People who move to Bonney Lake love it so much that they stay for many years. If you're considering buying a rental property in the area, this is excellent news for you!
Of the 20,000 residents, about 20% of them rent their homes. It's a moderately wealthy community with excellent schools, a high safety rating, and plenty of outdoorsy things to do. Residents enjoy Allan Yorke Park along Lake Tapps, where they can find a skate park, kayaking, swimming, and sports fields. Bonney Lake offers plenty of employment opportunities in the city and nearby Seattle. The area attracts renters with a small-town feel and proximity to everything the larger community offers, including shopping, entertainment, and restaurants.
It's an ideal location for real estate investors! However, without the best Bonney Lake property management company to keep an eye on your rentals, you could miss out on valuable long-term income. Here's how to maximize real estate investment income with the right local property manager!
Renew More Renters
Just because residents love Bonney Lake so much that they stay as long as they can doesn't mean they'll stay in your rental. If you're not doing everything you can to encourage renters to renew, your rental properties will experience high turnover rates—and you lose money.
Without the right experience, many rental property owners struggle to apply the right strategies that reduce turnover. A property manager helps investors experience more long-term renters who stay through multiple lease terms. Increasing renewals means better ROIs and more money in your pocket. Our property management experience helps investors:
- Start with better renters who are more likely to renew
- Avoid bad residents who don't pay the rent and damage rentals
- Benefit from positive and professional relationships with renters
- Deliver what renters look for in a home for the long haul
A Bonney Lake property management team understands the local market and what renters want in a home. As long as your rentals serve their needs well, your residents are more likely to renew a lease instead of moving on to another property that better fits their needs.
Expert Screening Boosts Renewals
Finding the right renters is critical to improving renewals! Investors don't want bad residents to stay, and we don't want to place terrible renters in your properties. Bad renters are expensive problems, but investors risk placing difficult residents in their properties without a thorough screening process.
However, screening residents isn't as simple as reviewing applications and picking the best one based on what you see on paper. Rental property owners in Bonney Lake also risk violating the law without the right experience when screening new residents.
A property manager handles the renter selection process by:
- Establishing legal qualification criteria with a rental property owner
- Reviewing background information, including credit history, employment and income verification, criminal history, prior rental history, and reference checks
- Following all regulations to avoid discriminatory practices
- Handling private applicant information according to the law
When partnering with the right property manager, you don't have to worry about who lives in your rental properties or dealing with the selection process. We take care of every detail to find the best renters and improve resident renewals!
Deliver Professional Maintenance
Better maintenance encourages more renters to stay—and you don't have to pinch pennies to do it!
When rental homes fall into disrepair, or it takes too long to resolve renter requests, residents become unhappy and move to other rental homes. Even if you're a handy DIY repair person, it's tough to keep rental properties in excellent condition year-round (especially if you own more than one property in Bonney Lake).
Prioritizing maintenance can set your rentals apart from the competition. When residents know you have a professional maintenance plan and never delay repairs, they're more likely to feel at home in your rentals.
The right property manager delivers professional maintenance without blowing your budget! With a year-round maintenance plan and property management experience, investors save money on repairs—and keep residents happy.
Partnering with an expert Bonney Lake property management company means:
- Prompt responses to renter requests or emergencies—24/7
- Year-round preventive maintenance to make sure your rentals weather changing seasons well (while keeping residents comfortable)
- Professional repairs from vetted contractors
- Competitive prices due to the volume of work we deliver to our contractor partners
Real estate investors never have to spend their free time running to the hardware store or answering an emergency call in the middle of the night. We do it for you!
If you invest in our rental market from out of state, partnering with a local property manager means you don't have to coordinate local contractors or check-in to make sure a repair took place. If you live in Bonney Lake, enjoy your evenings and weekends with friends and family at the lake or the park. Without dealing with the same maintenance issues over and over or waiting hours for a response and repair, your renters have more time to enjoy these local amenities, too.
Happy renters help real estate investors make more money! The right property manager understands that prioritizing maintenance is good for your long-term wealth.
Avoid Bad Properties
Not every available property in Bonney Lake is an excellent rental property. How can investors avoid bad properties? Without the right market research and experience, it's easy to buy a property that looks good at a low price—but later turns into a money pit and becomes an expensive liability.
Smart real estate investing begins with the basics, including buying good properties with the best potential for success. However, investors don't need to master the art of investing on their own. The best local property manager already has the experience you need to:
- Research and choose excellent properties (while avoiding bad investments)
- Set competitive monthly rent prices
- Market rentals to attract quality renters and reduce vacancy times
- Screen and place the best residents
- Inspect, maintain, and repair properties
- Recommend smart property upgrades that pay off
- Keep you informed and meet your financial goals
Bonney Lake is an excellent place to grow your real estate investing income! With the right Bonney Lake property management company, success is easier (and requires less work) than you might think.
Benefit More With the Best Bonney Lake Property Management
Boost the benefits of investing in this market with the best Bonney Lake property management company! Real Property Associates has the experience you need to find excellent properties, renew more renters, and deliver the best professional property maintenance.
Help Bonney Lake renters love living in this area and your rental properties. Capitalize on an excellent rental market and maximize your real estate investment income with our team of experts. Contact us to learn how our property management services help investors experience more success!