Keep Your Rental Property in Tip Top Shape with a Washington Hard Money Loan
When you invest in rental property, you get the benefit of passive income from rent. But with that comes the responsibilities of being a landlord.
Whether you’re new to the Washington State rental scene or have been around for a while, it’s good to remember that a happy landlord typically means tenants are content too. And that equals lower vacancy rates, a well-kept property, and positive tenant-landlord relationships.
Here are seven pointers that can help make your experience as a landlord both positive and successful!
How to be a Happy, Successful Landlord
- Rent for the right amount: Research your local market and rent your property for the going rate. It will ensure your ability to rent to and keep good tenants.
- Know everyone’s rights: Be familiar with all Washington State landlord-tenant laws. Use a formal, clearly worded lease to make sure both parties are protected.
- Screen for the right tenant: Interview and screen all prospective tenants (keep it legal; see the above tip!) to ensure a good fit for your property.
- Stay ahead of maintenance: Avoid emergency calls and the expense of major repairs by doing regular property maintenance.
- Keep communication open: Check in with your tenants regularly and respond promptly to questions, concerns or repair needs.
- Add a personal touch: Small reach outs like welcome packets or holiday cards are an unexpected gesture that go a long way towards establishing a positive tenant relationship.
- Respect boundaries: At the same time, be sure to give tenants space and respect personal boundaries. Their rental unit is their home!
Follow these tips, and you’ll be a happier, more relaxed landlord with tenants who in turn will respect your property and be timely with their rent.
Contact Our Washington State Hard Money Lender Team for a Fast Cash Loan
Even with ideal tenants and a well-maintained rental property, the need for financing sometimes arises. If you’re looking for quick cash and traditional lenders have said no, our private money lender team is here to help. Give us a call. Gregory M. Russell has provided real estate equity loans to investors throughout Washington State for over 30 years. Learn about our hard money loan options and easy application process. We look forward to being of assistance! 1-888-477-0444