Picture this: you've just inherited a quaint little property nestled between breathtaking mountain vistas and the historic charm of Old Trail Town. You're now an accidental landlord in a town famous for its close ties to Buffalo Bill. Whether you intended to or not, you've saddled up for an adventure in real estate.
Luckily, we've got you covered. Let's go through the top tips for accidental landlords.
Tenant-Landlord Laws
As an accidental landlord in Cody, WY, it's crucial to be aware of the state's tenant-landlord laws, which lean towards being landlord-friendly.
Wyoming law does not limit the amount a landlord can charge for a security deposit. After tenancy ends, the deposit must be returned within 30 days, or 60 days if there are deductions for damages. There's no requirement to pay interest on these deposits.
The state does not specify a required notice period for landlords to enter rental properties for things like repairs and showings, making it important to specify this in the lease agreement.
Property Maintenance
You should also think about property maintenance.
Cody experiences a range of weather conditions, from heavy snow in the winter to sweaty and hot summers. Ensure your property is weatherproofed. This includes checking and maintaining the insulation, making sure windows and doors are properly sealed, and the heating system is efficient and reliable.
Conduct regular inspections of your Wyoming property to check for potential issues before they become major problems. Look for signs of water damage, check the roof condition, and ensure the plumbing and electrical systems are in good working order.
Tenant Screening
Before you start the tenant screening process, decide on your criteria for acceptable tenants. This should include factors like credit score, income stability, rental history, and background checks. Make sure these criteria comply with fair housing laws to avoid any discrimination.
References from previous landlords can provide valuable insights into a tenant's behavior, such as their timeliness in paying rent, how they maintained the property, and if there were any conflicts.
Meeting potential tenants during property showings can provide a lot of subtle clues about their suitability. Ask relevant questions that help you gauge their reliability and compatibility with your property management style.
Hire a Property Manager
You can also get some extra help. Property managers are well-versed in the local real estate market, including typical rent prices, tenant demographics, and the legal landscape. This expertise can help in setting competitive rent prices and navigating local laws.
From late-night emergency calls to conflict resolution between neighbors, property managers handle day-to-day tenant issues. This can save you significant time and reduce stress.
They are skilled at marketing your property effectively to minimize vacancy periods. This includes professional listings, conducting showings, and improving the property's appeal.
Cody Accidental Landlords: Succeed Today
There's a lot that accidental landlords in Cody can do to ensure their success. Use these tips, and your new empire is sure to skyrocket.
Are you looking to hire a property manager in Wyoming? PMI Yellowstone is part of a franchise with decades of success supporting accidental landlords like you.
Contact us today.
