Picture it: You're suddenly sitting on a great investment property, and you have no idea what to do with it. If you're in this situation, you might be an accidental landlord.
But you don't just have to sit paralyzed and unsure of what to do. We've got the information you need to succeed.
Let's go through our top tips for Savannah accidental landlords.
Understand The Law
The first step in the journey to becoming a successful landlord is to ensure that you're legally protected. Educate yourself about the Georgia Landlord-Tenant Act and relevant local ordinances in Savannah.
Draft a clear and comprehensive lease agreement that outlines the terms and conditions of the tenancy. This should include rent, security deposit, maintenance responsibilities, and rules for the property. Make sure the lease complies with Georgia law.
Keep an eye out for any changes in laws, regulations, and best practices. Continuously educate yourself to ensure compliance and effectiveness as a landlord.
Set The Right Price
Setting an appropriate rent is crucial for attracting tenants and maximizing your rental income.
Research the local rental market in Savannah to understand the current demand and pricing trends. Look for similar properties in your area to get a sense of what similar units are renting for.
Look at the features, amenities, and overall condition of your property. A well-maintained and updated property may justify a higher price.
Be flexible and open to negotiation with prospective tenants, especially if you've priced the property slightly higher. You may be able to find a middle ground that works for everyone.
Obtain appropriate landlord insurance. This helps protect your property from potential damages, liability claims, and other unforeseen circumstances.
Maintain accurate records of all transactions, repairs, communications, and other interactions related to your property and tenants. Good record-keeping is invaluable.
Consult with a legal professional to explore the possibility of forming a limited liability company. This will help protect your personal finances and assets in case of legal issues related to the property.
Hire Property Management
One of the top pieces of landlord advice is that you don't need to go about it alone. Hiring a property management company can be a smart decision for some types of landlords since it allows for a more hands-off approach to property management.
Property managers conduct thorough tenant screenings to find reliable tenants. That reduces the risk of non-payment, property damage, and eviction.
These companies handle marketing and advertising. So, your property will be promoted to help you attract potential tenants.
Property managers often provide emergency response services. They're available around the clock to handle tenant emergencies and urgent property matters.
Outsourcing property management allows you to save time. That helps reduce the stress of day-to-day property management tasks.
Savannah Accidental Landlords: Protect Yourself Today
There's a lot that accidental landlords need to manage. With these top tips, you should be able to get off the ground and start making some money!
Do you want more help managing your Savannah rental properties? There's no time to waste.
Pam T. Property Management has the decades of experience you need for success. Contact us today to get started.