Of the 20 million rental properties and 48.2 million individual units in the US, individual investors own 14.3 million. Are you unexpectedly a part of this group? As an accidental landlord, there's a lot to learn if you want to succeed.
Read on for the tips you need to thrive as a landlord in Phoenix, AZ. These tips can help you gain a competitive advantage in today's tough market!
Understand Tenant-Landlord Laws
Before marketing your vacant property, review the tenant-landlord laws in Arizona. Ignoring these regulations can lead to fines or legal trouble. You could face a lawsuit if you're not providing renters with a habitable place to live.
These laws cover:
- Rental application and screening
- Security deposits
- Landlord disclosures
- Small claims
- Late fees and other rent rules
- Tenant rights to withhold rent
- Tenant maintenance duties
- Termination and eviction rules
- A landlord's access to property
Familiarize yourself with these rules and regulations. If you're struggling to keep track of new laws, hire a property manager. Leverage their expertise to avoid making costly mistakes.
Make sure your lease agreements adhere to these regulations. Disclose any separate fees you'll charge tenants within the agreement.
Create a Property Maintenance Fund
In a single year, 97.7% of all homeowners insurance claims in the US were due to property damage. You can't anticipate a flood, fire, or other natural disaster. Before there's an emergency, build a property maintenance emergency fund.
Use this fund to complete all maintenance projects as soon as possible. Failing to complete these projects can leave you with angry tenants. They may sue or move out.
Your property will crumble, making it more difficult for you to find new tenants later. The cost of renovations will rise. Instead, use preventative maintenance and routine inspections to keep the property in good shape.
Market Listings Online
Find quality, reliable tenants by marketing the property online. Update your listing to include:
- An engaging headline
- A detailed description
- Photos and videos
- A list of amenities or special features
- A description of the area
- A strong call to action
Use search engine optimization, paid advertising, and social media to engage renters.
Invest in Tenant Screening
Don't select renters for your property without screening them first. Tenant screening reports should include criminal background checks and credit checks. Confirm that none of your applicants have a history of evictions or damaging properties.
Hire a Property Manager
Instead of applying these tips alone, outsource. Hire a property management company. Their range of services can help you avoid landlord stress.
With their help, you can find tenants, keep up with property maintenance, and better manage your properties. Choose a company with years of local experience. Leverage their expertise to gain an advantage in today's market.
Thrive as a Phoenix Accidental Landlord
Becoming an accidental landlord doesn't have to feel stressful. Instead, use these tips to thrive in today's real estate market. Remember, you don't have to do it all alone.
Our team at PMI San Tan has 20 years of local real estate management experience. We use state-of-the-art technology and proven strategies to support clients.
Rely on our experience, expertise, and professional resources. Contact us today to meet your property manager.
