Are you a new landlord in the Vancouver, Washington area? If so, congratulations! Property leasing is an excellent way to make extra income. It also allows you to be your own boss and can provide long-term security.
However, are you equipped to handle all the responsibilities that a new property owner must do to be successful? Many inexperienced landlords don't realize the headaches attached to leasing out properties.
If you want to have a prosperous landlord career, then keep reading below on what you need to know about the leasing process.
Do people know you have a property for rent in Vancouver, WA? Without effectively marketing your apartment buildings, for example, potential tenants will never have a chance to apply.
There's more to marketing than putting a "For Rent" sign on your front lawn. To get the ball rolling on your new investment property, connect with your community and take advantage of word of mouth. (Learn more strategies on marketing your rental listings today).
In a perfect world, it would take no effort at all to find the perfect tenant. Someone that pays their rent on time, has great credit, and plans to stay for the long haul. As a new landlord though, you can't be this naïve.
To find quality tenants, it is crucial to screen every person that shows interest in your rental property. You don't want to sign a lease with a tenant that doesn't meet your criteria. Be thorough with your tenant screening and your future self will thank you later.
Creating a Lease
Do you know how to create a lease? Having a lease is an essential step in being a landlord. It's a contract that lays everything out from rent collection and pet fees to security deposits and maintenance coordination.
It's important to go over all the lease details with your tenant before an agreement is made. If you don't know all the legalities when drafting up a lease agreement in Vancouver, WA, consider reaching out to a property management company for help.
After you and your tenant sign a lease agreement, you have nothing else to worry about, right? Wrong. Even though tenants are living in your space now, that doesn't mean you can forget about the condition of your property.
If you're lucky, you won't receive many maintenance request calls from your tenants. If that's the case, it's still a best practice to check your property every 6 months to make sure everything is still running smoothly. This not only keeps you in good standing with your tenant, but it also gives you peace of mind knowing your property is being well taken care of.
Hire Property Leasing Professionals Today
Only the surface was touched when discussing how to lease your investment property. No one can say otherwise that property leasing is a full-time job. No matter if you're a property owner, landlord, or real estate investor, all roles require a lot of effort, time, and money (experience is also nice).
If you're ready to make a steady income with your property investments, contact Invest West Management in Vancouver, WA today.