Randomly inheriting property can be a blessing, but it can also be a curse.
If you find yourself suddenly in the role of a landlord in the picturesque city of Coppell, TX, fear not! We've got your back with a set of tips that will turn your accidental landlord venture into a delightful experience.
Read on for the top tips accidental landlords need in Coppell, TX.
1. Figure Out the Law
Coppell, like any other city, has specific landlord-tenant laws that dictate various aspects of the leasing process. Familiarize yourself with these regulations, covering areas such as lease agreements, security deposits, eviction procedures, and property maintenance.
Familiarize yourself with the Texas Property Code, which governs landlord-tenant relationships in the state. It goes through the responsibilities and rights of both landlords and tenants.
Being well-versed in local laws will not only help you avoid legal complications but also ensure a smoother landlord-tenant relationship.
Familiarize yourself with insurance requirements for landlords in Coppell. Ensure that you have adequate coverage for your rental property.
2. Screen Your Tenants
Never neglect to take the time to screen your tenants.
Provide a comprehensive rental application for potential tenants to fill out. This should include the tenant's contact information, rental history, employment details, and references. Make sure to comply with fair housing laws and treat all applicants equally.
Obtain written consent from the applicants to run a credit check. A credit report can give you insights into their financial history, including payment habits and outstanding debts. Look for patterns of responsible financial behavior.
3. Document Everything
Like with anything, you need paperwork. Ensure that you have a detailed, written lease agreement that specifically goes through the terms and conditions of the rental.
Include information on rent amount, due dates, late fees, maintenance responsibilities, and any other relevant rules and regulations. Make sure both parties sign the lease.
Keep a log of all communications with tenants. Document phone calls, emails, and any written communication. This includes notices, requests, and responses.
Clear communication logs can be valuable in case of disputes or legal issues.
4. Remember Advertising
You also need to get the word out about your properties to maximize your rental income.
Use popular online rental platforms to reach a wide audience. Ensure that your property is listed with high-quality photos, a detailed description, and accurate information about amenities and features.
Take advantage of social media platforms to showcase your property. Create posts with attractive photos, detailed descriptions, and contact information. You can also join Coppell community groups or forums to share your listing.
5. Get Property Management Help
Consider hiring a Coppell property management company. Property managers have experience handling various aspects of property management. These can include things like maintenance, record keeping, and rent collection.
They can take the burden off your shoulders and ensure that your property is well-maintained.
Accidental Landlords: Protect Yourself Today
There are a lot of things accidental landlords can do to keep themselves safe. Now that you have an outline, you can start putting together a strategy that works for you.
Are you ready to invest in Coppell property management help? PMI Cowboys Realty has decades of experience to ensure you succeed. Give us a call today.