Historically, people have become accidental landlords due to factors like divorce, inheritance, and financial loss. Now, homeowners are becoming accidental landlords thanks to the massive shift in interest rates over the past few years.
No matter the reason, there's one thing that every accidental landlord has in common: owning a rental property wasn't part of the plan.
What can you do if you're an accidental landlord in Miami? How can you manage that luxury property you don't want to live in but don't want to sell?
Read on for our guidance for Miami accidental landlords.
Break the Emotional Tie
Unlike real estate investors, accidental landlords didn't acquire a property with the intention of renting it out. It may have been their own home for several years. It may have been the home of a loved one that they inherited after that loved one passed.
Chances are, you feel some degree of sentimentality toward the property in question. This can create tension between you and your future tenant, especially if you have strong opinions about how they use the space. While it may be difficult, it's important to make peace with the fact that you're allowing someone else to live in that space-and, within reason, you have to let them do what they want with it.
Consider Your Options Carefully
Around the nation, homeowners are looking at high interest rates and little interest from buyers who are waiting for housing to become more affordable again. This isn't the case in the city of Miami, one of the few cities that remain a seller's market.
If you're in need of a large sum of money right away, trying to sell may be the best option. If the biggest priority is to grow your wealth in the long term or retain control over the property for your own purposes, renting the property is the way to go. Before you make a choice, make sure that you understand what the outcome of that choice may be and if it aligns with your goals.
Partner with a Miami Property Management Group
There is huge potential for income in the Miami rental market, especially if you have a luxury property. As more and more companies relocate to South Florida, there is no shortage of wealthy renters looking for a place to live.
Luxury Residential Management offers full property management services for high-end Miami rentals. With our help, you can become less of an accidental landlord and more of a coincidental property investor. We provide the hands-off approach most investors are craving so that you can maximize your passive income.
LRM Miami Can Support the Accidental Landlord
If you're an accidental landlord, there's a good chance that you're not looking for landlord tips. Most accidental landlords are looking for long-term solutions that will allow them to reap the benefits of renting a property without having to get involved in the daily rhythm. That's where LRM Miami comes in.
To learn more about how we can help, contact us today. We look forward to hearing about your luxury Miami property and your top priorities as the owner of a rental property.