You've relocated for work, inherited a family property, or decided not to sell your home in Bend's competitive market. Suddenly, you find yourself a landlord - not by choice, but by circumstance.
In a city like Bend, known for its breathtaking outdoors and growing population, renting out your property can be a smart financial move.
But it's not just about putting up a "For Rent" sign - it's about knowing how to run the show with confidence.
Read on for the top tips Bend accidental landlords need to know
Have a Budget
Rental properties often come with unexpected accidental landlord challenges, such as emergency repairs, vacancies, and routine maintenance. Setting aside a portion of your rental income for these expenses ensures you're prepared for the unexpected.
Allocate funds for regular upkeep, like:
- Landscaping
- HVAC servicing
- Appliance maintenance
Bend's colder climate also means budgeting for seasonal needs, such as snow removal or heating system repairs.
Don't forget to account for periods of vacancy when no rental income is coming in. Vacancies can occur due to tenant turnover or market fluctuations, so having a financial cushion ensures you can cover:
- Mortgage payments
- Property taxes
- Insurance costs
without stress.
Hire Property Managers
Property managers handle the day-to-day responsibilities, allowing you to focus on other priorities while ensuring your property is well-maintained and profitable.
These experts ensure your lease agreements and practices adhere to local regulations, protecting you from potential legal issues. They also handle rent collection and enforce lease terms, ensuring timely payments and addressing any disputes professionally.
Screen Your Tenants
Thorough tenant screening helps minimize risks such as late payments, property damage, or lease violations. A well-screened tenant can save you time, money, and stress in the long run.
Start by creating a clear set of criteria for selecting tenants. This might include a minimum credit score, stable employment, and positive references from previous landlords. Run background checks to assess:
- Credit history
- Criminal records
- Eviction history
Many online tenant screening services are available, making this process more efficient.
Tips For New Landlords: Market Right
As a landlord, your goal is to make your property stand out while appealing to the right audience. By showcasing your property's best features and targeting the right platforms, you can fill vacancies faster and with quality tenants.
Consider tailoring your marketing to specific seasons. For example, emphasize winter amenities like heating efficiency during colder months or outdoor spaces and patios in the summer. If your property is close to attractions like Mount Bachelor or local breweries, include that in your listing to appeal to Bend's outdoor enthusiasts and lifestyle-focused renters.
Respond promptly to inquiries and schedule showings at convenient times for prospective tenants. A professional and approachable demeanor during the marketing process can set the tone for a successful landlord-tenant relationship.
Bend Accidental Landlords: Use These Bend Real Estate Tips ASAP
There's so much that accidental landlords need to keep on top of. With this guide, you should have a mich easier time figuring things out.
Are you ready to hire Bend property management experts? PMI Central Oregon is part of a franchise with decades of experience helping accidental landlords like you get on their feet for over two decades.
Give us a call today to get started.
