Have you found yourself with a rental property in Savannah, and you have no idea what to do with it?
Becoming a landlord can happen by chance. Whatever the reason, managing a rental property in Savannah is all about thoughtful planning.
What should accidental landlords do to succeed? Read on for our Savannah landlord guide so you can stay calm.
Learn About Property Management in Savannah
You need to maintain the home, keep tenants happy, and follow rental laws. Hiring a property management company in Savannah can help. These companies handle these tasks:
- Collecting rent
- Screening tenants
- Fixing problems
Understand Savannah Rental Market Tips
Many people move to Savannah for its historic neighborhoods and job opportunities. Before renting out your Savannah property, research the market. Learn about the following:
- Average rents
- The best times to list
- Popular amenities
This renting advice for Savannah can help you price your property competitively.
Screen Tenants Carefully
Screen applicants thoroughly to avoid problems later. Check their credit, rental history, and income. Ask for references from past landlords.
In Savannah, people often rent for long-term stays or while exploring the city's history and culture. Choose tenants who match your expectations.
Set Clear Rules and Expectations
Create a detailed lease agreement. Include rules about pets, repairs, and late rent.
In Savannah, outdoor spaces are important. If your rental has a garden or porch, set guidelines for upkeep.
Budget for Repairs and Upkeep
Owning a rental means dealing with repairs. Savannah's warm, humid climate can cause wear and tear. Be prepared to fix air conditioners, plumbing, or roofs.
Save part of your rental income for maintenance. Regular upkeep keeps renters content and protects your property's value.
Stay Informed About Real Estate in Savannah
The real estate market in Savannah changes often. Property values, rental rates, and laws can shift.
Keep up with trends and news. Knowing the market ensures you make smart decisions.
Get Landlord Insurance
Standard home insurance doesn't cover rental activities. As a landlord, you need special insurance. Landlord insurance protects against damages, accidents, and lost rent.
In Savannah, consider flood insurance, too, since some areas are prone to flooding. Proper coverage gives you peace of mind.
Know the Legal Side of Renting
Savannah has rules for landlords and tenants. These include how much notice you must give for rent increases or evictions.
Breaking these laws can lead to fines. Learn the basics, or hire a property manager to guide you. Staying legal keeps you out of trouble.
Market Your Property Wisely
To attract tenants, advertise well. Highlight features like proximity to Savannah's downtown, schools, or parks.
Mention unique details, like a historic design or updated appliances. Good photos and honest descriptions make your property stand out.
Accidental Landlords in Savannah Shouldn't Panic
Accidental landlords in Savannah can enjoy this new path a great deal. Use this becoming a landlord guidance to get the most out of your rental property.
Are you tired of stressing about your Savannah rental property business? Contact PMI Savannah Metro to see how our property management solutions will help. From accounting to maintenance and handling tenant communication, we can take care of every detail.
