One of the most exciting markets in the country today is Puyallup, WA. It's a city with a projected job growth of over 40%, no local income tax, and a higher average household income.
If you've thought about buying a rental property in the city, now's the best time. But what do you do after you buy the rental property? How do you succeed as a landlord?
This guide will show you everything you need to know to be a real estate investor in Puyallup, WA.
Here's what's next after buying your first rental property:
Hire a Property Manager
Your first step should be to find the best property management service for your rental property. The property manager handles most of the difficult tasks, so you, as a landlord, don't have to! They're an invaluable resource for new and veteran real estate investors.
Some of the tasks they'll take on include:
- Tenant screening
- Property Marketing
- Researching rental pricing
- Property inspections
- Arranging maintenance and cleaning procedures
- Attending to tenants' needs
- Handling conflicts with tenants
Take your time to find your property manager. Once you've found the right company, much of the burden of being a landlord will be lifted off your shoulders.
Learn the Rules
Before putting your property on the market, you must learn the rules of being a landlord in Washington. For example, you must know the landlord-tenant laws and any recent changes.
It's best to hire a lawyer who can help you with this process. A real estate lawyer can also help you prepare rental agreements. They'll also help you in case of any conflicts with your tenants.
These laws can change at any time, and it's difficult for real estate investors to keep up. A real estate lawyer will keep you informed of any important changes in local laws.
While property managers can handle this task, you should also play your part in promoting your rental property.
You have to consider whether you want to focus on long-term or short-term rentals. Do your research on which option will bring in a higher income. Once you've decided, you can post your property on listing websites.
You can also promote your property on social media platforms. The best way to stand out is to create a landing page.
This lets you share photos and videos of your property. You can also hire a copywriter to write the details of your property. You can discuss what makes your property unique, what amenities it has, location, etc.
Once you've handled these tasks, you're ready to start seeking tenants!
Succeed as a Real Estate Investor
Now you know how to succeed as a real estate investor in Puyallup, WA. Follow the tips in this guide, and you'll soon earn a lucrative income from your new rental property.
The first step is to hire a property manager. They'll help you handle the toughest tasks. Hire a lawyer to help you understand local laws regarding rental property. Do your part in property marketing as well.
Now, how do you find a property manager? SJC Management Group has consistently helped real estate investors succeed with their rental properties. Reach out to us today to learn more!