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National rental vacancy rates in the second quarter of 2024 reached 6.6% (via the financial editorial site Bankrate). Neglecting the right tips for first-time landlords could leave your rental vacant for months. During that time, you could miss out on thousands of dollars in potential earnings.
Instead, apply these tips for successful accidental landlords. With these landlord beginner tips, you can compete against other owners to maximize your profitability. Boost your earning potential with this accidental landlord guide!
1. Understand Landlord-Tenant Laws
Before applying the rest of this rental property advice, research Maryland's landlord-tenant laws. These laws cover:
- Rental applications
- Tenant screening
- Security deposits
- Late fees and disclosures
- Landlords providing habitable rentals
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
Remaining compliant with these laws will help you avoid lawsuits and fines. For help, consult an experienced property management company. They'll ensure you operate under all local, state, and federal laws.
Talk to your property manager to determine if you have any other legal requirements. They'll ensure you obtain the proper licenses and other documents.
2. Protect Your Property and Finances
Before selecting tenants, walk through the property. Complete an inspection and determine if it requires repairs.
Allow renters to submit maintenance requests using an online portal. This will ensure you complete repairs before the property deteriorates. Routine upkeep will allow you to save money before the property requires expensive upgrades.
You can also protect your property by developing a tenant screening process. Choose reliable renters who will pay on time and respect your rental property.
Outsource this process to a property management company. They'll review each applicant's:
- Credit scores
- References
- Rental histories
- Criminal background checks
- References
- Eviction histories
Outsourcing to a property management company will save you time and money. You can choose reliable renters worth retaining to boost your occupancy rate and ROI.
Make sure the property is in good condition and meets all legal requirements. You may need to acquire certificates that prove the rental is habitable, including ones regarding:
- Fire safety
- Electrical safety
- Energy performance
- Gas safety
You'll need these laws before you can acquire landlord insurance. Having an active insurance policy will protect your best interests in the case of an accident. Consider making it mandatory for tenants to have an active renter's insurance policy before they move in.
3. Seek Property Management Help
Instead of applying this rental property advice alone, outsource. Partner with a property management company for additional landlord beginner tips. Their advice will ensure you operate efficiently and effectively.
A full-service property management company can assist with:
- Tenant screening
- Inspections and maintenance
- Property marketing
- Rent collection
- Evictions
Choose a company that relies on state-of-the-art technology to remain organized and efficient. Their proven strategies and property management software will save you time and money. You can rely on their expertise to gain a competitive advantage.
Excel Among Baltimore's Accidental Landlords
Trying to compete with other accidental landlords can seem daunting. Instead, request professional property management help. Working with a property management company can ensure you maximize your earning potential.
PMI Bmore Metro can help you unlock the secrets of effective property management. Trust our professional guarantees, state-of-the-art technology, and proven strategies. Contact us now for a free rental analysis.
