When it's time to invest or grow your real estate investment portfolio, partnering with a Seattle property management company is the best way to maximize returns (and reduce the hassles of owning properties).
While some property owners believe that paying for property management is an expense that takes away from their bottom line, most investors find that the experience and industry knowledge of a property manager improves their return on investment (ROI). Here are four reasons why it pays to consider property managers!
1. They Collect the Rent (So You Don't Have To)
Owning rental properties is only profitable when you collect the rent every month. Even in the digital rental collection era, it’s not always easy to do so, especially due to the financial impacts of the Covid-19 pandemic.
Excellent tenants pay their rent fully every month. However, some tenants need a push or two—and bad tenants rarely pay the rent on time. Without online rent payment options, property owners spend valuable time chasing down late payments and working with tenants to maintain cash flow. Collecting rent can be quite a hassle, especially if you don’t live near your investment properties.
Property managers, however, can take out the hassle of collecting rent. They will send multiple reminders to tenants who are slow in paying rent. Many of them are familiar with digital platforms that will enable your residents to pay rent on time. Before signing a new lease, your Seattle property manager makes sure that the lease outlines rental payment due dates and procedures. They also walk through these requirements with every new renter.
A property management firm handles rent collection, thus saving you time and reducing your stress. Your property manager also keeps you legally compliant while carrying out evictions if a renter continues not to pay the rent.
2. They Respond Quickly to Maintenance Issues With Expert Solutions
For your investment property to remain livable, it needs routine maintenance and quality repairs—even in an emergency. Taking care of maintenance issues right away helps reduce costs and keep your property in excellent condition.
If you're tired of dealing with burst pipes on the weekend or someone who accidentally got locked out in the middle of the night, your property manager is there for you! They are on call 24/7 to manage renters with emergency issues.
Handling maintenance issues can also be tricky if you don’t know reputable contractors who can show up fast. The right property manager has a network of reliable, vetted contractors to handle routine maintenance and all repairs. If you aren't local to the Seattle area, having a property means you don't have to coordinate contractors as a long-distance investor!
A Seattle property management company will take over routine maintenance of your rental property. By letting a property manager listen to maintenance requests and address the problem promptly, your tenants will be happier, too!
3. They Market Your Property to Limit Vacancies
Even if you know how to market your rental property or screen tenants, you may not have the time to do it thoroughly. When it's time to find a new renter, it's not always easy to find a quality tenant in the timeframe you need to minimize rental income loss between residents.
Your rental property mortgages, maintenance expenses, and taxes still have to be paid—even without a tenant generating income for you by paying the rent. Without cash flow coming in, you might have to dip into your savings to cover these costs until you find a renter to pay the rent.
Property managers, however, can fill vacancies faster with quality tenants. They have the expertise, tools, and connections necessary to market your property and place the best Seattle tenants in your properties. They will also screen your tenants to ensure they are less likely to become troublesome in the future.
4. They Keep Detailed Records of Income and Expenses
Bookkeeping is a tedious aspect of owning an investment property. Keeping good records helps real estate investors maximize tax deductions and accurately track income throughout the year. If keeping a ledger isn't something you enjoy (or do well), a property manager takes care of it for you!
The right property management company also helps rental property owners maximize budgets and minimize expenses to improve ROIs. With experts watching your numbers, it's easier to meet your long-term financial goals through Seattle rental property investments.
Get the Services You Need from a Seattle Property Management Company
Whether you need a little help (or a lot), rental property owners can benefit from the services they need from a Seattle property management company. However, not every property manager offers the flexibility to choose only the services you need (and want to pay for) to maximize your returns.
RentWatch offers the services you need with the flexibility to choose what works best for your properties and budget. If you're ready to try property management without worrying about blowing your budget, let's talk about how we can help!
Learn more about how property management works! Download our free guide.
