You've stumbled upon a property goldmine, whether it's through inheritance, a spontaneous investment, or a sudden move.
Now, you find yourself juggling the responsibilities of property ownership, all while trying to keep your sanity intact in the midst of this bustling Pacific Northwest gem.
It's a ton to handle! Luckily, we're here to help.
Read on to learn how accidental landlords can succeed in Vancouver.
Understand Washington Landlord Tenant Law
Ensure you have a written rental agreement that complies with Washington state laws. Include essential terms such as rent amount, due date, lease duration, security deposit details, and any specific rules or policies.
Familiarize yourself with the eviction process outlined in Washington's landlord-tenant laws. You must provide tenants with proper notice before initiating eviction proceedings for reasons such as non-payment of rent, lease violations, or end of tenancy.
Respect tenant privacy rights by providing advance notice (typically 48 hours) before entering the rental unit for non-emergency reasons. These might include repairs or inspections.
Look into Tenant Screening
You need to pay careful attention to tenant screening as a new landlord.
Start by creating a comprehensive rental application that collects essential information. It should include things like employment history, income verification, rental history, references, and personal information like Social Security number and driver's license.
Verify each applicant's income to ensure they can afford the rent. Typically, tenants should have a monthly income of at least three times the rent amount. Request pay stubs, tax returns, or employment verification letters as proof of income.
Ensure your tenant screening process complies with fair housing laws to avoid discrimination.
Invest in Rental Property Maintenance
Do routine inspections of your Washington rental property to identify any maintenance issues early on. This includes checking for plumbing leaks, HVAC system functionality, electrical issues, roofing problems, and general wear and tear.
Implement a preventative maintenance schedule for key systems and components of your property. This includes servicing HVAC systems, inspecting roofs and gutters, checking for water leaks, and maintaining landscaping.
Have an emergency response plan in place for urgent maintenance issues. That could include water leaks, heating or cooling failures, or electrical problems. Provide tenants with emergency contact information and procedures.
Hire Property Managers
You can also bring in professional support. Property managers have expertise in handling Washington rental properties, including tenant screening, lease agreements, maintenance, and legal compliance. Their experience can help navigate complex situations and ensure smooth operations.
Property managers act as a buffer between you and your rental property tenants, They take over communication, addressing concerns, and resolving disputes professionally. This can improve tenant satisfaction and retention rates.
Hiring a property manager provides peace of mind knowing that your rental property is being professionally managed. You can focus on other important responsibilities or enjoy passive income without the daily problems of Washington property management.
Accidental Landlords in Vancouver: Succeed Today
With these tips for accidental landlords, your new real estate portfolio will be running smoothly in no time.
Are you looking for a property management company in Vancouver, WA? Invest West Management is here for you. Our company has been around for over 40 years, with many of our team members working with us for over a decade, so you know we have the skills you need.
Contact us today.
