If you've recently become a landlord "by accident," you're not alone; as a 2023 Daily Mail article pointed out, "America is becoming a nation of accidental landlords." For some, it was because they locked in low mortgage rates during the pandemic. For others, it was because they inherited real estate property.
Regardless of why you're now a landlord in Reno, NV, know it can be a lucrative opportunity with the right leasing strategies and property management tips.
The experts at The Martin Team at Dickson Realty have shared rental property advice to help you get started, so read on.
1. Get a Rental Property Valuation
One of the first steps you must take as an accidental landlord is to price your rental right, which a rental property valuation or analysis can help you with. You can get it for free from The Martin Team at Dickson Realty.
The valuation process can help you determine your property's maximum and minimum fees, making it one of the most crucial rental income strategies. It lets you set the right price, preventing you from undercharging tenants, which can cut your profits. Likewise, you can avoid overcharging, which can deter prospective tenants.
2. Understand Housing Laws
Nevada Revised Statutes (NRS) Chapter 118A (Residential Landlord and Tenant Act) governs all the legal aspects of being a landlord or tenant in Nevada. Understanding these laws can help ensure you and your rental property remain compliant.
Under the Act, some of your Reno landlord responsibilities include:
- Maintaining the safety and habitability of the property
- Ensuring plumbing, heating, and electrical facilities are in good working order
- Providing enough garbage receptacles that are in good working condition
- Keeping ceilings, walls, railings, stairs, and floors in good repair
- Performing property repairs that arise due to normal wear and tear
You should also familiarize yourself with tenant rights under NRS Chapter 118A and the federal Fair Housing Act. The more you know, the less likely you are to commit housing violations that may result in you getting sued and paying hefty fines and penalties.
3. Partner With a Property Management Company
A reliable full-service property management company can help make your life as an accidental landlord less complicated by handling most, if not all, of your tasks and responsibilities. For example, at The Martin Team at Dickson Realty, our full-service property and tenant management solutions include:
- Rent assessments
- Marketing
- Resident screening and placement
- Rent collection
- Lease enforcement
- Overseeing property inspections, maintenance, and repairs
- Accounting and financial reporting
- Eviction services
With our property management firm's help, you can relax and simply enjoy the perks of being a Reno landlord.
Keep These Tactics for Reno Accidental Landlords in Mind
Even first-time or accidental landlords like yourself can generate good income with your Reno property if you implement the right strategies. Start by pricing your rental right and following all housing laws. However, if they're too much work for you or you're already too busy, consider partnering with The Martin Team at Dickson Realty.
Since The Martin Team joined Dickson Realty in 2004, we've helped our clients boost their rental income with our property management services. We'll do the same for you and your Reno properties and assist you in becoming a successful accidental landlord.
Connect with us today, and we'll gladly get started on your free property analysis!
