Picture it: you get an unexpected email from your cousin, who's suddenly moving out of state and urgently needs someone to take care of their Oklahoma City property for a few months. You blink, realizing you've just become an accidental landlord!
But what do you do next? We can help.
Let's go through everything that accidental landlords in Oklahoma need to know.
Set Competitive Prices
You'll want to sent rental rates that will bring in clients. Start by researching similar properties in your area. Look at rental listings, talk to other landlords, and gather information on rental rates for comparable properties in your neighborhood.
Understand the demographics of tenants you're targeting. For example, if your property is near a university, you may target students or faculty, while properties in family-friendly neighborhoods may attract families or working professionals.
Stay informed about Oklahoma City market trends and fluctuations in rental prices. Factors such as seasonality, economic conditions, and local development projects can impact rental demand and prices.
Pay Attention to Property Marketing
Marketing your rental property effectively is crucial for attracting quality tenants and boosting your rental income. Start by taking high-quality photos of your Oklahoma City property, including both interior and exterior shots. Use good lighting and capture key features that will attract potential tenants.
Consider putting together a virtual tour or video walkthrough of your property. This can give potential tenants a better sense of the space and layout, especially for those who may not be able to visit in person.
Hire Property Managers
Don't be afraid to get extra support. Property managers have extensive knowledge and experience taking care of Oklahoma rental properties.
They understand local laws, market trends, and best practices, which can help you navigate the complexities of property management more effectively.
Property managers oversee property maintenance and repairs, ensuring that your rental property is well-maintained and complies with safety and housing standards. They can coordinate with contractors, handle emergency repairs, and conduct regular inspections.
Keep Proper Records
Make sure you stay organized. Maintain accurate financial records related to your rental property. This includes rental income, expenses (such as mortgage payments, property taxes, insurance, maintenance, repairs, utilities, and property management fees), and any other financial transactions.
Document the receipt, handling, and disposition of security deposits in compliance with Oklahoma City's landlord-tenant laws. Keep records of any deductions made from security deposits for damages or unpaid rent.
Maintain copies of any legal documents relevant to your rental property. These might include eviction notices, court orders, notices of violation, or correspondence with legal counsel.
Regularly review and organize your records to ensure they are up-to-date, accurate, and easily accessible. Consider using digital tools or property management software to streamline record-keeping processes.
Use These Tips for Oklahoma Accidental Landlords Today
With this guide, accidental landlords throughout Oklahoma will be on the path to success. Try out a few of the tips, and watch your profits roll in!
Are you ready to hire property management help for your Oklahoma properties? PMI OkCity Local and our franchise have been making sure accidental landlords like you generate maximum rental income for more than 20 years.
Contact us today.
