You may have seen it coming, but you now have a Beaufort rental property under your ownership. Perhaps someone gifted you a house or you inherited one.
Renting out such a property is an ideal way to turn it into a passive income generator instead of selling it or letting it lie idle. But you have to roll up your sleeves and get down to work as a landlord.
Although accidental landlords don't often have a smooth sailing journey, with adequate preparation and know-how, you'll have an easier path to success.
Continue reading for helpful tips and landlord advice.
1. Understand Local Laws
There are state laws and local codes that regulate the use of residential homes as short-term or long-term rentals.
In most cases, real estate rental property owners are required to obtain a business license, which will be issued after the authorities have ensured the property satisfies the established criteria.
In addition to that, you must understand your and the tenant's rights and responsibilities as per South Carolina laws. For instance, landlords have to ensure the property is in a livable condition at all times.
There are also laws on security deposits and tenant evictions that you need to be familiar with.
2. Get Landlord Insurance
You might already have home/property insurance, but that's not enough when it's a rental. You need landlord insurance for adequate coverage. The policy covers:
- Fire damage
- Storm damage
- Personal liability
- Damage to personal items on the property
- Loss of rental income
- Tenant damage.
The specific terms and conditions for this policy will vary from insurer to insurer, so be sure to read between the lines and see what you're getting before paying for it.
3. Prepare Lease Agreements
Running a rental property comes with several risks, such as financial losses occasioned by delinquent tenants. Using lease agreements is a way to manage these risks.
It's upon you to draw a lease agreement that outlines the duration of the tenancy, rent payment methods, and your landlord rules among other things. The agreement is a legal document and can be used in court in case of an eviction lawsuit.
4. Property Marketing
Depending on the prevailing rental demand in the Beaufort market, finding tenants for your property can be easy or difficult. Nonetheless, it's prudent to invest in a property marketing campaign to boost the property's visibility to potential renters.
Effective marketing requires expertise, but if you're a noob, a simple strategy like listing the property on real estate listings and running social media ads can deliver decent results. For more complex strategies like SEO, you'll want to hire a digital marketing company.
Accidental Landlords: Turning Unplanned Ownership Into Opportunity
Accidental landlords have an opportunity to turn their unplanned ownership of a rental property into a great success story. You must, however, focus on effective rental property management.
If that sounds like a tough job or you don't have enough time, don't hesitate to get professional help.
At Stinger Home Management, our mission is to provide exceptional service to Buefort and Royal Port property owners and tenants through clear communication, innovative solutions, and expert property management knowledge.
Contact us to learn more about our services.
