Landlord insurance company Steadily found that the median listing home price in Riverside, CA was $670,500 in January 2024. Should you inherit property in this area, then you can count your lucky stars.
Things may be different if it's a rental property though. While it still holds value, you have the added responsibility of looking after tenants.
The job of accidental landlords isn't easy, but with some tips, you'll have a smoother time. Read on for several that'll have you feeling like a pro in no time.
Understand Local Laws and Regulations
All Riverside landlords need to familiarize themselves with California's tenant laws. This includes:
- Rent control ordinances
- Eviction rules
- Security deposit requirements
Not following the law can earn you a bad reputation as a landlord. Not only that, but it can get you in serious legal trouble too.
Get the Right Insurance
At the very least, you should have regular homeowner's insurance. However, it may not be enough to cover rental properties completely.
If you've become an accidental landlord, you should switch to landlord insurance to protect against property damage. Having a good policy can also fight against liability claims and prevent loss of rental income.
Screen Tenants Thoroughly
Your tenants can make or break your experience as a landlord. It's essential to screen tenants by doing background and credit checks to avoid issues later on.
During the screening process, make sure you're being thorough, but don't cross any legal lines either. There's clear information about housing discrimination in the Fair Housing Act, so study up beforehand.
Create a Clear Lease Agreement
One of the most important property management tips is to have a clear lease agreement. If the wording is ambiguous, then it'll leave too much room for interpretation.
The points your agreement should cover are:
- Rent due dates
- Late fees
- Maintenance responsibilities
- Policies on pets and subletting
Prepare for Maintenance and Repairs
All rentals will require regular maintenance since they'll go through wear and tear. It's your responsibility to ensure that your property is safe and comfortable to live in.
It's vital that you keep an emergency fund and hire reliable contractors. By doing so, you'll prevent small problems from becoming major ones that are pricey to fix.
Consider Hiring a Property Manager
Managing a property on your own can feel overwhelming. In this case, you should hire a property manager.
An experienced company can help you handle tenant relations, which includes maintenance and rent collection. As a result, you'll get peace of mind.
We Help Accidental Landlords
The position of accidental landlords can be unexpected and daunting. You have valuable property, but you don't know how to manage it.
Thankfully, you won't have to navigate this path alone. An expert property management company can take the reins. With tedious tasks like tenant screening and rent collection out of the way, you can fully enjoy your new experience as a landlord.
Get in touch with us today if you need help with landlord responsibilities. We at PMI Riverside can offer real estate advice backed by two decades of experience.
