What to Know About Being an Accidental Landlord in El Paso, TX

What to Know About Being an Accidental Landlord in El Paso, TX

Have you recently become a landlord by circumstance, not by choice? Are you feeling overwhelmed and unsure of how to handle your new role?

There's no need to be nervous! While the responsibilities of being a landlord are significant, they are also manageable.

By following a few tips, you can ease into your new business and make it enjoyable for you and your tenants. If you are wondering what you should know about being an accidental landlord in El Paso, TX, this guide is for you.

Set Expectations Early

If you're new to landlord-tenant relationships, it's hard to know what to expect from your tenants. Setting clear expectations will help you avoid a lot of headaches down the road.

Do this by implementing a well-written lease. The lease should outline the rules of the property and the responsibilities of both parties.

Have the lease reviewed by an El Paso area attorney before you use it. This will help ensure your lease is legally binding and includes all relevant information.

Get Tenant Screening Right

If you want to be a successful landlord, you can't let just anyone move into your El Paso area home. To ensure you have the right tenants, screen them thoroughly.

Check their credit and rental history. Get references from previous landlords and complete a criminal background check.

If you have any doubts about a potential tenant, don't rent to them. Even one bad tenant can cause problems with other tenants, the property value, and your overall investment strategy.

Keep the Property Maintained

A well-maintained property will attract more tenants and increase its value. It will also make it easier to rent out again in the future. Keep the lawn mowed, gutters cleaned, and paint fresh.

Make sure your appliances and fixtures are in working order so they won't break down during a tenant's stay. Invest in upgrades or repairs if necessary to keep your property competitive with other homes in your area.

Hire a Property Manager

As an unexpected landlord, you may not have the time or expertise to manage your El Paso area home. A property manager can help you cut down on the time and stress of managing your property.

A property management company will manage financial records, tenant relations, and more. They are also familiar with tenant laws and have access to legal resources if you need them. Hiring a property manager can be one of the best investments you make in your rental business.

Become a Successful Accidental Landlord

While it may seem like the most stressful thing in the world, becoming an accidental landlord is not all bad. It can be a great opportunity to make money, build equity, and have a positive impact on your community. By following the above landlord tips, you'll be well on your way to becoming a successful property owner.

Rental Network Property Management has been El Paso's Premiere Property Management Company for over 30 years. If you're an accidental landlord who's looking for a professional property manager, contact us today!