If there's one city that's seen an incredible rise in population and property values, it's Lake Havasu, AZ. In 2022, the city saw a population growth of 1.39% and a property value growth of 22.2%!
If you've got an empty property, now's the best time to rent it out. However, being an accidental landlord comes with its challenges. You didn't expect to become one, and you aren't sure where to get started.
This first-time landlord guide will share the best rental management strategies.
Here's what you must do:
Have a Look Around
Your first step should be to assess if your property is fit for tenants to move in. You want to think about the last time you had a maintenance checkup. Ask yourself if there's anything in your property that needs repairing or renovation.
You can start by hiring a professional rental property inspector. They'll assess if there is any serious damage to the property. They'll advise you on how to fix these issues before you start marketing your property to potential tenants.
Take Your Time Finding Tenants
As an accidental landlord, you might feel rushed to find tenants. However, you should take as much time as needed to find the right tenant. Your goal is to have a tenant who'll stay in your property for the long term.
You'll want to assess what type of tenant is ideal for your property. Do you want to rent it out to university students? Would you prefer to rent to a working professional? Or perhaps your home is best suited for a family who'll stay for several years.
Make sure you feel comfortable with your tenants. It isn't enough for them to pay your rental fee.
You'll be entering a long-term business relationship with them. You must feel comfortable with them whenever you meet them. If you experience any discomfort with a potential tenant, continue your search for the right one!
Understand the Law
The final step is to read up on Arizona's laws for running a rental business. You don't have to master these laws, but you should have a general idea of your landlord obligations.
It's best to hire a real estate lawyer before signing a lease agreement. The lawyer will ensure that the lease agreement is in accordance with the law. The lawyer will advise you on how to remain compliant at all times.
They'll also ensure that your tenant remains compliant. They can assist you in case your tenants violate any law while living in your property. If there are any serious disputes, you don't want to fight without a lawyer by your side.
An Accidental Landlord Needn't Be Scared
An accidental landlord will often feel stressed about entering the rental business for the first time.
However, if you work with a property manager, it'll ease the burden. You want a company that has experience managing rental properties throughout Lake Havasu and has a proven track record.
PMI Lake Havasu is here to help you. We've helped countless landlords, including accidental ones, and we know we can help you.
