Oversights are not uncommon when you’re a landlord. Renting out a property seems as easy as finding a tenant and collecting rent. It can be a surprise when things get tricky. Even experienced rental property owners find themselves making errors and suffering from the consequences of bad decisions.
The worst part is that these oversights can usually be expensive.
Today, we’re talking about how a local property management company can help you avoid and prevent the most common landlord oversights.
Pricing Your Rental Home Without Reliable Data
Your home’s rental value will depend largely on the local market. It’s hyper-local; what you rent a home for in Bellevue is different from what you’ll rent a home for in Lake Stevens. You might have a specific amount in mind for what you want to earn in rent, but if the rental market doesn’t support that number, there’s no sense in attaching it to your property.
Property managers help you avoid pricing oversights by providing good data and a lot of local market experience. You can expect a price that’s accurate, competitive, and profitable.
Professional property managers know that the following factors impact your rental value:
- Size of the rental property
- Condition of the home
- Location
- Season/time of year
Pricing oversights can result in longer vacancies or unqualified tenants. Work with a property manager so you get the right price for your rental home.
Screening Tenants Consistently and Rigorously
Improper tenant screening is an oversight that can be difficult to overcome, especially if you end up with an unqualified resident in your property.
Without the right screening process in place, you might miss crucial information that you’ll need to make a decision about the applicants who want to live in your home. Or, you’ll violate a fair housing law without realizing it.
Property managers can help you avoid this oversight with processes and experience. We have a set of written rental criteria for every property. We ensure that everyone is screened against the same standards.
Not screening tenants is a huge oversight. Don’t trust your gut. Don’t glance at the credit score and be done. Let a property manager dig into the necessary data that will tell you whether a tenant is qualified to rent your property.
Maintenance Missteps and Oversights
Are you responding to routine and emergency maintenance issues with a sense of urgency?
Do you have a list of reliable vendors and contractors you can trust to provide high quality, cost effective work?
Do you have a plan for preventative maintenance?
Are tenants proactive about making maintenance requests, reducing the risk of deferred and unreported repairs?
There’s a lot of potential for oversight when it comes to maintenance. Property managers will ensure licensed and insured vendors are working at your property. We’ll respond to emergencies around the clock, plan for preventative and seasonal maintenance, and frequently inspect your property to ensure there aren’t any lurking maintenance problems.
A property manager helps to protect the condition and the value of your asset.
It’s easy to fall into easy mistakes and oversights. You can make legal mistakes, forget about renewal time periods, and stumble over the security deposit. We’re here to help. Please contact us at Real Estate Gladiators. We serve Monroe, Issaquah, Bellevue, Everett, Lake Stevens, Kirkland, and other cities in and around King and Snohomish counties in Washington State.
