Many accidental things happen in life, but few can be as pleasantly surprising as becoming a landlord. There are a couple of ways one may unexpectedly find themselves entrusted with the responsibility of being a landlord. You could inherit a house, get gifted, or even relocate, and instead of selling the property or letting it sit inhabited, decide to rent it out.
Whichever way you became an accidental landlord, welcome to the life of rental property ownership and management in St. George, UT. So, how do you set yourself up for success?
Start by arming yourself with these expert tips and rental property advice.
1. Learn Local Landlord-Tenant Laws
As a first-time landlord, you'd be forgiven for moving quickly to advertise the property and get a tenant. It's your property, so you can do as you please, right?
Unfortunately, the operation of rental properties is regulated by various laws, most significantly Utah's landlord-tenant laws. You have landlord responsibilities and rights, but so do your tenants.
Familiarize yourself with what the law says about things like tenant screening, security deposits, and eviction process.
Another important thing is a rental license or permit. In St. George, landlords operating long-term rentals need a business license, and an inspection is required if you're renting out more than two dwellings.
2. Rental Pricing
Although you were not planning on being a landlord, you're now in business. You want to make a profit.
For that to happen, though, you must price your property right. You might have your own idea of calculating how much rent to charge, but that's not going to work. The right approach is to study the local market and establish what properties like yours are going for.
Accurate rental pricing is key for two reasons: makes your property competitive and helps maximize your rental income.
3. Get Landlord Insurance Coverage
Owning a rental house comes with various risks and liabilities. You need to protect yourself from financial losses; otherwise, your foray into property management could be short-lived.
For example, if a tenant is injured on the property and it's proven that it's because of your negligence, you'll be on the hook for the medical bills and other expenses. A landlord insurance policy has liability coverage, so you won't settle the claim out of pocket.
4. Tenant Screening
Tenants can make your life stressful and miserable. That's if you find the bad ones. Tenant screening helps you keep the bad ones off your property.
It involves digging into a rental applicant's credit history, verifying employment information, checking their criminal background, and even calling previous landlords to confirm their rental record.
Comprehensive tenant screening takes time and requires some expertise, so as a first-time landlord, you may struggle with it. The good news is there are tenant screening service providers that can do the job for you at a small fee.
Be a Successful Accidental Landlord
The job ahead of you might seem too tall, but with the right information, you will get going. However, being a successful accidental landlord requires effective property management. That's exactly what you'll find at PMI St. George.
We're a full-service property management firm, offering everything an accidental landlord like you needs to be a successful rental property owner.
Get a free rental analysis or contact us to learn more about our services.
