Whether you inherited a cozy condo near the Grand Ole Opry or stumbled upon a quaint rental property amidst the bustling honky-tonks, being an accidental landlord in Nashville is like discovering a hidden gem in a treasure trove of twangy tales.
But don't worry; we're here to help you out.
Let's go through our top tips for accidental landlords in Nashville.
Know Tenant-Landlord Laws
As an accidental landlord in Nashville, it's crucial to have a good understanding of tenant-landlord laws to ensure you're following all legal requirements and protecting your rights.
In Tennessee, rental agreements can be written or oral. However, it's always recommended to have a written lease that goes through all the terms and conditions of the tenancy, including rent amount, payment due date, lease duration, security deposit details, maintenance responsibilities, and any rules or policies.
Landlords are responsible for keeping their Nashville rental property in a habitable condition, including providing essential services like heating, plumbing, and electricity. Tenants must notify landlords of any repair issues, and landlords must address them in a reasonable timeframe.
Don't Forget Tenant Screening
You need to screen your possible Nashville tenants carefully to ensure it's a good fit.
Obtain a credit report from prospective tenants to understand their financial responsibility and ability to pay rent on time. Look for a history of timely payments and avoid applicants with a pattern of defaults or financial troubles.
Conduct background checks to verify potential tenants' criminal history, eviction records, and past rental behavior. This can help you avoid renting to individuals with a history of property damage, lease violations, or criminal activities.
Pay Attention to Property Maintenance
paying attention to property maintenance is crucial for maintaining the value of your rental property and ensuring a positive experience for your tenants.
Conduct regular inspections of your Tennessee rental property to identify any maintenance issues early on. Check for plumbing leaks, electrical problems, HVAC issues, structural concerns, and any signs of wear and tear.
Keep specific records of all maintenance activities, repairs, and inspections. Documenting maintenance history can be beneficial for tracking expenses, demonstrating compliance with legal obligations, and resolving disputes with tenants if needed.
Hire Property Managers
Hiring a Nashville property management company can make your life a lot easier.
Property managers can take over the tenant screening process. This can help you find top-quality tenants who are more likely to pay rent on time and take good care of the property.
They act as a point of contact for tenants, handling all their concerns, handling maintenance requests, and ensuring a positive tenant experience. They can also enforce lease terms, mediate disputes, and communicate important information to tenants on your behalf.
Become the Best Accidental Landlord in Nashville Today
When you're an accidental landlord, a lot can be overwhelming. Hopefully, now, you have enough information to succeed.
Are you ready to hire property managers? Green Tree Property Management specializes in helping people new to the real estate game, so we're prepared to help you with everything you need.
Contact us today.
