You probably fell in love with Seattle at first sight. And who wouldn’t? Seattle has a cool and moderate climate with noteworthy views, a bustling seaport, lots of tourist hotspots, a thriving performing arts culture, and world-class musical history. It also helps that the Seattle skyline is among the most beautiful in the country and that it is surrounded by seas, rivers, forests, lakes, and fields. It has a congenial and laid back vibe, descriptive of the typical west coast culture.
You probably thought “this is it, this is where I’ll live for the rest of my life!” You were probably one of the pioneers of buying property in this area. With all the tech giants moving in, company acquisitions going on, and land developments populating the area, you would have taken advantage of the prices and thought to snag a piece of land to build your dream home and real estate rental portfolio there.
But for some reason, you need to move and leave the property you built behind. Life could have taken you to different shores and you found yourself studying or working out of the country. Or maybe you have opportunities elsewhere that have led you to leave your Seattle property. Whether this is temporary or not, you need someone to keep a very watchful eye on your property and make sure that it does not become an idle asset. You have to make sure that the property you left is making an income. Your best bet is to rent it out.
Reasons why Seattle properties are sitting idle:
● Some people build homes there in the hopes of turning it into a vacation home. They want a place with a good view and a great climate, to enjoy summer nights or even cold winter mornings. Most of the year though, their vacation homes are vacant.
● Some people are part of the global workforce and their jobs take them to other parts of the world where they are needed. They find homes in other parts of the country (or the world) but keep a place in Seattle to call home. When they are out on assignment, their homes are vacant.
● Some people actually live in a different part of the country but took advantage of the housing market boom and bought property in Seattle in the hopes of turning it into a rental home. These people have invested in real estate in the area and are hoping to grow their portfolio. Unfortunately, they are too far away to manage the property and look for buyers or tenants. These properties now sit vacant.
Why own property in Seattle?
Owning property in Seattle is a very wise investment. The city is growing and there is an influx of young, career-oriented workers looking for a place to stay. Seattle also draws in young families with one or both parents starting out in high-income tech jobs. Seattle is also a big draw for business savvy professionals who are building their start-ups. Here they can find a community of like-minded people who can help them build their business. Seattle has a lot of private and public schools and draws a lot of students looking to complete their degrees. Surprisingly, Seattle also draws retirees who are drawn to the bustling grassroots culture of performing arts, music, and entertainment. In the next 5 years, these retirees are poised to hold 70% of US disposable income, according to Marketing Charts. Seattle draws a diverse crowd who are interested in the culture, the climate, and career opportunities. There is no shortage of people looking for a place to rent.
Now, here’s the challenge. If you own property in Seattle but don’t live there for whatever reason, you will be faced with managing a property from far away. Shuttling back and forth to your place of residence to manage your Seattle property will be a huge waste of time, money, and other resources. If you decide to rent out your property, you would not be able to address urgent renter issues right away. Issues such as contractor meeting, emergency repairs, weather damage assessments, and property checks will be a pain to manage from afar. While prospective tenant interviews can be conducted over the phone, you wouldn’t be able to walk them through your property properly if they want to have a look around before they commit to a lease. That could spell the difference between a rented out house or a vacant and idle asset.
Not only is a vacant property an income loss, but it is also an insurance issue. Vacant properties can fall to issues of vandalism, theft, storm damage, flooding, etc on the onset. If you are living overseas, you would not be able to address these issues right away. A property vacant for more than a month also voids the insurance, so whatever damage it occurs when you’re not around (like break-ins or broken glass windows), you are most likely to pay for. It is very hard to do all of this from overseas, or from afar. The best way to go about managing the day to day logistics of your rental property is to hire a local property management company to manage your property in real time.
Your Seattle rental property is an investment, not a liability
You made the right choice of investing in a Seattle property. It is a beautiful place that would fetch a good price. The challenge is to be able to actually rent it out. A vacant property is a liability, but not when the property is rented. It then turns into a smart investment. All you have to do is to hire a good property management company that could match you up with the perfect tenant and ensure that all your properties remain rented. You don’t even have to worry about tenants placement walkthroughs, collecting rent, urgent repairs, and emergency checks. A good property management company will take care of all of that for you.
If you are looking for an excellent rental property management company to take care of your Seattle property, look no further. Here at Davis Property Management, we will take care of your Seattle rental property for oy. We have extensive knowledge of the Seattle area and have the best rental property managers in the business. Schedule a consultation with us today and call 425-658-7471 so that we can get started in helping you turn your Seattle rental property into a smart income-generating investment.