Are you looking to invest in real estate in Puyallup, WA? While it's a smaller city, it's nonetheless a thriving area. It has a higher than average median income and a sustainable population growth.
But before you start seeking a long-term tenant, you must know about the rental leasing process. You'll need to understand the importance of your tenant relationship as well as what they'll expect from you.
You're entering a business relationship, so you'll need to ensure everything works well from the get-go.
Here's what you should know for real estate success:
Screen Your Tenants
Take your time to find the ideal tenant for your property. Your first step is to ask for proof of income. This ensures that the tenant will likely be able to pay your rental fee on time.
You'll also want to conduct background checks on each potential tenant. Make sure they don't have a criminal record, for instance.
You should also ask them for references. You should contact their previous landlords to get an idea of whether they're a responsible tenant.
Hire a Real Estate Lawyer
Once you've found a pool of tenants, you can show them your home. Once you find your ideal tenant, you're ready to sign a lease agreement.
However, before you do, you should speak to a real estate lawyer. They'll have first-hand knowledge of landlord-tenant laws in Washington.
They'll prepare a lease agreement that complies with the law. They can work with you to enforce the lease and resolve any potential disputes. Make sure you find a lawyer whom you feel comfortable working with.
As with your tenant, your lawyer is someone with whom you'll have a long-term business relationship. Choose someone you feel comfortable working with.
Hire a Property Manager
You should also consider hiring a property manager from the beginning. Property managers can play a crucial role at any step of the rental process.
A property manager can help promote your home. They'll advertise your properties on various listing platforms. They'll also use social media to showcase your property's features.
They can help you find your tenants. Once your tenants move in, property managers can collect rent for you. They can resolve any disputes that you don't have to bother your lawyer with.
Property managers also have a network of contractors available. Whenever your home needs a repair or renovation, you can depend on them to handle it. They'll schedule rental property inspections to ensure that your home is being cared for.
That's How the Rental Leasing Process Works
Now you know how the rental leasing process works and can begin your venture as a landlord.
You must screen your tenants before you consider handing over the keys to them. Take your time to find the ideal tenant. You must hire a lawyer to help you prepare your lease agreement.
A property manager is also important to help you throughout the rental process. They'll take a huge chunk of the burden of being a landlord.
SJC Management Group has helped landlords in Puyallup for several years and is happy to help you! Contact us today.
