Becoming accidental landlords is a situation many property owners in Upper Marlboro, MD find themselves in. Whether you've inherited a property, relocated for work, or are unable to sell your home in a tough market, renting out your home can be a smart financial move.
However, managing a rental property is not without its challenges, especially if you're new to the role. If you've unexpectedly found yourself as a landlord, these Upper Marlboro rental tips can help you navigate the responsibilities and avoid common pitfalls.
Understand the Legal Obligations
Being a landlord comes with legal obligations, both at the state and local level. In Upper Marlboro, Maryland, landlords must comply with various regulations, including those related to tenant rights, safety standards, and fair housing practices.
Familiarize Yourself with Local Laws
It's essential to understand Maryland's landlord-tenant laws, including security deposit limits, eviction procedures, and maintenance requirements. Research local ordinances in Prince George's County as they may affect rental property rules, such as zoning regulations and property maintenance codes.
Leases and Contracts
Use a well-drafted lease agreement to protect your interests and clearly define tenant responsibilities. Ensure the lease complies with Maryland law and includes key terms like rent amount, due date, lease duration, and tenant obligations for property upkeep.
Screen Tenants Thoroughly
One of the most important aspects of being a successful landlord is finding reliable tenants. Proper tenant screening can save you from future headaches. Check for things such as:
- Late payments
- Property damage
- Disputes
Conduct Background Checks
Use tenant screening services to perform background and credit checks. This will give you insight into a potential tenant's financial stability and rental history. Look for red flags, such as prior evictions or a history of late payments.
Verify Employment and References
Ensure that tenants have a stable source of income by verifying employment and requesting pay stubs. Additionally, ask for references from previous landlords to get a sense of the tenant's behavior, cleanliness, and reliability.
Set a Competitive Rent
Accidental landlords often struggle with setting the right rent price. It's important to strike a balance between covering your expenses and offering a rate that attracts tenants.
Research the Local Market
Look at similar properties in Upper Marlboro to gauge the going rental rates. If your property is priced too high, it may sit vacant for longer, while pricing too low could mean missed opportunities for profit. Consider factors like location, amenities, and property condition when determining rent.
Consider Including Utilities or Maintenance
If utilities or lawn care are included in the rent, it can make your property more attractive. However, make sure the additional costs are factored into the rent amount to maintain profitability.
Accidental Landlords - Seek Property Management in Upper Marlboro
It's not easy learning the ropes as accidental landlords, so it's best to outsource this task as much as possible to experienced property managers. At PMI Experience, we will do all we can to ensure your properties are rented out to good tenants and maintained well.
We will bring 20 years of experience to your properties, no matter how many you own. Contact our team to learn more.
