Property Management FAQs

We keep our pricing simple and transparent — no surprises, no nickel-and-diming. Our monthly management fees are based on your property's monthly rent, so you always know exactly what you're paying. We'll walk you through our current fee schedule during your free consultation so you can see how it compares and decide if we're the right fit.

Yes, there is a one-time setup fee when we onboard your property. This covers creating your account in our system, conducting an initial property inspection, preparing your management agreement, and getting everything in place so we can hit the ground running. It's a one-time cost — not something you'll see again.

Yes, we charge a one-time leasing fee each time we place a qualified new tenant in your property. This covers marketing the property, showing it to prospective tenants, screening applicants, preparing the lease, and handling the move-in. Think of it as the cost of getting the right person in your property the right way.

No. We believe our success should be tied to yours. We only collect our monthly management fee when your property is occupied and rent is being collected. That gives us every incentive to keep your vacancy periods as short as possible.

Absolutely not. We believe in full transparency from day one. Every fee is outlined clearly in your management agreement before you sign anything. We'll walk through it with you line by line. If something isn't in that agreement, we won't charge it. That's the Wild West promise.

It starts with a simple conversation. Reach out to us and we'll schedule a free consultation to learn about your property, your goals, and your concerns. From there we'll walk you through our process, answer your questions, and if it feels like a great fit on both sides, we'll get your management agreement signed and your property onboarded.

Once your management agreement is signed, most properties are fully onboarded within just a few days. We'll conduct an initial inspection, get your property listed if it's vacant, and set up your owner account so you can start receiving reports and statements. We move efficiently because we know time matters.

We specialize in the Cody, Powell, and Yellowstone corridor region of Wyoming. We know this market well — the seasonal rhythms, the tenant pool, the local contractors, and the regulations specific to this part of the state. That local expertise makes a real difference in how well your property is managed.

We manage single-family homes, duplexes, and small multi-unit residential properties. Our focus is on long-term rentals where we can build lasting relationships with both owners and tenants. If you're not sure whether your property fits what we do, just reach out — we're happy to talk through it.

Yes, and it happens more often than you might think. If you're unhappy with your current management company, we can help guide you through the transition process. We'll review your existing management agreement with you, help you understand your exit options, and make the switch as smooth as possible. You deserve better service — and we'd love the chance to prove it.

We run a thorough, consistent screening process for every applicant. That includes a full credit check, background and criminal history check, eviction history report, income and employment verification, and past landlord references. We're looking for tenants who are financially stable, honest about their history, and likely to respect your property and their lease. We follow fair housing laws to the letter, so the process is both rigorous and compliant.

As a general standard, we look for tenants who earn at least three times the monthly rent in verifiable gross income. We verify this through pay stubs, tax returns, employer letters, or bank statements depending on the applicant's employment situation. Self-employed applicants are welcome — they just need to provide appropriate documentation.

We handle tenant selection based on our written, objective screening criteria, which protects you from fair housing liability. What we can tell you is that no tenant gets approved unless they meet our standards. We'll keep you informed throughout the process, and you'll know who's moving in before they get the keys.

That's ultimately your call as the property owner. If you choose to allow pets, we handle everything — the pet addendum to the lease, pet deposits or fees, and any specific restrictions like breed or size limits you want to set. Allowing pets typically expands your tenant pool significantly, and we can help you weigh the pros and cons for your specific property.

Every property and every season is a little different — especially in the Yellowstone region where we see natural market rhythms. On average, a well-priced, well-presented property in our area finds a qualified tenant within two to four weeks. We price strategically and market aggressively to minimize the time your property sits empty.

We make it easy for tenants to pay on time by offering convenient online payment options. Tenants can pay electronically through our tenant portal, which means faster processing and a clear digital record of every payment. We also enforce rent collection policies consistently, which sets expectations right from day one of the lease.

Owner disbursements are processed monthly after rent is collected and any expenses for that period are accounted for. We send your funds via direct deposit along with a detailed monthly statement so you can see exactly what came in, what went out, and what hit your account. We work hard to get you your money as quickly as possible each month.

We take late rent seriously and act quickly. As soon as rent is overdue, we initiate contact with the tenant and follow Wyoming's legal notice requirements for late payment. Late fees are assessed per the lease agreement and kept on behalf of the owner. We don't let late payment slide — a firm, consistent approach is the best protection for your investment.

Yes, every month you'll receive a detailed owner statement that breaks down rent received, any expenses paid on your behalf, management fees, and your net disbursement. We believe you should always have a clear, complete picture of how your property is performing financially. At year-end, we also provide annual summary statements to simplify your tax prep.

Late fees are credited to you, the property owner. They're your compensation for the inconvenience of a late payment. This is outlined clearly in your management agreement so there's never any confusion about where that money goes.

Tenants submit maintenance requests through our online portal, which gives us a clear, documented record of every request. We evaluate urgency, coordinate with trusted local vendors, and make sure work gets done promptly. You'll be notified of any significant maintenance issues, and you can see everything in your owner account. Fast response to maintenance keeps tenants happy and protects your property from small issues becoming expensive ones.

We set a pre-approved repair limit with you when we onboard your property. For repairs under that threshold, we handle them efficiently without needing to wait for your specific approval — which means faster response times for tenants and less back-and-forth for you. For anything above that limit, we contact you first, present the situation, and get your go-ahead before proceeding.

Normal wear-and-tear repairs and maintenance are the owner's responsibility. If damage was caused by the tenant's negligence or misuse — beyond normal use — the tenant is responsible for that cost, and it can be deducted from their security deposit if applicable. Your lease agreement spells this out clearly so there's no ambiguity if something comes up.

Emergencies don't wait for business hours, and neither do we. We have an emergency response process in place for situations that involve safety, flooding, heating failure, or other urgent issues. Tenants know how to reach us, and we have relationships with local contractors who can respond quickly. We'll notify you as soon as possible so you're never left in the dark.

We work with a trusted network of local, licensed vendors and contractors in the Cody and Park County area. We don't mark up vendor invoices — you pay what the vendor charges. We choose vendors based on quality, reliability, and fair pricing, and over time we've built relationships with tradespeople who do great work and stand behind it.

We use a thorough, professionally prepared residential lease that complies with Wyoming landlord-tenant law. It covers rent amount and due dates, security deposit terms, maintenance responsibilities, pet policies if applicable, lease duration and renewal terms, and much more. As a licensed broker, Lola Traylor ensures our lease documents are legally sound and protect your interests as an owner.

We typically use 12-month lease terms for long-term rentals, which provides stability for both you and your tenant. In some circumstances, shorter or longer terms may make sense, and we're happy to discuss what works best for your specific property and situation.

We reach out to the tenant well in advance of the lease expiration to assess whether they'd like to renew and to evaluate whether a rent increase is appropriate based on the current market. If the tenant renews, we handle all the paperwork. If they're moving on, we start marketing immediately so your vacancy window is as small as possible.

Evictions are always a last resort, but when they're necessary, we handle them correctly and efficiently. We follow Wyoming's legal eviction process to the letter, starting with proper notices and moving through the court process if the tenant doesn't comply. We work with local legal counsel when needed to make sure everything is done right. The goal is always to resolve the situation before it reaches that point, but when it doesn't, we act decisively to protect your property.

Absolutely — it's non-negotiable in our business. As a licensed Wyoming broker, Lola Traylor and the Wild West team are required to stay current on state and federal laws governing rental properties. That includes fair housing regulations, security deposit rules, habitability requirements, and eviction procedures. You can trust that your property is being managed in full legal compliance.

We conduct a move-in inspection before the tenant takes possession, periodic inspections during the tenancy to check on the property's condition, and a thorough move-out inspection when the tenant vacates. Inspections are documented with written reports and photos. Regular eyes on your property mean we catch small problems before they become big expenses.

You'll receive monthly financial statements, and we'll reach out proactively whenever something significant happens — a maintenance issue, a lease renewal decision, a tenant notice, anything that matters. You'll also have access to your owner portal where you can review statements and property activity anytime. We don't believe in leaving owners in the dark.

We're accessible and responsive. You can reach us by phone, text, or email, and we commit to getting back to you promptly. We know that when you have a question, it matters. You won't spend days waiting for a callback. That's part of what makes working with a boutique, locally focused property management company like ours different from a large national firm.

Yes, of course — it's your property. However, Wyoming law requires that tenants receive proper advance notice before a landlord or property manager enters the unit, except in emergencies. We'll coordinate any owner visits to make sure we stay compliant with state law and respectful of your tenant's rights, which ultimately protects you.

When a tenant moves out, we conduct a detailed inspection of the entire property and compare it against the move-in report. We document any damage beyond normal wear and tear with photos and written notes. This documentation is used to determine what, if any, deductions are taken from the security deposit. The tenant also has the opportunity to conduct their own walk-through, and we provide them a copy of the final inspection report.

Security deposit amounts are set in compliance with Wyoming law and based on the specifics of the property and tenancy. Typically the deposit is equal to one month's rent, though properties that allow pets may include an additional pet deposit. We collect and hold deposits according to state law, which includes keeping them in a separate account and providing proper accounting at move-out.

Wyoming law requires that security deposits be returned — or a written itemized statement of deductions be provided — within 30 days of the tenant vacating the property. We take that timeline seriously and work to complete the move-out process, including any repair estimates, as quickly as possible so tenants receive their deposit or deduction notice promptly.

Security deposits can be applied to unpaid rent, damage to the property beyond normal wear and tear, and cleaning costs if the property is left in unreasonably poor condition. They cannot be used to cover ordinary wear and tear — things like minor scuffs on walls or carpet that's simply aged from normal use. We document carefully to make sure any deductions are legitimate and defensible.

Yes. We require all tenants to carry an active renter's insurance policy throughout their tenancy. Renter's insurance protects tenants' personal belongings and provides liability coverage — it does not cover the structure itself, which is the owner's responsibility. It's a simple, inexpensive requirement that protects everyone involved and reduces potential disputes.

All adults who will be living in the property must be listed on the lease and must go through our screening process. Unauthorized occupants are a lease violation. If a tenant's situation changes — a partner moves in, for example — they need to notify us and the new adult occupant must be properly vetted and added to the lease if they'll be a permanent resident.

No. Subletting and listing the property on short-term rental platforms like Airbnb or VRBO without written owner and management approval is a lease violation. We manage long-term rentals, and the integrity of the tenancy is important to maintaining your property and your neighborhood relationships. If a tenant wants to sublet for any reason, they must request written permission — and in most cases, the answer will be no.

Unless otherwise specified by the property owner, our standard lease prohibits smoking inside the property. Smoke damage is costly to remediate and can affect the long-term value of your rental. Smoking policies are clearly outlined in the lease agreement and enforced as a condition of tenancy.

Cody is one of the primary eastern gateways to Yellowstone National Park, which makes it unlike most rental markets. The local economy is driven by tourism, agriculture, energy, healthcare, and a growing community of remote workers and retirees drawn by Wyoming's stunning landscapes and no-state-income-tax advantage. The long-term rental market here is steady, and quality housing is in genuine demand. Knowing these dynamics is something a local property manager understands far better than a national firm ever could.

Yes, the Yellowstone region has natural seasonal rhythms, with spring and summer being high-activity periods as the tourism economy picks up. For long-term rentals, this means we see increased tenant movement in the warmer months. We plan ahead for these patterns so that if a lease is expiring, we're already marketing your property before demand peaks — not scrambling after it.

We conduct a thorough rental market analysis for your property before we ever list it. We look at comparable rentals in your area, current market vacancy rates, your property's size, condition, and amenities, and recent rental trends in the Cody-Powell corridor. Pricing your property correctly from the start is critical — too high and it sits vacant, too low and you're leaving money on the table. We find that sweet spot.

Yes. Our service area includes Cody, Powell, and communities throughout the Park County and surrounding region. If you have a property outside of Cody proper, reach out and let's talk. If it's within reasonable range and we can serve it well, we're interested in the conversation.

We're locally rooted, independently owned, and personally invested in this community. Lola Traylor brings over 35 years of real estate experience across multiple states, and our team approaches property management with the same honesty and integrity we'd want if someone were managing our own investment. We're not a large franchise trying to manage a hundred properties without enough attention to any of them. When you work with Wild West, you get responsive, experienced, personally accountable service — and that makes a real difference.

We want owners to stay with us because they love the service, not because they feel trapped. Our management agreements include clear terms for termination by either party, with appropriate notice. We'd much rather have an honest conversation if something isn't working than hold you to a contract you're unhappy with. That said, we work hard every day to make sure that conversation never needs to happen.

Absolutely — in fact, many of our clients don't live in Wyoming. Some are investors, some are families who inherited property, and some are people who moved away but held onto a home they love. We handle everything locally on your behalf so you can own property here without the stress of long-distance management. Clear communication and detailed monthly reporting keep you fully informed no matter where you are.

We'd love to hear from you. You can reach us by phone, text, or through the contact form on our website. Whether you have one more question or you're ready to get started, we're here and we're happy to talk. There's no pressure, no obligation — just a straightforward conversation about your property and how we can help you protect and grow your investment in the Yellowstone region.