Picture this: You've just inherited your aunt's charming bungalow in Merced, California. The catch? It comes with tenants and a to-do list longer than the San Joaquin Valley. Congratulations! You've just joined the ranks of "accidental landlords" - property owners who never planned on entering the rental game.
Don't panic! While you may not have signed up for this gig, Merced's growing population and UC Merced's expansion mean you could be sitting on a golden opportunity. From navigating the local rental market to dealing with those midnight "my sink is possessed" calls, we've got you covered.
Let's go through how to succeed as an accident landlord in Merced.
1. Stay Organized
Proper organization helps you manage your property efficiently, keep track of important documents, and ensure you meet all legal and financial obligations.
Create a filing system for all important documents, including lease agreements, tenant correspondence, maintenance receipts, and financial records.
Accurate financial tracking is crucial for budgeting and tax purposes. Use accounting software to record all income and expenses related to your rental property. This includes rent payments, repair costs, property management fees, and other expenditures.
2. Screen Your Tenants
Careful tenant management and screening can prevent many potential issues down the road.
Performing comprehensive background checks is essential to verify the identity and reliability of potential tenants. This includes checking their criminal history, credit report, and eviction records.
Speaking with previous landlords can provide valuable insights into a prospective tenant's rental history. Ask for references and follow up with them to inquire about the tenant's behavior, reliability, and whether they paid rent on time.
3. Hire Property Managers
As an accidental landlord managing your rental property can be overwhelming, especially if you have other commitments or lack experience. That's why you might want to hire professional help.
Collecting rent can be a difficult task that takes up a lot of time. Property managers handle rent collection for you, ensuring that all necessary payments are made on time and in full.
A Merced property manager goes between you and your tenants, fostering positive landlord-tenant relationships. They handle tenant inquiries, resolve disputes, and ensure that tenants' needs are met promptly.
Happy tenants are more inclined to renew their Merced leases, reducing turnover rates and vacancy periods. They'll have even more property management tips and landlord advice for you, to ensure you're not missing out on any profit.
4. Keep on Top Of Maintenance
You'll also need to ensure you're maintaining your property. A maintenance calendar is helpful for staying organized and ensuring that routine tasks are completed on time.
Include seasonal maintenance tasks, such as servicing the HVAC system before summer and winter, checking for leaks during the rainy season, and inspecting the roof and gutters.
Having a set schedule helps you stay proactive and prevents maintenance tasks from being overlooked.
Merced Accidental Landlord: Use These Property Management Tips
Now that you have this guide, you'll be able to flourish as a Merced accidental landlord.
Are you ready to hire California real estate management? Rental Zebra has been helping new landlords like you achieve their objectives since 2010.
Contact us today.
