About 10.6 million Americans generate income from rental properties. Are you now one of them? Congratulations!
As an accidental landlord, it's normal to feel disoriented as you learn the ropes. Read on for the tips you need to become a successful landlord in San Jose.
With these tips, you can maximize your profitability and avoid costly mistakes. Generate income with effective property management today.
Research Tenant-Landlord Laws
Before reading the rest of these tips, review California's tenant-landlord laws. California is a tenant-friendly state. In fact, it's one of the first states in the US to enact statewide rent control laws.
Failing to follow these laws could lead to fines or a lawsuit. These laws cover:
- Rent control
- Required landlord disclosures
- Rental applications
- Tenant screening laws
- Termination and eviction rules
- Rules about landlords accessing properties
- Security deposit laws
- Tenant rights to withhold rent
- Late fees and rent rules
Review all federal, state, and local laws and regulations. For help, consult an experienced property manager. They'll ensure you remain compliant, allowing you to avoid the stress of a lawsuit.
Complete Property Maintenance
Create an emergency fund and invest in landlord insurance before there's an incident. Use this nest egg to cover maintenance requests. Fulfilling a tenant's request quickly can improve their satisfaction rates.
Happy renters are likely to rave about living in your rental property. You can generate positive reviews to attract future tenants. Your existing tenants may even renew their leases.
To minimize delays, have tenants submit requests using an online portal. You can use the portal to track each project's progress.
Draft a list of San Jose contractors before you need their services. Look for experienced, qualified professionals.
Consider outsourcing these projects to a property management company. They'll ensure you find the best prices. Your property manager can schedule inspections to confirm that your properties are in good shape.
Invest in Tenant Screening
Screening applicants can ensure you find great tenants with a positive rental history. These renters:
- Will pay rent on time
- Won't damage your rental property
- Will follow your rental rules
- Won't upset neighbors
Outline the rules within your lease agreements. You can have a property manager enforce these rules on your behalf.
Outsource your tenant screening process to save time and money. Otherwise, you could spend days screening even one applicant.
Hire a Property Manager
If you want to become a successful landlord, outsource. Work with a full-service property management company. They can handle property maintenance, rent collection, and more.
Learn from their experience managing other San Jose properties. They can help you recognize ways to operate more efficiently. Leveraging their services can minimize operating costs and boost your ROI.
Apply These Accidental Landlord Best Practices
Becoming an accidental landlord can feel stressful if you lack experience. Instead of doing it all alone, outsource. Work with a full-service property management company.
Provident Property Management is a family-owned and operated boutique management firm. Our services allow you to make more money while spending less time managing properties.
Rely on our extensive resources and years of experience serving all of Silicon Valley. Contact us today for help with your rental property.
