Have you ever heard of an accidental landlord?
Life has a funny way of changing our plans for us, determining where we live, who we have relationships with, and what we do for work. And, even if you've never planned on becoming a property manager or rental owner, there's a chance that you'll find yourself there anyway!
Sound familiar? If so, relax. You're in the right place.
Read on to learn all about accidental landlords and what to do if you've become one.
Who Are Accidental Landlords?
Simply put, an accidental landlord is anyone who becomes a landlord by accident.
This can happen if you've inherited property from a loved one, moved to a new area but didn't want to sell your prior home, or been forced to rent a space you formerly lived in for financial reasons. It can also happen as the result of a divorce or marital separation.
In most cases, accidental landlords own a single property and aren't interested in further investing or managing multiple rentals.
What To Do if You Are One
First of all, don't panic!
While becoming a landlord might feel scary at first, owning income property is actually a great investment. It can help diversify your portfolio, keep a steady passive income coming in, and offer you a fallback plan if you need somewhere to live in the future. It might also offer you the opportunity to pass the property on yourself, later in life.
That said, if you are unfamiliar with Utah's tenant rights, laws, and protections, you might need a little bit of help managing your new investment. That's where property management firms come in.
Rental Property Resources
Before becoming a landlord, you might have imagined it as an easy job where you just sit back and relax, and let the cash roll in. Sadly, if you're going it alone, this couldn't be farther from the truth.
Landlords are responsible for every aspect of property management, from upkeep to taxes, finding renters, and collecting payments. And, they even have to handle complex situations like evictions when renters are unable or unwilling to pay.
Thankfully, there is a simple solution.
Hiring a local property management firm can help offset the time and effort spent dealing with your rental. These experts can handle advertising, bookkeeping, and all the little details that come along with your new and unexpected job. They'll also be able to take on sticky situations, from on-site accidents and property damage to pet policies, and more.
Property managers don't just save you a headache. They can also keep you on the right side of the law when it comes to your tenants!
Your Utah Property Solution
Have you become an accidental landlord? If so, you aren't alone.
Contact Utah Property Solutions or call 801.701.8033 for all the guidance and assistance you'll need. We can help you manage your investment properties, market them for rent, find and screen tenants, and handle everything from property maintenance to rent collection.
We work with a variety of clients, from REIT investors to accidental landlords and beyond. And, we have years of experience working with Salt Lake City property owners just like you!
