If you are a new rental property owner, or are considering purchasing a rental property, there are many things you will want to know. One of the most often misunderstood items is the life cycle of a rental. Far West Realty, your local property management company in Prescott, would like to give you some insight into this cycle so that you can have a better understanding of what to expect.
A rental property’s life cycle can be segmented into two primary parts: the turnover process and the tenancy period.
Turnover Process – This is the period of time when the property does not have a tenant. This may be the time shortly after acquiring the property and before a tenant is found, or it may that a tenant has decided to not renew their agreement and have moved out of the property. During this time when the property is vacant, it is a good idea to do a thorough inspection of the property to determine the condition and any maintenance that is needed.
Marketing – Once the necessary maintenance is done, the property is ready to be occupied. So you have to figure out where and how to market your property in order to get well qualified tenants. At Far West Realty we focus on the major syndicated sites such as Trulia, Zillow, Hotpads and more and have an excellent track record in getting responses from our marketing.
Screening – At Far West Realty, we use an experienced screening service to run full background checks on all applicants, as well as speaking to previous landlords. We strictly follow all fair housing guidelines in finding those with the best rental histories and best financial qualifications, and nearly always have the very best of tenants in all our rental properties.
Tenancy Period – Once a tenant has been approved, the next major cycle begins. Even though there is now a tenant, the requirements to maintain good communications and keep maintenance up to date are still extremely important. Owning a property requires someone, whether they be an individual owner or a property management company, such as Far West Realty, to go beyond just collecting rent payments each month. The more satisfied the tenants are with not only the home but the management of the property, the longer term tenants you will have. Even though to you, it’s an investment property, you are dealing with someone’s home.
This is the Life Cycle of a Rental. It repeats itself over time and each component is important. At Far West Realty we have experts who can help you manage your rental property and make sure that the cycle runs smoothly. For more information about how we can help, please give us a call at 928-772-9400.