Tips for Accidental Landlords

Are you an accidental landlord? Do you find yourself in a situation where you have to rent out a property but lack the know-how and experience of doing so? Don’t worry, you’re not alone. Accidental landlords are on the rise and many people are finding themselves in this position.

Whether you’re an accidental landlord or not, becoming a landlord can be a daunting task. There are a lot of rules and regulations to consider, and it can be overwhelming. That’s why we’ve put together some tips to help make your transition into landlord life a little easier.

1. Educate yourself. The first step is to familiarize yourself with the relevant laws and regulations that apply to landlords. Learn about the different types of tenancy agreements, and what your rights and responsibilities are as a landlord. This will give you an understanding of the process and help you avoid any pitfalls.

2. Contact the lender. If your new property currently has a mortgage, contact the lender to inquire about a Consent to Let document. This ensures you can rent out the property legally and in accordance with any lender requirements. 

3. Contact an insurance agent. You'll need to make sure you have the correct insurance plan in place for your property. This could include home insurance as well as landlord insurance. 

4. Research the most recent home inspection. If a home inspection hasn't been done recently, you should schedule one. This will alert you to any issues as well as help you plan out for any upcoming repairs. 

5. Hire a Property Manager! At The Joseph Group; it’s not just a rental, it’s a home. Within the real estate industry, that simply means delivering everything buyers, sellers, or rental property owners need through our group of companies that work in harmony together for your success. Reach out today by emailing us or give us a call at 425.250.5559. We look forward to helping you go from becoming an accidental landlord to being a confident, supported, and aware landlord.