Deciding to rent out a Lake Stevens property can mean consistent rental income and long term returns. Whether it’s a home you once lived in yourself or a property that you inherited or purchased as an investment, there’s a lot to do before you start collecting rent and evaluating ROI.
If you’re wondering where to start and what to do first, we can help.
Price Your Lake Stevens Rental Property Correctly
Rental values are not always clear. You probably have an idea about what you’d like your property to earn every month, but the rental price is really market-driven. It doesn’t matter how much cash flow you’re after or what you’ll need to make your mortgage and tax payments. Evaluate the market thoroughly and check the prices for competing properties that are similar to yours.
Smart investors estimate their earning potential before they even buy the property. Hopefully, you’re already aware of what your property will likely earn. Remember that vacancy is more expensive than anything else in real estate. So, don’t overprice your property.
Prepare Your Home for the Lake Stevens Rental Market
Finding a great resident is crucial to a lucrative investment experience. To find that resident, you’ll need to get your home rent-ready. This means inspecting the home thoroughly for any repairs, updates, or cleaning that needs to be done. Make any necessary repairs or replacements before you begin marketing the home. Clean the property professionally and make sure it looks inviting to prospective residents.
Remember that you want to be competitive. You likely won’t have to renovate your entire home, but make sure it’s modern. If your appliances were installed in 1985, it’s a good idea to replace them. If your lighting is old and dim and your paint looks tired, give these things an upgrade. This will help with marketing and with inspiring potential residents to fill out applications.
Schedule Showings and Screen Applications
Interested tenants will start emailing and calling with requests to see the property. Make sure you’re responsive. Provide legally compliant applications and make sure you screen them thoroughly and consistently. This is an easy place to make an expensive mistake. Fair housing laws dictate what you can and cannot consider when choosing a tenant. Make sure you understand the process, and document every application you screen.
Screening requires that you check credit, eviction history, and criminal backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords.
Choosing a Lake Stevens Property Manager
Unless you have the time, knowledge, and experience to manage an income-producing property on your own, hire a professional Lake Stevens property manager. You need someone who knows the local market and understands the property management industry. Find a company that can accurately price the home, market it, and screen for highly qualified residents. Look for a management company that has good relationships with local vendors and has a reputation for helping owners earn more and spend less on their investment. A local management company will also understand all the laws, requirements, and best practices in leasing and managing your property. You need local expertise when it comes to lease agreements, code compliance, and reporting.
It seems easy enough to do yourself, but it’s actually quite complicated. Have a better rental experience and earn more on your property. We’d love to tell you how. Contact our talented team at Real Estate Gladiators.