You inherit a charming bungalow on the outskirts of San Antonio or find yourself moving out of your first home but deciding to keep it as an income property. You didn't set out to be a landlord, but here you are - a member of the accidental landlord club. Suddenly, you're navigating lease agreements, tenant screenings, and maintenance calls, all while balancing your regular life.
Before panic sets in, know this: being an accidental landlord in San Antonio can be an opportunity, not a burden. With the right property management tips, you can turn your unexpected venture into a lucrative and hassle-free experience.
Read on to learn what San Antonio accidental landlords need to know.
Draft a Clear Lease Agreement
Lease agreements in Texas serve as a binding contract that outlines the responsibilities of both you and your tenant, minimizing the potential for disputes.
When drafting your lease, ensure it includes key details, including the particular rental amount, due date, and acceptable payment methods. Specify the lease term and include clauses about:
- Late fees
- Security deposits
- Refunding options
Clearly outline the tenant's obligations, such as maintaining the property, reporting damages promptly, and adhering to community rules. Define your responsibilities, including timely repairs and ensuring the property remains habitable.
Hire a Rental Property Management Company
As an accidental landlord in San Antonio, managing a rental property can quickly become overwhelming, especially if you have other personal or professional responsibilities. Hiring a rental property management company can simplify the process.
A property management company handles tenant screening. They ensure you get reliable tenants who pay rent on time and take care of the property. Their expertise includes conducting thorough background checks, verifying employment, and reviewing rental histories.
Hiring a property manager helps cut down on your overall stress, particularly if you live out of town or lack experience in property management. Their expertise allows you to treat your rental property as a hands-off investment while maximizing its profitability.
Stay Informed About Fair Housing Laws
These laws, enforced at the federal, state, and local levels, protect tenants from discrimination and ensure equal access to housing. By staying informed, you can stay away from costly legal disputes and foster a respectful relationship with your tenants.
The Fair Housing Act prohibits discrimination based on race, color, national origin, religion, sex, familial status, or disability. These laws apply to various stages of renting, including advertising, tenant screening, and lease negotiations.
It's also important to accommodate tenants with disabilities by making reasonable modifications to your property if requested, such as installing ramps or adjusting door widths. While these costs are typically borne by tenants, you must allow these changes to comply with fair housing regulations.
Accidental Landlords: Use These Property Management Tips Today
There are so many things accidental landlords need to do in Texas. With these property management tips, you'll have a much easier time.
Are you ready to hire some help on the San Antonio rental market? PMI First SA Properties is part of a franchise that's been dedicated to providing our clients with top-notch service for decades.
Call us to get started.
