Were you aware that over 14 million Americans are landlords, according to Pew Research Center?
Becoming an accidental landlord in Nashville can be overwhelming. Maybe you moved to a new city or inherited a home, and now you're renting out a property.
What should Nashville accidental landlords keep in mind? Read on to see how your new rental property business can flourish.
Understand the Nashville Rental Market
Nashville is a growing city, and many people are looking for homes to rent. This can be good news for landlords because it increases the chances of finding tenants, but it also means that the competition is high. Understanding these things can help you set a fair rent price:
- The average rent
- Tenant preferences
- Popular neighborhoods
Look at similar Nashville homes to see how much they rent for.
Landlord Responsibilities
Keeping your property in nice condition not only makes your tenants happy but also helps you avoid pricey repairs in the future. You should also be clear about the rental terms. Include important details about the following:
- The rent amount
- Due date
- Maintenance responsibilities
- Policies on pets or smoking
You'll also need to comply with Nashville housing laws. This is where a Nashville property manager can help.
Effective Communication with Tenants
Good communication is essential when managing rental property. Being an accidental landlord doesn't mean you should take a hands-off approach.
Stay in touch with your tenants and respond quickly to any concerns or repair requests. If you ignore a renter's needs, it can lead to bigger problems down the road.
It's also important to set clear boundaries. While it's good to be friendly, maintain a professional relationship with your renters. This helps keep things simple and ensures that all agreements are respected.
Hiring a Property Manager
If managing the property becomes too time-consuming or stressful, consider hiring a property manager. They can do the following:
- Find and screen tenants
- Collect rent
- Handle maintenance requests
Hiring a property manager can be especially helpful if you don't live near the rental property. For example, if you moved out of state and can't regularly check on the home, a property manager can provide peace of mind.
Nashville Real Estate Advice
If you're new to renting out property, it's smart to seek Nashville real estate advice. Local experts understand the Nashville rental market and can guide you through the process. They can help you do the following:
- Price your home correctly
- Find reliable tenants
- Avoid common mistakes
Accidental Landlords Need to Use These Tips
Accidental landlords in Nashville face all kinds of challenges, but they can also feel quite fulfilled. By understanding the market, knowing your responsibilities, and maintaining good communication with tenants, you can succeed. Don't hesitate to hire a property manager if needed, and always seek property management tips.
Are you curious about how a Nashville property management team can help you? Contact PMI Music City to discuss our Nashville property management solutions. You can count on us to maximize your rental income while keeping your renters happy.
