Are you one of the many accidental landlords in Akron, Ohio?
The city has become an attractive place for many Americans, particularly since housing prices was lower than the national average in 2022. As a result, you might have a property that you're not ready to sell yet.
In the meantime, as an accidental landlord, you can lease it out for as long as possible. But what does it mean to be an accidental landlord, and what are your responsibilities?
Here's what you need to know:
1. Prepare a Lease Agreement
Before you start seeking out tenants, you need to research how to prepare a lease agreement. Your goal should be to create favorable terms that will lead them to renew their lease.
It's also best to consult a lawyer to learn about Ohio laws regarding rental property. You need to ensure you don't accidentally violate any laws when renting out your property.
Of course, you also have to learn about what obligations your tenant has. You'll need to know if there are ever any grounds for eviction, charging extra fees, keeping the deposit, etc.
2. Prepare a Listing
The next step is to create a listing for your property. You can share these on rental websites to seek out tenants.
You won't be the only accidental landlord in Akron, so you'll have to find a way to make your property stand out. You have to describe what makes your property the best option available.
You should highlight the following:
- Number of tenants who can live at the property
- The average price for bills
- Internet speeds
- Rental due dates
- Late payment information
- Information about pets
- General housing and community rules
You must share as many photos as you can of the property. You'll also attract more potential tenants with videos and a virtual tour.
3. Get a Property Manager
The final step is to hire a property management company to help you with your rental property.
Property managers can prepare your home for rental. They'll help with promoting it via listing websites. They can serve as a mediator between you and your tenants.
Often, you can take a step back and let the property managers handle your tenant relationships for you. Property managers are crucial for accidental landlords to succeed in the rental business.
Once you've prepared your rental agreement, drafted a listing, and hired a property manager, you're ready to find tenants for your Akron home.
How Accidental Landlords Can Succeed
Accidental landlords can succeed in creating a profitable rental business, if they just follow a few fundamentals.
Your first step is to prepare a lease agreement. You'll have to study the local laws regarding rental property.
The next step is to prepare a listing for your property. Take your time to ensure your listing stands out.
Sounds like a challenge? It doesn't have to be! PMI Cuyahoga Valley RAL has over 20 years of experience helping accidental landlords like you with property management services. Reach out to us to see how we can help!