It is not easy being a real estate investment professional, but it's rewarding! Often, the best success comes with mastering the best tips and tricks of being a landlord. If you haven't already partnered with a property manager to handle common landlord tasks, we're here to help you learn more about some nuances to successful property ownership.
While collecting the rent and providing maintenance services are common aspects of owning and operating Seattle rentals, landlords can make mistakes and put their income at risk without digging deeper into other aspects of smart property management. Check out these tips and tricks from our expert Seattle property management team!
Avoid Making Friends With Tenants
Having tenants you enjoy isn't a bad thing! You will have tenants who are personable, and you get along well with them. However, be careful about developing friendships with tenants that you enjoy.
The landlord and tenant relationship must stay professional. When you cross the line and become friends, the social aspect of it can lead to impartial treatment compared to other tenants that aren't your friends. Making friends with tenants can also lead to situations where they take advantage of you by delaying rent payments or breaking the rules (and expecting special treatment).
A Seattle property management professional can become the "buffer" between you and friendly tenants. While having positive relationships with enjoyable tenants is better than dealing with terrible residents, keep things professional to avoid problems!
Create Custom Lease Agreements
Hiring a property manager in Seattle means they will work with you to create custom lease agreements. If you've settled for pre-fabricated leases downloaded from a free website, you and your properties could be at risk from loopholes and an incomplete lease that won't hold up in court.
A custom lease agreement has distinct and direct wording that complies with local, state, and federal laws. Free downloads might not comply with Seattle laws and can leave you vulnerable to a lawsuit. If you're not sure how to create a strong lease that includes critical details and protects your investments, work with a Seattle property management company and your legal counsel to set up airtight leases for every property.
Connect With a Good Lawyer
We hope you never get sued by a tenant! However, even without lawsuits, every real estate investor needs a good lawyer to handle leases (as we mentioned above) and work through rental property purchases and other areas necessary for maintaining a legal real estate investment business.
If it becomes necessary to pursue eviction or other legal processes to collect rent from a tenant who refuses to pay, a good lawyer walks with you through the process. Choose a lawyer that understands real estate and landlord-tenant law. If you're not sure where to find one, your property manager in Seattle can help you find one!
Spend Time on the Rental Rate
Setting the ideal rental rate requires more than picking an amount close to other nearby rentals. It's tempting to set a low rental rate low to attract tenants. It might also be tempting to set the rate higher than other competing properties to "make more money" every month.
However, when the rent is too high, Seattle property owners lose money when tenants aren't interested in paying that much to live in your rental. Setting the rate too low might help you find a tenant faster, but you'll lose money every month and struggle to cover monthly expenses.
The balancing act of finding the "ideal" rate needs to take into account the current state of the market. You also need to consider the value of your property and the amenities you provide. The ideal rate attracts quality tenants, keeps your property competitive, and delivers the monthly rental income you need for success! If you're unsure how to analyze the market and arrive at the best monthly rent amount, partner with a property manager to price your rental rate correctly!
Screen All Tenants
Apply a thorough screening process to every applicant, no matter how good a potential tenant looks on the rental application! Skipping a background review process can lead to bad tenants living in your rentals.
A thorough process includes include a background check, a review of their credit history, prior rental information, and more. A property manager in Seattle can help you with a tenant screening process if you don't have the time or resources to conduct them on your own.
Let Seattle Property Management Handle All Tips and Tricks for Success!
The best way to apply expert landlord tips and tricks is to let a Seattle property management professional do them for you! If you don't need help with all of these tips, choose a property management solution that offers services to address specific needs—without requiring more services than you want or need.
RentWatch offers flexible property management solutions to match your needs and budget! If we can help with one (or any) of the areas we mentioned here today, let's talk!
Get more tips and tricks when you download our free resource, "The DIY Landlord Handbook!"
