Imagine waking up one day to find yourself the owner of an extra property, whether it's through inheritance, job relocation, or an unexpected life event. Welcome to the world of being an accidental landlord! While you may not have planned for this new role, managing a rental property in Bountiful can turn into a rewarding venture if approached the right way.
Let's go through the top tips for Bountiful accidental landlords.
Screen Tenants Thoroughly
Proper Utah tenant screening can save you from major headaches down the road. Do a background check that includes:
- Criminal history
- Credit scores
- Past evictions
These checks provide insight into a tenant's reliability and financial responsibility, which are key factors in maintaining a smooth rental experience.
Verify the applicant's employment and income. Ideally, a tenant should have a steady job and make at least three times the monthly rent to comfortably afford the payments. Contacting previous landlords for references is also a good way to gauge how the tenant has behaved in past rental situations.
Hire Property Management in Bountiful
Hiring a Utah property management company can provide several benefits that simplify the process and ensure your investment is well taken care of.
Property managers take care of day-to-day aspects of managing rental properties Bountiful, such as:
- Rent collection
- Coordinating repairs
- Responding to tenant inquiries
- Drafting tenant rental agreements UT
This can save you time and effort, especially if you live far from your rental property or have a busy schedule.
Landlord Advice in Utah: Prepare Your Property for Tenants
Before listing your Bountiful property for rent, it's essential to ensure it's in top condition to attract quality tenants and set the tone for a positive rental experience. Make any needed property repairs, such as repairing leaky faucets, patching wall holes, or taking care of any electrical or plumbing issues. Consider updating outdated fixtures to give the space a fresh and modern appeal. For example, you could switch out lighting or cabinet hardware.
Landscaping and curb appeal are just as important as the interior. Mow the lawn, trim hedges, and tidy up any outdoor spaces to create an inviting exterior.
Consider Long-Term Goals: Bountiful Real Estate Tips
While renting out a property can provide a steady income stream, it also comes with responsibilities that may or may not align with your lifestyle or future plans. Take some time to reflect on whether you want to continue being a landlord or if selling the property might be a better option down the road.
If you decide to keep the property, think about how it fits into your overall investment strategy. Are you looking to generate passive income for retirement, or are you planning to eventually sell the property at a higher value?
Setting clear financial objectives can help you make better decisions about how to take care of your Utah property.
Bountiful Accidental Landlords: Get Started Today
With this guide for accidental landlords, your Bountiful property will be optimized for success in no time.
Are you looking to bring in property management in Bountiful? PMI Mountain West's franchise has been helping new landlords like you get the support they need for over 20 years.
Call us ASAP to learn more.
