Residential property management companies provide property owners with a broad spectrum of assistance to help with day-to-day operations, including business and property marketing.
However, choosing the right property management company is vital to maximizing your investment business and boosting ROI. A good property manager ensures that your life has fewer hassles and stress while helping you make more money from your investment properties.
So, what should property owners know before hiring a property manager? The following five tips will help you choose the best property management company in Seattle.
Word-of-mouth advertising and references are invaluable. Instead of just searching online for "property managers near me" and going with the top company that comes up without additional research, you can gain more relevant information from people who have dealt with the company.
If you can obtain first-hand experience with any property management companies from the local community, you can learn which companies deliver on the promises they offer vs. property managers that aren't as good in reality as their website might lead you to believe.
When selecting a property management company, make sure they know the neighborhood and the general Seattle region well. The company needs to have "boots on the ground," so to speak. If they know the area well, they can provide accurate rental market analyses for the properties you have (or are considering).
In addition, a property manager with in-depth knowledge of the area will be able to quickly direct you to find new investments to expand your portfolio. For example, if you want to expand your portfolio to include properties from neighborhood A or neighborhood C, they will be able to give advice.
Residential property management teams all have different work styles and policies. For example, some property managers may operate with a more hands-on approach. In other words, they handle every aspect of the business and are very communicative.
Hands-on managers will often communicate with the investor, keeping them in the loop about what is happening. Some investor landlords prefer to know all the details about what is going on, so they'll match well with a property management company that gives frequent updates and involves property owners in even the smallest decisions.
However, other property managers may prefer a "less is better" approach when communicating all the details about the properties. They will manage everything but only meet with the investor periodically to discuss what's happening.
When selecting a property management team, connect with a company that fits your work style, so you feel comfortable with how the team manages properties on your behalf.
Before hiring a property management company, check to find out what their success rate is. Success is determined in many ways, but one important way is by how quickly they move people into properties. As part of your research, determine how long it takes for them to screen and place tenants and how long the properties they manage are left vacant.
It's crucial that your properties are filled quickly and not sitting on the market for long. Lengthy vacancies lead to lower profits for owners. A property manager's past success rate is often indicative of how they will perform in the future.
Working with the best property management company Seattle offers for your best success means finding a company with up-to-date technology. These companies will have a property management system to make work more efficient and optimize your returns. They will also have technological tools that create much easier functionality for tenants.
Some of the resources could include:
Today's leading property managers utilize the latest technology to make it easier for tenants to pay rent or make requests. Up-to-date technology also makes it easier for property owners to stay informed and enjoy better returns.
Take the first step in connecting with the best property management company Seattle offers by contacting Real Property Associates! We make sure you are freed from the day-to-day tasks of managing properties with processes, expert strategies, and technology to optimize your properties and boost your ROIs. Whether you have one or more properties, our professional team can help you reach your goals.
Learn more about partnering with the best property managers for your goals! Download our free "Guide to Finding the Best Property Manager in Seattle!"