Almost 30% of renters in Northern Virginia pay over $5,000 a month. If you've become an accidental landlord, managing a property at this level can feel like a lot to handle. The good news is that accidental landlords can make the process easier with a few smart moves.
Separating your finances, learning landlord laws, and having a maintenance plan can help you stay on top of things. Tenant screening and hiring professionals can also make managing your property smoother. Let's break down these essential real estate tips to help you succeed as a landlord.
1. Separate Your Finances
Before you do anything, create a separate bank account for your rental property. Do not mix your rental property finances with your personal or business finances.
Having separate accounts reduces the risk of making mistakes that could result in financial losses. It also makes filing your taxes easier. Finally, it can create a level of protection should you find yourself involved in a lawsuit.
2. Learn the Law
The next step an accidental landlord should take is to learn the law. Not knowing the law puts you at significant risk of violating it. It outlines landlord responsibilities, discrimination law, liability, and building standards.
Not following the law can result in extensive fines, penalties, and lawsuits. Speaking with a landlord/tenant attorney in Virginia can be helpful. They can explain the Residential Landlord and Tenant Act and these other statutes that will impact your rental ownership.
- Fair Housing Act
- Implied Warranty of Habitability
- State laws
- local ordinances
- housing codes
3. Create a Maintenance Plan
As a property owner, you want your real estate to appreciate. That way, you can eventually sell it for a profit. However, to make this happen, you must take care of it.
Create a maintenance plan for your rental property that includes routine tasks that must be done monthly, quarterly, and annually. You should also create a plan for the eventual replacement of large appliances.
4. Prioritize Tenant Screening
Choosing the right tenant can make or break your landlord experience. You must also adhere to the law with a fair and unbiased tenant screening process. Then, there are laws about tenant management after you sign the lease.
A thorough tenant screening process reduces the risk of property damage and eviction.
5. Hire the Professionals
As a first-time rental property owner, I have a steep learning curve to overcome. Hiring a property management service simplifies the process. It also gives you a resource for property management advice from professionals with years of experience.
Your property manager can handle everything, from tenant screening to maintenance and document management.
Accidental Landlords Can Find Rental Success
Managing a rental property as an accidental landlord can be overwhelming, especially with high rents in Northern Virginia. But with smart strategies like separating your finances, understanding landlord laws, and prioritizing tenant screening, you can simplify the process.
At PMI Commonwealth in Roanoke, VA, we understand the unique needs of accidental landlords. Our expert team is committed to providing you with the resources and support necessary for success.
Want to take the stress out of managing your property? Reach out to us today for personalized support!
