According to a 2023 post by Money.com, as of 2022, over 60% of U.S. households said they intend to give, have received, or will receive inheritances, including cash, investments, and properties.
If you're part of the group that has received real estate inheritance, you may have decided to rent it out. It's a wise move, considering that even accidental landlords like yourself can make good rental income. You just need to learn how things work.
Don't worry; our team here at PMI Made Simple has you covered. Keep reading to discover property management tips for accidental landlords in Provo, Utah.
Understand Utah Housing Laws
Anyone owning, operating, and managing rental properties within Provo, UT, must comply with the rules set in Provo City Code Chapter 6.26. Under this chapter, some of your responsibilities as a property owner/landlord are to:
- Obtain a business license for your rental
- Ensure your property meets all building code requirements
- Provide your tenants (or lessees) with a Provo City Rental Disclosure
In addition to city-specific regulations, you must also abide by federal and state housing laws. Examples include the Fair Housing Act (FHA) and the Utah Code Title 57, Chapter 22: Utah Fit Premises Act.
So, before you market your property, review and understand all housing laws that apply to you and your rental. Then, apply for your business license.
Get a Rental Valuation
To avoid overcharging or undercharging your tenants, you must get an accurate rental valuation or analysis. If you work with the right property manager in Provo, they can give you one for free. Use this to your advantage to determine a fair rental price for your property and attract the right tenants, not detract them.
Screen Tenants Thoroughly
A crucial piece of landlord advice you should abide by is thoroughly screening all tenants. Doing so can help you gauge their viability as responsible renters. Don't look at their income alone; you must also check their:
- Credit score and history
- Rental history and previous landlord references
- Criminal background history
However, remember that while it's your right to screen tenants, your process should comply with the FHA.
Partner With a Property Management Company
A property management company can relieve you of the burden of being a landlord. For example, they can assist you with:
- Implementing feasible rental market strategies
- Marketing your property
- Answering interested applicant inquiries and coordinating showings
- Screening and placing quality tenants on your property
- Enforcing the lease agreement, including timely rent collection
- Accounting and financing
- Overseeing property maintenance and repairs
So, with the help of a property management company, you can keep enjoying the benefits of being a landlord (i.e., earn passive income) without doing all the hard work.
Keep These Tips for Accidental Landlords in Mind
Understanding housing laws, getting a rental valuation, and thoroughly screening tenants are all essential tips for accidental landlords in Provo, UT.
If you want the most convenient and straightforward way to make your rental thrive, partner with us here at PMI Made Simple. We're a full-service, locally owned and operated property management company and a proud member of PMI, a national franchise that's been in business for 20 years and manages over $5 billion of assets.
Connect with us today so we can get started with your free rental analysis!
