Have you recently inherited property from a loved one? Congratulations! Becoming a new, accidental landlord in Morristown, NJ can become an exciting experience...or leave you pulling out your hair.
About 70% of rental properties in the US are owned by individuals. However, many landlords have complained about struggling to meet their obligations (repair bills, property taxes, etc.). The most successful accidental landlords don't try to juggle these tasks alone.
Not sure what to do as you prepare to rent out your home? Read on to discover the tips you need for success in the local real estate market!
Research the Local Real Estate Market
Knowledge is power! Take the time to research Morristown's real estate market. Track trends to remain relevant and in the know.
Research landlord and tenant rights in New Jersey to ensure you're remaining compliant. Neglecting to follow these laws and regulations could lead to fines or legal action.
For example, tenants have the right to take legal action if you fail to complete maintenance requests in a timely manner. They may decide to sue or complete the repairs themselves and remove the cost from their rent.
Understanding local laws can help you take informed legal action in the future. Make sure you follow all necessary protocols.
Invest in Preventative Maintenance
Before you rent out your home, invest in preventative maintenance. Routine maintenance will ensure the property is in the best possible shape. Whether you plan to rent it out or sell, you'll have an easier time generating interest.
Otherwise, small problems can worsen over time, leading to more expensive renovation projects. Gather multiple competitive bids from local contractors. Look for experienced companies that already have a glowing reputation.
Consider investing in landlord insurance to protect your best interests. Otherwise, establish rules before tenants move in. Include these rules in the lease agreement.
Hire a Property Management Company
If you want to become one of the most successful landlords in Morristown, hire a property management company. The best property manager can help you make informed decisions. Leveraging their experience and expertise can help you maximize your earning potential.
They can help you market the property, ensuring you have your choice of tenants. Their tenant screening services will ensure you choose renters you can trust.
Your property manager can handle tenant inquiries on your behalf. Responding to tenants can boost tenant satisfaction rates. You may have an easier time encouraging them to renew their lease.
Successful Accidental Landlords in Morristown
Many accidental landlords struggle because they fail to ask for help. Learn from their mistakes. If you want to ensure long-term success, consider hiring a property management company this year.
Leveraging an experienced team's years of local real estate expertise can help you thrive in the local industry. PMI Prime Property has nearly 20 years of experience helping landlords like you succeed.
We're the number one property management company in the country and have the awards to prove it! Request our property management services to avoid landlord stress today!