Around 6% of rental properties remain unoccupied in the United States. With more renters than ever before, unoccupied properties are usually the fault of landlords who don't know how to find the right tenants.
If you're stuck navigating the Atlanta real estate market, you might find yourself having a similar problem. If you have a property you can't sell or stay in, the best solution is to become an accidental landlord.
But this approach has its own set of problems, especially when you're not ready for it. Keep reading to learn more about accidental landlords in Atlanta.
What Is an Accidental Landlord?
Accidental landlords are people who did not intend to become landlords. This means they're renting out their property on short notice. And without the experience or preparation they'd ideally have.
Some reasons why people become accidental landlords include:
- Inheriting a property they don't want to move into
- Unable to sell a property
- Financial necessity
- Unexpected job changes
The term "accidental" highlights that these landlords did not buy the property for the purpose of investment.
Why Accidental Landlords Need Help
Most accidental landlords are lacking in both experience and resources. They don't know what goes into being a landlord, both legally and practically.
This means they don't know what rent to charge, where to find tenants and how to screen them, or even what is expected of them once they've got someone living there.
If accidental landlords have limited resources, this makes everything even more challenging. If they're in desperate need of income from this property, they make rash decisions. These lead to obvious problems someone with experience could easily handle.
Benefits of Hiring Property Management Services
Property management services involve hiring a company to handle all your marketing, tenant, and maintenance needs.
These services are experts and know exactly how to market and price your property. They know how to identify the best tenant out of the applicants. Once a tenant has signed the lease, they handle all parts of the tenant relationship.
Property managers know all the legal rights of both the tenant and landlord and can offer guidance in handling any disputes. They're also pros at managing things like rent collection, so accidental landlords can appreciate their income ASAP.
This means all landlords have to do is pay a monthly fee plus any maintenance costs as they come up. For accidental landlords, this is a cost-effective solution. Even for those with limited resources, the costs are far outweighed by the benefits of managers who know what they're doing.
Check out our residential property management services page for more information.
Successfully Navigate Becoming an Accidental Landlord
Becoming an accidental landlord doesn't have to cause you to panic. Once you weigh up the pros and cons, it's clear that hiring a property management service is the cost-effective choice.
Property managers ensure accidental landlords get the income they need and fast. They're also able to ensure the landlord-tenant relationship runs smoothly.
If you're in need of property management companies in Atlanta, contact us for assistance.