Are you wondering whether you should hire a Seattle property management company to manage your real estate portfolio? Hiring a property manager delivers plenty of benefits for real estate investors, including more income and fewer headaches!
If you're ready to get more out of your rentals, or you don't know how to get started as a rental property owner on your own, consider these benefits of partnering with property management experts in Seattle!
Property Managers Free Up Your Time
Your time is a valuable resource, and you only have twenty-four hours in the day. If you're struggling to work a full-time job, manage multiple rentals, and enjoy free time with family and friends, you'll benefit from hiring a property manager!
Hiring a Seattle property management company frees up your time to focus on your career, friends, family, and things you'd rather do with your time. A property manager takes over the daily operations for every rental property so that you can take on other responsibilities and enjoy your free time!
Property Managers Mitigate Liability
Property owners have legal responsibilities to deliver quality rental homes and manage renters appropriately. Being inexperienced can lead to legal problems and lawsuits without realizing you've made a mistake until it's too late.
Having an experienced third-party property management firm can mitigate your liability in areas like rent collection, lease enforcement, the eviction process, and maintenance responsibilities. The right property manager understands and stays up-to-date on all laws that apply to compliant rental property operations. They also know how to legally enforce the lease, track down late rental payments, and evict a tenant if necessary.
Property Managers Find Good Tenants
Some tenants can make your life as a property owner a frustrating mess with little reward. Many bad tenants refuse to pay the rent, while others will engage in criminal behavior within your property that leads to police activity and unhappy neighbors. You may also have to deal with tenants who maliciously cause damage to your investment property just because they can.
Finding good tenants is a priority. However, avoiding bad tenants and recognizing good potential residents requires experience and a thorough screening process. Reputable property management companies can do it for you!
With the right resources and a legal screening process, property managers can qualify new tenants who show signs of being excellent renters. Your property manager also knows the red flags that indicate an applicant isn't a good fit for your rental. If you're struggling to find (and keep) good tenants, you'll benefit from the tenant placement services of a Seattle property manager!
Property Managers Help Reduce Vacancies
Washington has a lower-than-average rental vacancy rate of 3.8% compared to other states. However, that doesn't mean rental property owners will never experience a lengthy vacancy without rental income—unless they have the right experience or expert help to market properties and improve tenant retention.
When you hire a Seattle property management company, you benefit from professional property listings and marketing strategies to target quality renters and minimize vacancy times. Experience Fewer empty days on the market means rental property owners generate more income and maintain consistent cash flow.
Property Managers Lower Maintenance Costs
Have you ever sat down and thought about how much money it takes to maintain a property? The basic rule of the thumb is to budget between 1% to 4% of your property’s value to cover maintenance costs. So, if your Seattle rental property has a value of about $700,000, you should save anywhere from $7,000 to $28,000 for maintenance each year.
With a property manager, you have an expert to help estimate potential repair costs and navigate contractors to deliver quality work at competitive pricing. Often, respected property managers have a network of reliable vendors who respond quickly, perform excellent repairs, and help investors save maintenance budget dollars. Property managers are often able to negotiate discounts through their partnerships with the best contractors in the area.
Property Managers Can Help Improve Your Property Reviews
To attract the best tenants, property owners must deliver high-quality properties and excellent management. Renters in Seattle look for rentals managed by property management companies with excellent online reviews. They know that if other tenants have good things to say about a property manager and the properties under their care, it's probably a good place to live!
Don't Miss the Benefits of Seattle Property Management
It pays to invest in the expertise of a Seattle property management company! From managing renters, marketing your properties, collecting the rent, and boosting your reputation in the market, investors can miss out on the many benefits of professional property management when handling rentals on their own.
RentWatch has a unique approach to helping real estate investors with specific property management needs. We believe you benefit the most when you get exactly the services you need—without paying for more than you need or busting your budget. If you're ready to experience the benefits of property management (without high costs), let's talk!
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