There are over 19.3 million rental properties across the United States. Many of these owners see real estate as one of their best investments. The problem is that real estate only works as an investment if you can profit from it.
Some investors profit by selling their properties. Others rent out for long-term passive income. It can be difficult to find tenants for your properties, especially if you already work a full-time job or have other responsibilities.
Here's how a leasing-only service can help you find tenants for your rentals.
1. Local Market Knowledge
The first step to choosing a leasing company is to find one with local market knowledge. They should understand the rental market in Maple Valley. This includes current rental trends, tenant expectations, and competitive pricing strategies.
One of their property management strategies is to do a real estate market analysis. This involves assessing the market to determine rent pricing and other variables.
2. Tenant Screening and Selection Process
Any Maple Valley leasing guide will tell you to prioritize tenant screening. The last thing you want is to rent out a space to someone who fails to pay or causes damage to the property.
Your leasing service can screen tenants on your behalf and place them into your rental properties. The process involves reviewing credit history, verifying employment, and running a general background check.
3. Leasing Agreement
Creating a good lease agreement will help attract new tenants. It'll also entice current tenants to renew their lease rather than leave for another rental.
Leasing service benefits include crafting an agreement that protects both the property owner and the tenant. There should be clear terms on items such as rent payments, maintenance responsibilities, and termination procedures.
Your leasing company needs to know local and state regulations that can impact your property. Their legal expertise can help you stay compliant with current laws and avoid legal issues later on.
4. Marketing and Advertising Strategy
A leasing-only service can provide plenty of property leasing tips for new landlords. One of the most important pieces of advice is how to market your property to gain new tenants.
As a landlord, marketing your property may not be one of your main priorities. However, it's essential if you want to build interest in your property.
Your marketing strategy may include:
- Professional photography
- Virtual tours
- Listings on popular rental websites
- Social media posts
- Targeted marketing
Your content should reach a wide audience of qualified tenants to minimize your property's vacancy period.
Try a Leasing-Only Service Today
A leasing-only service is a great investment for property owners who want to maintain some control over their investments. The owner can still arrange for maintenance visits, manage their financials, and monitor their property. They may not know how best to find the best tenants, though.
PMI Puget Sound provides property management throughout King County, and our services cover both residential and commercial properties. We're part of a nearly 20-year-old franchise that's been innovating and changing the industry. Schedule a consultation to learn more and get a free rental analysis online.
