Many aspects of Nashville contribute to its popularity, from the vibrant music scene to iconic buildings and scenic natural beauty.
A lesser-known reason for Nashville’s prominence is its rapid growth, increasing the demand for rental properties. Innovative investors are buying and renting houses out to meet this surging demand.
While Nashville rental houses offer a lucrative way to build wealth and offer much-needed housing for residents and visitors, managing a rental property can be daunting.
Being a property owner is not all about sitting back and waiting for rent checks; you must comply with building codes, find tenants, handle maintenance requests, and settle disputes.
Here are Nashville rental property management tips for making your work easier and ensuring ROI.
Know Landlord-Tenant Laws
Tennessee property management is a highly regulated sector with numerous national, state, and local laws and regulations to comply with. Certain state laws govern landlord and tenant relations and safeguard both parties’ interests.
For instance, a tenant should pay rent timely and adhere to lease provisions, while the landlord should provide a safe, habitable, and discrimination-free environment.
Consequently, Nashville property managers should familiarize themselves with these laws to ensure compliance and avoid potential legal problems. Common liability issues for Nashville landlords include pet issues, intentional tenant damage, habitability concerns, and accidental tenant injuries.
Working with a real estate lawyer can help you comply with relevant laws and file taxes, something many rental owners struggle with. Purchasing landlord insurance is handy to protect against financial loss should the unexpected happen.
Have a Thorough Tenant Screening Process
Successful landlords and Nashville rental companies have a comprehensive and consistent screening process to minimize tenant issues such as nonpayment, property damage, and eviction.
They assess a potential tenant’s income, credit report, eviction history, and background history to determine if they fit the rentals well. With the costs of evictions increasing daily –currently, at $3,500 per unit, landlords have every reason to screen tenants.
A good tenant screening process saves you time, headaches, and money. It can be the difference between a good tenant who follows set rules and lives harmoniously with neighbors and a troublesome tenant who damages your property and compromises the safety of others.
Draft a Smart Lease