Did you know that housing vacancy rates in Spokane are lower than ever? Tenants are scrambling to find fantastic and affordable rental homes, and you're in a position to provide them!
This is a great time for landlords, but being a landlord isn't as easy as it looks. We're here to provide some simple landlord advice to help you out. Read on for our top landlord tips!
1. Don't Underestimate Tenant Screening
When you're brand new to owning rental properties, you're going to try to get tenants in the door right away! While you need to fill those vacancies, don't make the mistake of at least basic tenant screening.
You want to run a simple background check and check your potential tenants' income, rental histories, and credit histories. With that in mind, it's a good idea to be flexible. Remember that some tenants won't have rental histories as many of them will be students from one of the many local colleges.
Tenant screening will help you avoid potential legal issues in the future.
2. Learn How to Market Your Property
Marketing is key when you're trying to attract new tenants. The rental market is hot, and vacancies are low, but that doesn't mean that you'll have tenants lining up if you're in a less-than-ideal area.
Learn the right rental listing sites, how to write great copy for your listing pages, and how to use social media to your advantage.
3. Always Keep Up With Maintenance
Too many landlords, maintenance is only something that they worry about when a tenant submits a request. This isn't a good call.
While you should respond to maintenance requests as soon as possible, you also need to prioritize routine maintenance. This will keep your tenants happy and keep your property in good condition.
Replace outdated carbon monoxide and smoke detectors. Make sure your HVAC system is in good condition. Do routine checks on plumbing.
This will help you prevent expensive emergencies in the future.
4. Keep Your Tenants Happy
Being a landlord isn't a "set it and forget it" job. If you want your tenants to renew their leases and recommend your properties to their friends, you need to keep them happy.
Make sure that you're quick to respond to tenant requests and questions. Keep common areas in good condition and update things when you're able to do so. Add more amenities if you can.
Remember: your tenants are the ones paying your bills. Treat them with respect.
5. Consider Property Management Services
If you're feeling overwhelmed, one of the best landlord tips that we can give you is to invest in property management services.
A good property management company will be able to help you navigate common issues for new landlords, like fair housing laws, tenant screening, maintenance, and marketing.
They turn property investing into almost passive income.
New Landlords: Try These Tips
New landlords have a lot on their plate! Keep these tips in mind when you're ready to open up your properties to new tenants. You can be a successful property investor, but it takes work!
At Homeriver Group, our experienced team of property investors is ready to help Spokane landlords. Contact us so we can start working together today.