In 2023, the rental vacancy rate in Alabama reached 9.3%. As an accidental landlord, having a vacant rental property can become more trouble than it's worth. You'll lose a potential source of revenue if you don't find renters.
However, there's a lot you'll need to do to become a successful landlord in today's competitive market. Not sure where to start? Read on for the tips you need to succeed in Huntsville, AL.
Research Tenant-Landlord Laws
Review all federal, state, and local tenant-landlord laws before finding renters. Alabama's tenant-landlord laws cover:
- Rental application
- Tenant screening
- Security deposits
- Late fees
- Require landlord disclosures
- Small claims lawsuits
- A landlord's right to access property
- Termination and eviction rules
- Tenant rights to withhold rent
For example, a tenant can't withhold rent if you fail to complete property maintenance in a timely manner. They also can't use the repair and deduct method. However, tenants can move out without responsibility for future rent.
Reviewing these rules will help you avoid lawsuits or fines. Consult a property manager if you're struggling to track new regulations. They'll help you remain compliant.
Outsource Tenant Screening
Before choosing renters for your Huntsville rental property, develop a tenant screening process. Detailed reports should include eviction histories and criminal background checks. Call references and check each applicant's credit score.
Tenant background checks don't always feature updated or accurate information. Outsource this process to save time and money.
A property management company can use its professional resources. You'll have access to more detailed reports, allowing you to make informed choices.
Screening applicants will ensure you choose reliable renters. You can encourage these renters to renew their leases. Retaining tenants can boost your occupancy rate and ROI.
Plan for Property Maintenance
You can't anticipate a natural disaster or accident. Build a nest egg to cover property maintenance. Otherwise, delaying repairs will cause the property to crumble.
You may need to pay for more extensive repairs later as a result. Instead, schedule routine inspections and keep the property in good shape.
Protect your best interests with landlord insurance. You can't predict what will happen to your rental property. Having insurance will give you peace of mind.
Hire a Property Manager
Instead of managing your rental property alone, outsource. Work with a full-service property management company. Their services may include:
- Property marketing
- Tenant screening
- Property maintenance
- Inspections
- Evictions
- Accounting
- Rent collection
Choose a company that uses state-of-the-art technology. They can streamline tasks and minimize delays.
For example, perhaps they use a tenant portal. From the portal, renters can submit maintenance requests, payments, and inquiries. You can operate more efficiently while minimizing miscommunication.
Become a Great Accidental Landlord
The secret to becoming a great accidental landlord is not to do it all alone. Instead, outsource. Hire a full-service property management company you can trust with your property.
Our team at PMI North Alabama has 20 years of real estate management experience. We help owners thrive by implementing proven strategies.
Rely on our experience, expertise, and state-of-the-art technology. Contact us today to meet your property manager.
