More than half of Denton's properties are renter-occupied, but not all of them started that way. Some landlords only find themselves in possession of a rental after moving out of their own home or inheriting the home of a family member.
In the real estate industry, we refer to this category of rental owners as accidental landlords. You didn't make an investment with the intention of renting out a property. That generally means you may not know what to do next.
Read on as we share our best accidental Denton landlord advice so your rental property doesn't become a major source of stress.
Research the Value of Your Property
First, it's time to get a feel for Denton, TX real estate. Unlike buyers, renters aren't interested in a property's potential. They're interested in properties that meet their current needs, from price points to amenities to location.
One way to assess the value of your property to renters is to look at comps. Pay close attention to the cost of rent in neighboring properties with similar amenities and square footage.
Make a Maintenance Plan
Rental properties often undergo more wear and tear than owner-occupied homes. Plus, you're relying on tenants to keep you updated about the condition of things like plumbing, electrical wiring, and more. They may not always notice issues right away, leading to more costly repairs.
All of that to say, you need to have a maintenance plan. That means preparing for preventative and reactive maintenance, anticipating emergency calls, and knowing which contractors or maintenance professionals you want to work with.
Screen Your Tenants
Once you have a plan to manage your rental property in Denton, it's time to look for tenants. We urge you not to sign the first tenant that comes along without any screening.
At the very least, run a credit and background check on your prospective tenant. This will tell you more about their debt-to-income ratio and reveal any history of evictions or other red flags. The goal is to find someone who you can reasonably expect to pay rent on time, take care of your property, and remain for the duration of your lease.
Decide If You Want to Manage a Rental Property in Denton
You've found yourself in charge of a rental property. You know you don't want to sell it, but that doesn't mean you want to manage it on your own.
If your goal is to earn passive income or you know you can't make another major time commitment, it's time to outsource. Partner with property management in Denton so you can enjoy a hands-off approach and protect your investment.
PMI United: A Trusted Partner of Accidental Landlords
Running a rental property can become a full-time job, and you may not want to add that stress to your life. With PMI United, accidental landlords can become happy investors.
PMI United is one of the top property management companies in Denton. We make it easy for property owners to customize their property management services and use our expertise to maximize rental income. Contact us today to find out more.
