Some people invest in property because they dream of a career in real estate. But that's not always the case. You may fall into the other group of property owners, more commonly called accidental landlords.
These are owners who have become landlords due to circumstances such as an inheritance or job relocation.
So, if you are panicking about finding your feet in this new real estate world in Kansas City, read on for some tips on how to get started.
Get to Know Tenant-Landlord Laws
As a landlord, you must follow state law in Kansas. If you don't, a tenant could file a complaint or bring litigation.
Read up on the most recent legislation covering tenant rights. It will explain essential rules, such as the process for evicting someone and how much you can request as a security deposit.
You should also check laws governing rental properties, including zoning laws and any licenses you need.
Research Rental Prices
One common pitfall for new landlords is setting rental prices without proper research. Avoid this mistake by understanding the significance of market demand.
Conduct a thorough analysis of local market trends in Kansas and the rates of similar properties. Consider local factors like neighborhood popularity and unemployment rates.
This approach will help you set a competitive and realistic rental rate.
Understand the Importance of Screening Tenants
A bad tenant is a costly mistake. It means you face the hassle, stress, and cost of an eviction process. However, a thorough tenant screening process can mitigate this risk.
Always use professional screening services, as they have the tools and know-how to comprehensively check potential tenants.
Have a Professional Lease Agreement
Using generic lease agreements for your property is a risk you can't afford to take. It may not provide the necessary protection you need as a landlord.
A comprehensive, customized lease agreement is a must, and this requires a solid understanding of the legal aspects of renting.
Consider seeking professional help to ensure your lease agreement is thorough and legally sound.
Plan Your Maintenance
Keeping on top of property maintenance saves you money in the long run.
It helps you spot minor issues that, if left unchecked, could turn into a significant problem. So, create a calendar and schedule inspections for electrics, plumbing, appliances, and anything else that needs maintenance.
In the lease agreement, outline whether a tenant is responsible for property maintenance, like mowing the lawn.
Consider Ongoing Professional Support
A professional property manager can make life easier for accidental landlords. It means you have someone to handle all the daily things without worrying about legal details, maintenance work, or tenant requests.
That may be the best option if rental management isn't your long-term career plan.
Accidental Landlords: Turning Unexpected Circumstances Into an Opportunity
Although being a landlord may not have been part of your life plan, it's smart to make the most of it. Use these tips to turn your new real estate venture in Kansas into a profitable enterprise.
With our comprehensive property management service at SCUDO, we can help accidental landlords by providing streamlined, professional support for their property in Kansas City. Find out more about our services here.
