Don't underestimate the foundations of real estate! Success as a Seattle rental property owner requires a commitment to basic principles, strategies, and practices that help your properties stand out, stay occupied, and generate the most income for you. However, not every investor—new or seasoned—knows the critical basics to support their success.
What are the basics? While every rental property is different and every real estate investor has different goals for rentals and long-term investment income, sticking to the basics of property purchasing and management can help you replicate one property's success across your entire portfolio.
Every investor—new or seasoned—can benefit from having these basics in your toolkit. Get ready for Property Investing 101! Learn the basics that every investor needs to know from the best Seattle property managers.
Never Settle for Subpar Properties
How can you know if a property isn't going to be a smart investment? It takes research and experience to learn enough about a potential rental before buying—or walking away from a bad investment.
- Whether you're starting as a new real estate investor or you're a long-time investor looking for your next property, choose a property that becomes an excellent investment experience.
- The wrong property can be a money pit that never generates a profit for you, but you won't know what's coming without the right insights about a property.
- The best property management company in Seattle can provide the market research and insights you need to evaluate a new potential rental.
- We know the local market insight and out. With our experience and industry expertise, we can help you avoid a bad investment and choose the right property to start (or continue) your real estate investment venture.
Don't Overlook the Location
Where your properties are is one of the most critical aspects of choosing properties that generate a profit. A rental home that offers everything a renter could want in Seattle—but isn't in an ideal location to serve the rental population well—could sit empty and cost you money.
Put Personal Preference Aside
Investing in real estate requires putting personal preferences aside when buying a new property or making rental renovations. What you want in your private residence might not be the same as what works best to generate more income from your Seattle rental homes.
- Property owners must prioritize what renters look for in a property, evaluate ROI, and avoid decisions based on what matters more to you (other than the strategies and best practices that boost your income).
- If you struggle to know what works best for your real estate investments versus what you would prefer as a homeowner, consult a property manager.
- We provide expert insight that's focused on what's best for your long-term income.
Screen Renters Every Time
Even if you have a good feeling about a potential renter, put them through a thorough screening process. The one time you skip a background check could be the next renter who refuses to pay the rent, causes property damage, and won't leave despite repeated requests to honor the lease.
- It's worth the short amount of time it takes to check an applicant's history before risking your property and income with a bad renter.
- Without a deep-dive into credit, income, criminal background, and prior rental history, you might miss critical red flags. This means that you may end up choosing the wrong resident for your Seattle rentals.
If you're not sure how to conduct a legal renter screening, experienced Seattle property managers can do it for you!
Prioritize Rental Property Maintenance
If your idea of 'maintenance' is waiting for things to break in your rental property, then fixing them, it's time to put a higher priority on keeping your rentals in excellent condition and keeping residents safe. When investors take a proactive approach to routine maintenance, prompt repairs, and round-the-clock availability for renters, they experience more success.
Seattle renters look for homes that offer professional maintenance services, and they won't stick around or pay the rent in a property that stays in a constant state of disrepair. Prioritizing maintenance is one of the most critical basics to minimize costs and maximize revenue from rental properties.
Hire the Best Seattle Property Manager
If any of this is overwhelming or new information to you, remember one thing: the most essential investor basic is to hire the best Seattle property managers. We take care of every one of these basics—and so much more—to ensure your success as a real estate investor.
Real Property Associates takes these basics to heart and applies best practices to each of your properties at every turn. From helping you choose the best rental properties to placing quality renters and prioritizing maintenance, our processes make it easy to replicate the success you'll enjoy with one property across your entire portfolio.
Ready to get back to the basics? Get started by learning more about the benefits of growing your portfolio from the ground up with expert property management services when you download our guide to real estate investing!