Diving into the Rental Process...
Before you dive into the rental process it’s important that you understand your rights and responsibilities as a landlord. This can often be overwhelming. One way to organize your research is to look at the rental cycle in phases: before, during and after tenancy.
The first phase of the rental cycle, before tenancy, is a good place to set the terms for the way you will conduct your business. Getting started includes much more than just acquiring a rental property to manage.
There are several things to consider; how are you going to conduct the unit showing and application process? How much will you charge in rent? Will you allow pets? What are your criteria for applicant acceptance? It is familiarize yourself with the basics of Fair Housing and WA State Landlord Tenant Laws. RHA offers a wide range of seminars to help you as you dive into this; whether you are a first time landlord or an experienced property manager.
One of the first things you should do is think about how you will begin marketing your unit. First impressions are hard to reverse, so make the most of it! Decide what you are going to do to set your unit apart from the rest, all the while ensuring you’re using proper and effective advertising techniques.
Application and Lease Signing
Now that you have your unit ready to rent, it’s time to think about the about the process of finding and selecting your tenant(s). You should also be prepared for the lease signing process. This can be time consuming, but also crucial.
Situations to Consider
Don’t get caught off guard. Make sure you are aware of various scenarios that may arise when showing your rental unit, screening applications and going through the lease signing process. It is important to have an understanding of the laws and set your policies accordingly.