When you first voice an interest in rental property management, you’ll likely be greeted with a series of less-than-enthusiastic comments from others. Most of these naysayers are basing their negativity off of rumors they’ve heard or misconceptions about the process of deciding to rent a property. That’s why we want to dispel some of the most common property management myths we’ve heard from people in the Seattle area.
Property managers can quickly turn a profit and maintain a healthy business as long as they know who to work with and how to value their time and resources. One of the best things anyone interested in renting can do is a partner with a property management company. These myths and facts will help you understand why.
The Truth Behind Seattle Property Management Myths
Not only do we want to explain some of the most common property management myths we hear, but we also want to explain some of the truths that are often overlooked. If you don’t have much experience as a landlord, here are some of the most important things to understand. Even if you have rented property to others for years, there are probably some things you can learn from these inaccurate beliefs.
Myth #1: Property Management in Seattle Is Too Expensive for Landlords
As we all know, Seattle is an expensive city to live and work in.
As a result, many people believe that owning and renting a property is too expensive for most landlords. However, that’s not necessarily the case. With the right marketing skills, you can reach a wide audience and find tenants quickly, helping you to offset your startup costs and continue making a steady stream of revenue.
An integral aspect of making money as a landlord is picking the right tenants from day one – that’s why tenant screening is essential. Do yourself a favor and look into tenant screening services in Seattle so that you can pick responsible, trustworthy renters from day one. Plus, with new technology and software, rent collection is simpler than ever, which makes it easy for you to collect your monthly income.
You might ask yourself, “Do I need a property manager in Seattle?” The answer to that question depends on what you’re trying to achieve with your business. Dealing with inspection and maintenance continuously can be a huge hassle and expense, and property management services can help with that.
Many people wonder, “What’s the cost to hire a property management company?”
That answer can vary dramatically depending on your circumstances, but in the long run, it helps to avoid starting all over again whenever you need a new tenant. Let the experts in property management and maintenance in Seattle help you bring in a steady stream of money, no matter how often your tenants turn over.
The bottom line is that it’s certainly not too expensive to be a landlord in Seattle, and it’s still affordable to work with a property management company. In fact, working with a property management company can help you maximize your revenue, and therefore, afford more properties to rent.
Myth #2: You Will Do a Better Job Managing Your Property
You know your property better than anyone else, which is why you might assume that you’ll take better care of it and manage it better than anyone else. Unfortunately, that’s not always the case. Even if you know your property and its tenants like the back of your hand, there are certain aspects of property management in Seattle, WA that take years of training and experience to handle. That’s where professional property management services come into play.
Why hire a professional property management company?
The simple answer is that they’ll help you do more than just manage your property. For instance, a company can help you analyze property rates to make sure you’re pricing your property competitively. This will help with targeting new tenants, deciding on rent raises, and many other aspects of managing a property. Additionally, property management experts have a better understanding of the surrounding real estate market, so they can help you predict future problems and opportunities more accurately.
You might think you’ll do the best job of managing your property, but at the end of the day, you likely don’t have the time or proper skills to do everything yourself. Turn to a reputable property management company to help with things like real estate knowledge, maintenance requests, and difficult tenants. As a landlord, you’ll certainly thank yourself later after avoiding countless setbacks.
Plus, you’ll have more time to focus on other aspects of your business and personal life.
Myth #3: You’ll Find Good Tenants Easily
This is one of the biggest mistakes that we see people make. Many landlords put their properties on the market and assume that they’ll find a tenant immediately. Although they might find someone to rent the space quickly, is the tenant actually a good fit? Will they take care of the property, pay on time, and treat you with polite consideration?
As a professional property manager in Seattle, you want to find a tenant that will provide a steady monthly payment without causing unnecessary trouble. That’s why it helps to invest in tenant management services from day one.
These can help with tenant screening in Seattle, as well as disruptions with unruly home or apartment renters who don’t pay rent on time or cause problems. One bad tenant can destroy your property and your reputation forever, even if you provide the best rental property maintenance in Seattle. Don’t underestimate how important it is to choose the right renter!
In order to find a good tenant, you need to conduct a series of surveys and plenty of research. This includes performing a background check, pulling the person’s credit score, and potentially interviewing references. The health and success of your rental property need to come first, so prioritize finding someone who will treat it (and you) with the necessary level of respect.
You don’t have to do this alone. Property management companies can help you with every step from tenant screening to creating applications. Don’t put all the pressure of choosing the “perfect” candidate on yourself – let the professionals help you make the smart decision.
Have you noticed how these three myths all have something in common?
Each indicates that being a landlord can be difficult, but it’s much easier if you have help from the proper resources. If you’re asking yourself, “Should I hire a property management company?” after reading this article, the answer is likely a resounding yes, no matter how old or new you are to the industry.
When looking for the best property management company in Seattle, turn to Davis Property Management. Our extensive range of experience handling properties of all shapes and sizes makes us experts at dealing with tenants, maintenance, real estate, and so much more. Even though we provide stellar services, we can guarantee that our prices rival (or even beat) those of our competitors in the area.
Don’t assume that you can’t afford the property management services you deserve. Give us a call today to see how we can help you with your property management needs, including maximizing your revenue and learning more about the industry in the area!