Huntsville, AL, is an excellent place to be a landlord, considering 43.95% of people here are renters or live in apartments, per BestNeighborhood.org.
Still, being a landlord isn't always the most fun job, especially for accidental landlords or those who unintentionally become property owners and managers. Relocating to a new job, facing a family situation, or receiving an inheritance are some of the most common reasons one may become a self-managing, unintentional landlord.
The good news is that even accidental landlords can succeed in Huntsville, Alabama, with the right strategies. Our team at PMI North Alabama put together this guide, which shares Huntsville landlord advice and property upkeep tips. Please read on.
Understand Your Obligations
First, familiarize yourself with local landlord-tenant laws. Huntsville, like many cities, has specific regulations that govern rentals, including but not limited to rules regarding:
- Security deposits
- Tenant rights
- Fair housing laws
- Eviction processes
Understanding these regulations will protect you from potential legal issues.
Boost Profitability With These Rental Income Strategies
According to ZipRecruiter, landlords in Alabama earn an average of $79,110 yearly. To make just as much or even more, start by implementing these tactics:
- Set Competitive Rental Rates: Research similar properties in your neighborhood to determine an attractive rent price
- Enhance Property Appeal: Perform routine upkeep, including maintenance and cleanings, to attract quality tenants
- Use Online Marketing: List your rental property on popular platforms to reach a wider audience
- Offer Amenities: Adding features, like updated appliances or landscaping, can justify higher rents
The most crucial thing about rental income is never to overcharge or undercharge. If you charge too much, you'll struggle to find, much less keep tenants in your property.
If you charge too little, you won't make any profits. You could even lose money by paying for property upkeep yourself!
Follow These Tactics for Managing Tenants Effectively
Effective tenant management is critical for achieving a sustainable rental income, so ensure you:
- Establish clear communication channels from the outset
- Use written agreements to outline expectations, responsibilities, and rules
- Always conduct background checks to select reliable tenants
All those steps not only protect your investment but also foster positive relationships.
Embrace Professional Huntsville Property Management
Huntsville's growing economy and increasing job market create unique opportunities for accidental landlords, but managing properties without prior experience can be incredibly daunting. However, you can ease the transition by partnering with a full-service professional property management firm.
Your dedicated manager can help you with the following:
- Understand local laws
- Market your property
- Manage tenant relations
- Regular property upkeep and repairs
Success Awaits Accidental Landlords in Huntsville, AL
While accidental landlords in Huntsville, AL, face numerous challenges, they can all turn these into profit-making opportunities with the right strategies and the help of a highly experienced property manager.
PMI North Alabama, our full-service property management firm, is here to save the day.
Our owner and president, Scott Abernathy, is a seasoned real estate and property management expert whose journey began in 1989. Over the years, he has grown his expertise, skill set, and property management business. He will use these, together with his team of other real estate professionals and state-of-the-art technology, to help you, an accidental landlord, reach success, too.
Speak with us today for a free rental analysis!
