According to Pew Research, real estate investors purchased almost a quarter of all single-family homes sold in the US last year. If you were one of them, you may have hoped that buying a rental could be a nice side hustle. A way to build a nest egg for the future with minimal work.
Sadly, the reality is often very different. From property maintenance to chasing late rent payments, being a landlord can quickly become a full-time job. If you've already got one of those, you need a Vancouver, WA, property management company on your side.
There are several ways that property management services can make a landlord's life simpler. Let's take a quick look together.
They'll Find You Tenants
This sounds simple, but there is a lot involved in finding the right tenants for a property. You must prepare the home for the rental market and stage it for photographs and showings.
You then need to get the right marketing mix for your area. Most people start their search for a rental online, but traditional methods also have their place.
Professional property management services understand the local market. They know how to showcase your rental home to its best advantage.
Property management services may also have lists of potential tenants that they know are looking for homes like yours. They can quickly arrange showings, and you may be able to secure a suitable tenant within days.
Carry Out Tenant Screening
Tenant screening allows you to identify potential red flags. This is likely to be around the tenant's ability to pay or possibly their track record of not caring for other rental properties. This gives you the chance to refuse an application before taking on a problematic tenant.
However, there are state and federal laws that relate to tenant screening. For example, Washington State law requires that landlords inform tenants of the following:
- The type of information they will access
- The criteria that may be used to deny an application
- The consumer reporting agency they will use
Property management services work with these laws every day. They know how to conduct tenant screening effectively and legally. This will ensure that you do not discriminate but find tenants that are the right fit for your home.
Rent Collection and Evictions
A property management company will draft the rental agreement, collect the deposit, and collect the rent each month. They are responsible for chasing tenants about late payments. They act as a middleman, so you do not have to interact with the tenants directly.
If things go awry, they can also guide you through the eviction process.
Inspections and Maintenance
To preserve the value of your investment, you'll need to carry out regular maintenance. A property manager will regularly inspect the rental. Property management services also usually have their maintenance crew. They can handle routine and unexpected maintenance problems.
The Right Vancouver, WA Property Management For You
For Vancouver, WA, property management, choose Badger Canyon Property Management. We provide all the services listed above and many more. Our goal is to keep landlords and tenants happy through great customer service and communication.
For all your Clark County property management needs, call us at 360.667.1225 or reach out online today!