Not everyone plans to become a landlord, but life happens. Homeowners in Phoenix often find themselves renting out a property due to job relocations, inherited homes, or market conditions.
While it may seem simple, accidental landlords quickly realize the challenges of managing tenants, maintenance, and legal responsibilities.
Today, we're talking about the top five landlord challenges you may encounter. We're also sharing some helpful property management advice.
1. Accidental Landlords: What Are Your Responsibilities
When you find yourself in charge of an unexpected property rental, the first challenge is understanding your responsibilities. Most accidental landlords are surprised when they find out exactly what the job entails.
Here's a brief list of landlord responsibilities:
- Compliance with local regulations
- Understanding tenant rights
- Legal obligations
Tenants have specific and enforceable rights, and landlords must follow the landlord-tenant laws in Phoenix. Failure to adhere to these regulations can lead to potential fines and legal issues.
2. Finding Reliable Tenants
Another hurdle is finding the right tenants. Many accidental landlords don't have the skillset or the tools to perform tenant screening.
The screening process should include:
- Checking references
- Verifying income
- Conducting background checks
Without proper screening, you risk renting to problematic tenants. A property management company can help you vet tenants and avoid future tenant issues.
3. Property Management
Managing a rental property can quickly turn into a full-time job. If you have other personal commitments to juggle, it can feel overwhelming.
Here are key property management tasks you'll need to take care of:
- Marketing to attract potential tenants
- Setting rental prices
- Collecting rent
- Maintenance and repairs
- Compliance with Phoenix laws and regulations
- Managing tenant disputes
The good news is that while the list may seem long, you don't need to tackle everything by yourself. A full-service property management team can handle every task on this list!
4. Dealing with Vacancies
Vacancies are an unavoidable reality for landlords. Unexpected vacancies can lead to financial strain, as you'll still be responsible for mortgage payments even when the property is not occupied.
An experienced property management company can help mitigate this risk by employing effective marketing and rental investment strategies. Their goal is to minimize vacancies and ensure a steady stream of rental income.
5. Legal Issues and Evictions
Legal responsibilities can be complex, especially when dealing with evictions, which are at record highs in Phoenix. Understanding Arizona's landlord-tenant laws helps protect your property and prevent costly mistakes.
Many landlords appreciate the support of an experienced property manager. They handle the legal side of rental properties every day. Property managers can also refer renters to local agencies that help tenants avoid eviction,
Handling tenant disputes is another area where a property management company offers invaluable help.
Ready to Take Control?
Accidental landlords face unique challenges, from tenant screening to legal concerns. A professional approach leads to more effective tenant management.
PMI San Tan brings over a decade of experience, guiding landlords through every stage of the rental cycle. Our proven process boosts your marketability, optimizes rental income, and simplifies property maintenance.
Partner with a trusted expert! Reach out to our team today to learn more about our property management services.
