Becoming accidental landlords in Bedford, Texas, often arises from unexpected circumstances, such as inheriting property, relocating for work, or being unable to sell a home in a challenging market. This can be seen in the stats from Steadily that say 2023 saw an increase in home inventory to 3.7 months from 2.7 months in the previous year, favoring buyers rather than sellers.
While this situation may not have been your original plan, with the right knowledge and strategies, you can successfully navigate property management and even turn it into a profitable venture.
Here are some practical landlord tips for Bedford, TX, to help you thrive.
1. Accidental Landlords - First Learn Local Landlord Laws
Texas has specific laws governing landlord-tenant relationships, and it's essential to understand your legal responsibilities. Key requirements include:
- Landlords in Texas must return security deposits within 30 days of the tenant vacating, minus any deductions for damages
- You are required to maintain the property in a habitable condition and address major repairs promptly
- Adhere to federal and state fair housing laws to avoid discriminatory practices when screening tenants
By staying informed about local regulations, you can avoid costly legal disputes and maintain a positive relationship with your tenants.
2. Set an Accurate Rental Price
Determining the right rental price is critical for attracting tenants while covering your expenses. Research the rental market in Bedford to see what comparable properties are charging. Factors like proximity to schools, parks, and businesses will influence your rental value.
3. Screen Tenants Carefully
One of the biggest risks as a landlord is renting to unreliable tenants. A thorough screening process can help you avoid late payments, property damage, or eviction scenarios. When screening potential tenants, consider:
- Running credit and background checks.
- Verifying employment and income.
- Requesting references from previous landlords.
Bedford's family-friendly environment attracts many long-term renters, so investing time upfront to find the right tenant can pay off in the long run.
4. Stay on Top of Maintenance
Property maintenance is a critical part of being a landlord. Not only does it keep tenants satisfied, but it also helps protect your investment.
- Conduct regular inspections
- Address repair requests promptly
- Perform seasonal maintenance tasks such as HVAC servicing to prepare for Texas summers
Keeping your property in good condition can reduce tenant turnover and attract higher-quality renters.
5. Consider Professional Management
Managing a rental property can be time-consuming, especially if you don't live near Bedford or have a busy schedule. Hiring a professional Bedford property management company can take the burden off your shoulders.
These companies can handle:
- Tenant screening
- Rent collection
- Property maintenance
- Compliance with local laws
This ensures your investment is well-managed.
Use Our Accidental Landlord Tips to Your Advantage
If you've never been a landlord before, then you can't learn the business in a matter of days or even months. It might be better for accidental landlords like you to hire an experienced and reputable property management company to take care of your properties.
PMI Metroplex Properties is dedicated to providing clients like you with world-class service so you have nothing to worry about when it comes to your properties and their profitability. Contact our team to learn more about our services and start preserving your real estate investment.
