Have you become an accidental landlord in Knoxville? While this might seem like an inconvenience, it's definitely a blessing in disguise!
Knoxville has seen tremendous growth since the beginning of the decade. This includes an increase in employment, median income, and property values. This brings many opportunities for landlords who want to maximize their rental business.
But for accidental landlords like yourself, there's often confusion about how to get started. This guide will share the rental property advice you'll need to succeed!
Here's what you can do:
Understand the Laws
Your first step is to understand Tennessee's state laws regarding rental property. Don't stress if you can't memorize these, as one wouldn't expect you to.
However, you should have a basic understanding of what's expected of you as a landlord. You must hire a real estate lawyer to help you remain compliant at all times.
The lawyer will also help you prepare your lease agreement and resolve any potential disputes. They'll inform you if your tenants are violating their legal obligations at any time.
Managing Rental Property
The next step is to prepare your property before you seek tenants. The first step is to conduct a rental property inspection.
These inspections will let you check if there are any issues with your property that need to be fixed. This can range from removing stains to fixing a leaky faucet. Make sure you attend to all such issues before you start advertising your property.
You might want to upgrade your property as well. While this isn't required, it's a great way to attract potential tenants. Consider upgrading your appliances to newer models. Buy new bedding for your tenants.
If you have older technology, you can update it. Your tenants might prefer a Smart TV that has access to streaming services and can connect to mobile devices.
Advertise Your Property
The best way to advertise your property is to post it on listing websites. These websites let you create a detailed description of your property. Make sure you hire a professional photographer rather than taking photos on your own.
For your description, mention the approximate location of your property. Mention the attractions and facilities near the property. Discuss the amenities that are available to your tenants.
You don't have to be an accidental landlord on your own! It's best to hire a property manager to help you. They'll help you prepare your property, find tenants, and then attend to your tenants once you find them.
Accidental Landlords Can Make a Fortune
Now you know that accidental landlords can build a successful rental business in Knoxville.
Focus on learning about your legal obligations as a landlord first. Take the time to prepare your property to make it ideal for guests. Use listing websites to advertise and seek tenants.
PMI Knoxville is one of the leading property management companies in the city. We have 20 years of experience in the real estate industry. We'd love to hop on a call with you.
