How to Let Your Budget Lead You to the Best Seattle Property Management Solution
You could hire a Seattle property management solution that does everything—but do you really need everything that a full-service property manager offers?
You are probably aware of the many benefits of professional property management when growing a real estate investment portfolio. However, many investors don't realize that they don’t have to choose an “all or nothing” solution to get the expert help they need. Other options could work better for your budget and bottom line!
Here's how rental property owners can let their budget lead the way to the right property management solution for their needs!
Set Your Budgetary Limits
Knowing your budget (and sticking to it) can help you narrow down the property management options in Seattle. When creating a budget, property owners should factor in ongoing expenses (including property maintenance and repairs) associated with owning and maintaining your rental property. Evaluate your income vs. expenses to understand how much you have to spend on monthly property management services
If you're not sure where to start when estimating expenses, start with estimating 1% to 4% of the home's value for maintenance expenses. Most property managers ask for anywhere from 4% to 12% of the monthly rental income for monthly management fees. If full-service management fees exceed your monthly rental income, there are other solutions to get the expert help you need (and stay within your budget).
Knowing your budget constraints will enable you to determine what you can afford—and where you really need help to boost your income. There's no need to overspend on a Seattle property management solution that exceeds your budget and doesn't deliver what you need.
Prioritize Property Management Solutions That Offer Flexibility
What other options do you have besides a full-service solution? Choose a property manager that offers flexible options and lower fees! Paying for a full-service solution that maxes out your budget and doesn't address your specific goals or needs is money down the drain.
Often, property owners prefer a hybrid approach to managing their rentals. However, finding a Seattle property manager that isn't an "all or nothing" service provider can be challenging. These property management companies roll everything you could need into an all-encompassing monthly service fee—whether you need everything or not.
Saving money with a property manager that allows you to choose only the specific services you need is a smart way to manage your rentals! If you only need help with tenant screening and leasing, there's no need to pay for a property manager that does that (and more) while also charging you for services you don't need or want.
Pinpoint Only What You Need
If you love being hands-on in certain areas of managing rentals, keep doing that! Make a list of services or tasks that need expert help, then research property management solutions that can jump in where you need them (and stay out of areas where you don't need or want to pay for professional services).
Maybe you already have an outsourcing solution for your bookkeeping tasks, but a full-service property management option also includes that service (and the fees to go with it). In that case, you would pay twice as much as you should for bookkeeping services.
A flexible property management solution offers a-la-carte options, including:
- Rent collection
- Tenant and pet screening
- Access to maintenance vendors and services
- Financial reporting
- And more
Choose what you need and avoid additional costs for services that aren't the right fit for you now. As your priorities or needs change, a flexible property management solution allows investors to add or change services as needed.
Compare the Costs
Full-service property management is out of reach for Seattle investors who don't have the budget for it. However, sometimes increasing your revenue is easier (and faster) with the expert insights and processes of professional property management.
What can you do if "everything" is outside your budget? Compare the costs of all-in-one solutions vs. a property manager who can pinpoint where you need help the most—then deliver those specific services.
It's never wise to exceed a budget paying for services that won't help improve your revenue now. Overpaying for services you don't need can actually delay your success and long-term income goals. Starting small is not a bad decision when choosing a flexible property management solution helps you find the right help within your budget to get you on track toward your financial future!
A Flexible Seattle Property Management Meets Your Specific Needs
Don't pay for it all if you don't need it all! If you're considering the best Seattle property management solutions to minimize your workload, meet specific needs, and improve your bottom line, don't settle for a full-service-only property management company that doesn't fit your budget or goals.
RentWatch delivers a different way to partner with experienced property managers to deliver the specific services you need at lower prices. If you need a solution that meets your budget and offers flexibility, let's talk about how we can help!
How does "full-service" compare to RentWatch service selection options? Click to try our comparison calculator to learn how much you can save!