market it to prospective renters. Applications have started streaming in, but unbeknownst to you, a new challenge awaits.
Tenant screening is a property management best practice. You can only find a high-quality tenant after scrutinizing their credit history, verifying their employment records, and even calling past landlords to get insights into their behavior.
Unfortunately, making a tenant screening report takes time and requires some expertise. The average accident landlord has neither of these and may likely skimp on tenant screening. This can increase their risk of getting bad tenants.
Hiring a tenant screening service is a quick and effective way to handle this challenge.
Overcome Accidental Landlord Challenges
Being an accidental landlord in Ashville can be a blessing in disguise, or it can be the start of a long, miserable life. It all depends on how you approach your landlord responsibilities and handle the many challenges that stand in your way.
At PMI Mountain and Main, we're ready to lend a hand and help you become a successful landlord in Asheville, NC. Our commitment to delivering a "wow" client experience, built on trust and accountability, ensures property owners maximize their revenues and sets us apart in the property management industry.
Contact us to learn more about our services.
