4 Things to Consider When Hiring a Seattle Property Management Company
Have you considered a Seattle property management company for your rental property? Before choosing a property management solution, do your due diligence to understand the services, costs, and quality of a third-party property manager.
There’s no doubt that property managers tend to bring more to the table than most people realize. However, a property manager is only helpful if they deliver the specific services you need, fit your budget, and maximize your revenue!
Below are four things you should think through when considering a property manager.
1. The Cost of Property Management in Your Area
For anyone sitting on the fence, the cost of property management remains the primary concern. Is it worth the expense to hire a professional manager? On average, property management fees will cost you anywhere from 8% to 12% of the monthly rental income your property brings in.
If the monthly rent amount for your rental is $1,400, you can estimate a full-service property management fee of anywhere from $112 to $168 per month for one property. If you have many rental properties, those monthly costs can add up! You might also be paying for services you don't really need as part of a blanket full-service service agreement.
However, the value an expert property manager in Seattle brings to your bottom line more than pays for itself—if you choose the right property management solution for your rentals. Not all property managers deliver precisely what you need for a fee that fits your budget. When evaluating property management costs, look for the quality of services to justify their service fees.
2. The Suitability of Your Property Manager
Not every Seattle property management company delivers the quality you need to attract the best renters and keep your properties in excellent condition. If "low-cost" is within your budget, you might get what you pay for! Some property managers could also be inadequate and overcharge you compared to better-quality service providers in the market.
When finding a property management company, do plenty of research to find the right property manager to grow your investment property business. Write down your list of criteria, then dig deeper into potential property managers to determine which one is the most suitable for your needs.
Make a list of the services you need the most help with, then make sure your property manager can provide immediate help in those areas.
- Can they handle the workload you are about to add to their business?
- Are they a good fit for your needs and wants?
- Are they located in an area that enables them to manage your rental properties efficiently?
Find a property management firm that meets most or all of your criteria to justify their fees as a long-term partner for your rental property investment success.
3. Note What Other People Say
We mentioned online reviews because what other people say about a property manager is important! 72 % of U.S. consumers have written a review for a local business, which means you should be able to find plenty of online feedback from other investors and renters in the area.
Your research can also include talking with your colleagues and local industry professionals for recommendations. Contractors, HOAs, and other investors will have insight into excellent property managers in Seattle (and property managers they don't recommend, as well).
Vet property managers by asking them about their services and requesting references. Check online reviews and pay attention to positive and negative comments from other Seattle real estate investors and renters. Once you create a list of potential property managers, Google them and see what comes up. Pay close attention to the ratings and reviews. That will enable you to get a better idea of how they work in reality. Reach out to those that impress you and ask for testimonials and references. And then talk to current clients.
4. Listen to Your Gut Instinct
Learn to trust your gut when making business decisions. Even with good references and reviews, if your instinct tells you a property manager isn't the right fit, pay attention.
Sometimes a property management company will tick all the right boxes. However, when you interact with the staff, they may give off a strange or negative vibe. Make sure your property manager fits your work style and personality type—even if they deliver all of the services you need.
Interview the companies on your shortlist choosing your property manager. This helps you determine if personalities and working styles match. When you partner with a Seattle property management company you like, plan to make them a long-term partner for ongoing success!
The Right Seattle Property Management Company Meets Your Needs (and Budget)
Are you worried about choosing the right Seattle property management company to grow your real estate investment portfolio? With the right research, investors can find a property management solution that reduces stress and maximizes incomes!
RentWatch provides specific services that help investors get exactly what they need without overspending on services that don't help their bottom line. If you're considering property management, let's talk about how we can help!
Learn more about property management services when you download our free guide! Click below.