Did you wake up one morning only to realize you are one of many accidental landlords?
Many experts are saying that the USA is going to continue to see a rise in accidental landlords due to high mortgage rates. If you own a property in Hampton Roads, VA, this is a great opportunity to earn rental income.
But before you hand over the keys, do you understand your obligations as a landlord? This guide will help you navigate through the world of accidental landlords in Hampton Roads. Here's what you must know.
Understand the Laws
Your first step is to understand the landlord-tenant relationship in Virginia. You'll have to ensure that you comply with these laws before considering a tenant. Understand your rights and obligations as a landlord.
You can hire a real estate lawyer to help you prepare a lease agreement. A real estate lawyer can also help you enforce your lease agreement.
Screening Tenants
Once you reach a pool of tenants, the next step is to scrutinize them. You'll likely sign a one-year lease agreement with them. This means that you'll have to dedicate a year of your life to working with this tenant.
You have to treat your tenant like a client whom you may hear from often. You'll have to choose someone with whom you feel comfortable. Don't settle on the first person who can afford your rent!
You can also hire professional services to screen your tenants for you. This is ideal for finding the best tenant for your property.
Offering a Great Experience
Landlords in Hampton Roads will continue to become more common. As a result, you'll have to find a way to stand out among your competition.
You can do this by offering an enhanced experience for your tenants. Just as you receive premium services at a hotel, try offering the same to a long-term tenant.
For example, you can offer amenities on your property. You can include fast Wi-Fi, a SMART TV, and a sound system. This lets your tenants enjoy entertainment without having to leave the house.
Your tenant will rely on you regarding maintenance. Before renting your property, ensure you have a network of contractors. This can include cleaners, electricians, and plumbers.
When there's an issue, you should contact these contractors. Don't let your tenant stress about finding a contractor.
Likewise, you can hire a property inspector to visit the property at different times during the lease agreement. This ensures that you can always keep abreast of any issues with your property.
Accidental Landlords Can Succeed
Now you know the responsibilities of accidental landlords and how to succeed as one.
Real estate in Virginia is valuable, and renters are in abundance. To succeed with your tenants, you must understand the laws. Also, enforce the lease agreement.
You must screen tenants so you can find the best choice. Offer them the best experience so they decide to renew their lease.
Of course, it's best to do this with the help of a property manager. Renters Warehouse has been in the industry since 2007, and we have consistent positive testimonials throughout Hampton Roads. Contact us today!
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