Property Management Resources Blog

You’re interested in adding an apartment complex to your investment portfolio, but there’s plenty to learn about managing a multiplex before you decide if this kind of commitment is right for you. Managing a multi-family residential building requires a unique skill set of construction skills, marketing, customer service, and financial savvy. Of course, owning a multi-family residential doesn’t obligate you to manage it. Professional property managers near you are situated to step in with their established expertise.

Rental rates affect both tenants and landlords, which is why it’s important to choose your rate carefully. Overcharging for rent could leave you with a vacant property that is difficult to rent out, while undercharging could stick you with extra expenses despite having paying tenants. Correctly determining how much you should charge for rent will help you avoid these problems.

Seattle is not the only area experiencing high demand for housing, but it certainly is among the hottest growing markets in the United States. Given this growth, many have considered selling off unoccupied or investment properties. However, the high demand for rental units will be sustained for the foreseeable future by the large proportion of renters in the area and the limited number of rentals available.

Every landlord trying to go it on their own has at some point wondered whether their blood, sweat, and tears were worth it. Though hard work is undoubtedly noble, your investment property doesn’t need to require a substantial investment of your time.

With the current high demand for housing in the greater Seattle area, the urge to sell off unoccupied or investment properties in 2022 is completely understandable. That said, there continue to be both long and short-term benefits to entering or remaining in the rental market.

Many people who are interested in investing in real estate automatically discount certain regions during their search as being either too expensive or not worthwhile when this is not actually the case. We at Powell Property Management are happy to put our extensive property management experience in the greater Seattle area to work so that you don't miss out on beneficial investment opportunities due to missing information.

Managing a residential rental property requires planning, research, and know-how. While we can never fully predict the future, best-practice budgeting and understanding the costs of managing a property will reduce headaches and nasty surprises for both property managers and tenants by ensuring that there is money in the budget if something unexpected occurs.

Whether you're looking for takeout, drinks, a casual bite, or a celebration meal, Des Moines, Washington has options to spare. Though Des Moines is treated to the fresh local seafood available right off the coast, seafood restaurants aren't the only gems!

We've ditched our dinner prep and ventured out for meals plenty of times, so we feel qualified to show you around the neighborhood. Here is our list of the best and most popular restaurants in Des Moines, WA to fit your taste and mood. As an additional bonus, these options all offer take-out for a special night at home if you’d prefer to abstain from the crowds!

As you make the transition to a landlord, one important thing to keep in mind is insurance. Likely, you already have property insurance whether it’s built into your monthly mortgage or a stand-alone payment. But what about landlord insurance? Is it something you need, or is it an unnecessary secondary expense? Here's what you need to know about landlord insurance vs homeowners insurance and whether it’s right for you.

Many people around the country consider pets a part of the family, but pets can present their own kinds of challenges within a home. So the question is -  should you offer pet-friendly apartments or should you stick with a strict no-pet policy? Before you decide on the option that suits you best, here are some details to keep in mind.

Whether you own individual homes or an apartment building, real estate is an excellent investment. However, one of the biggest expenses to any property is maintenance. If you wait for something to become a noticeable problem before attending to it, you'll run the risk of both alienating your tenants and having to pay extra to repair bigger problems. The best way to prevent this from happening is to practice proactive maintenance. Here are a few landlord tips and tricks you’ll want to follow for all of your proactive maintenance needs.

The further you dip your toes into the world of rental property the more you'll discover just how much work it takes. With just one rental home, it is likely you performed much of the upkeep, tenant screening, and other basic services yourself.

Rental properties make excellent additions to any investment portfolio. A quality tenant is worth their weight in gold as they will respect the property, abide by the rules, and pay their rent on time. However, finding the best tenants isn't a one-way street. If a tenant is not treated with respect or taken care of, they will leave and find another landlord who understands the importance of excellent renters and keeping them happy. But how exactly can you keep a tenant happy, or even attract them to your rental property? Here are ways to avoid the dreaded housing turnover and find the ideal tenant.

It's been an interesting year in the Seattle housing market - rental prices have fluctuated while the demand for single-family homes has increased.

However, now that things are getting back to somewhat like normal, conditions may be set to change yet again. Here's a look at the top 5 rental trends in Seattle for 2021.

Long before potential tenants ask for a tour, in this market you need to learn about outside amenities and upgraded features you can install in units to enhance curb appeal. When potential tenants visit a possible new home, they are going to inspect a property not only to see if they want to live there but also how well you keep up your property. At a minimum this is what good tenants do, so be ready for your property to stand out from the rest to attract the ideal resident. Tenants who don't care about the property, what it looks like, or how it's cared for are less likely to appreciate what you offer, and may not treat it with the level of respect you'd like.

As a property manager, your time is valuable. You have a lot of things to worry about from drawing in new high-quality tenants to keeping your current tenants happy. One of the most powerful ways you can do both of these things at the same time is to take good care of your property's landscaping. Quality landscaping makes your rental property a nicer place to live. Best of all, good landscaping is a great way to boost curb appeal and that's a win-win for everyone.

When becoming a landlord, choosing which investment property to purchase may seem like the biggest decision to make. In actuality, the most important decision is who will handle the day-to-day operations of the property as this will determine the overall success of your rental.

Being a landlord in Seattle can be a rewarding and profitable venture, but it also comes with several new responsibilities and challenges. For many, partnering with a property management company is an effective way to share these responsibilities and tackle the challenges you may face on a regular basis.

If you are planning to purchase a new home in the Seattle area, you have to decide what to do with your existing one. Residential property owners have two primary choices in this situation: renting or selling the house.

It is common knowledge that the key to making a profit off your residential investment properties in Burien is keeping them occupied with long-term tenants who pay rent on a monthly basis.

If high levels of vacancy persist at your apartment complex or multifamily housing, you won’t see a significant return on your investment. Worst-case scenario, you may even struggle with your mortgage payments.

It’s no secret that once you’ve purchased investment properties in Seattle and got them ready for business, you want to see them populated with tenants. Every day or week that your property sits empty is time when you are not making a profit.

There are occasional reasons for wanting or needing to have your properties vacant—such as when you are doing major renovations or cleaning up the space in between tenants. However, in general, landlords in Seattle should strive to implement a variety of strategies to achieve a desirable vacancy rate that directly and positively impacts your long-term return on investment (ROI).

You’ve taken a leap and invested in real estate in the Seattle area. The next goal is making a worthwhile profit from your investment by renting out the property.

It sounds simple enough, but there is plenty that must happen behind the scenes when you’re preparing to take on tenants. As a first-time landlord, it can be helpful to follow a step-by-step checklist to ensure you’re doing what you need to maximize your return on investment, care for your property, and cultivate positive landlord-tenant relationships.

Thanks to the growing job market and demand for housing between north Tacoma and West Seattle, suburban Seattle cities like Burien, Des Moines and south King County in-general, continue to be profitable places to invest in real estate, especially for rental purposes.

Being a landlord in Washington State comes with numerous responsibilities. You want to successfully protect your real estate investment and care for your property while also ensuring a certain standard of safety and quality of life for your tenants.

If you are looking for investment properties in the South Puget Sound area, there are various ways to scour the market place and see what’s available. For example, your real estate broker may have access to the multiple listing service (MLS) that enables them easily browse all the multi-family properties for sale by participating brokers.

If you’re interested in becoming a landlord, one of the first decisions to make is what type of investment property you want to own and manage.

If you’re considering hiring a property manager to ease the difficulties of being a real estate investor or property owner, one of the first questions you’re asking is probably this: How much does property management cost?

The answer, of course, is not always simple—the average cost of property management services will vary, especially depending on whether your real estate investment is residential or commercial. Most property management companies, however, have set rates that allocate a percentage of your property's monthly rent to utilize their services.

In Washington state, tenants have the right to a safe and livable habitat when renting a home or an apartment. As a landlord, it falls on you to maintain your properties to that standard and keep the property in good rentable condition.

You could own one of the finest rental homes or apartment complexes in the Seattle area, but if it sits vacant, you won’t see a worthwhile return on your investment.

One of the keys to keeping your rental properties occupied is to properly market them. You want to make sure your vacant rentals are being exposed not only to a wide audience but more specifically, individuals who are likely to be prospective tenants. You also need to be sure you have all the legal and rental documents need for your lease agreement.

The ongoing COVID-19 pandemic, as well as the associated legislation passed at the state and local level in response, has created an unprecedented situation for landlords and tenants to navigate in 2020.

Anyone who owns a rental property in South Seattle is technically a landlord, but there is a whole lot more involved in fulfilling the responsibilities of being a landlord—and a great one, at that—than the mere ownership of property.

As a landlord in Seattle, one of your top goals is likely to maximize your occupancy rates. After all, your real estate investments aren’t worthwhile if they sit empty.

However, you don’t want to rush the tenant acquisition process to the point that you are sacrificing the quality of your renters. In Washington state, it can be difficult to evict troublesome tenants, and legislation related to COVID-19 has placed further restrictions on evictions.

Being a landlord can be more challenging than it sounds. There’s much to do and often little time to do it, especially if you are dealing with numerous other personal and professional responsibilities.

One task that is especially time-consuming—and also one of the most important responsibilities of being a landlord—is finding good tenants for your rental properties. Renter turnover is costly and stressful, so getting your apartment units or single-family home filled with the right people is essential.

Not every potential investment property on the market in the South Puget Sound area is in tip-top shape, and that’s okay. Sometimes you can maximize your profit by choosing a property that will serve your purpose and provide long-term value after it’s undergone a few renovations.

As the old adage goes, you have to spend money to make money. As the landlord of an apartment complex or other multifamily dwelling in the Seattle area, you know operating costs are unavoidable. 

Apartment complexes have the potential to be valuable investment properties that provide you with a steady income source for many years to come. To achieve that potential, however, it’s crucial to first find the right apartment building for your investment and then take measures to ensure the property is properly managed.

Demand for apartments in Seattle has increased over the past decade and is expected to stay strong in 2020, but that doesn’t automatically translate into you achieving high occupancy rates at your apartment buildings.

If you own a commercial or residential investment property in the South Sound area near Seattle, you may find that managing that property is a little more involved than you’d like. The reality is that while anyone who owns a rental property is technically a landlord, there is a whole lot more involved in being a landlord than mere ownership of the property. And being a great landlord takes a special set of skills, knowledge, and experience—not to mention the time it takes to oversee rentals and complete all the day-to-day tasks that effectively managing a property entails.

We know this is an unprecedented time of uncertainty and anxiety for landlords and residents alike. Many tenants are suffering from job losses, furloughs and reduced hours, presenting unique challenges for landlords to collect rent and pay their mortgage, taxes and insurance, property management expenses, maintenance and more. Fortunately, there is help available that you, as a landlord, can direct your tenants to in order to collect rent payments. 

In light of the global coronavirus pandemic, one important question is hitting home for both landlords and tenants: What to do about rent?

Landlords and property owners have plenty to consider when it comes to their rental properties, including the monthly rate per unit, how to keep up with maintenance, and how to promote properties when vacancies arise. However, another important point of consideration that has direct impact on the tenants is the pet policy for each property.

Managing your real estate investment is like any other type of business enterprise. It involves careful record-keeping, tracking income from your investment, and analyzing which expenses are necessary.

If you’re a rental property owner/landlord, you’re no stranger to multitasking. Landlords and property managers have many important responsibilities to juggle, and even great landlords can struggle to stay on top of them all. When a landlord’s responsibilities are not appropriately handled, problems arise, and many find themselves feeling stressed and overwhelmed, facing financial trouble, or dealing with serious legal issues. That’s why it’s important to be aware of some of the common problems that landlords in Burien face so that you can try to prevent them from happening and quickly deal with issues when they arise.

Owning a residential or commercial rental property can be an effective way to make money, but turning a profit on that investment is not as easy or straightforward as it may initially seem. There are numerous moving parts involved in making money from a real-estate investment, and less-experienced property owners often make mistakes that have negative financial repercussions.

These days, most investment property owners understand the need of hiring someone to help them manage their property, handle day-to-day responsibilities, and make their lives easier while turning a healthy profit and saving them money.

Many owners, however, don’t realize the importance of selecting the right property manager or how to go about making this critical decision. Without the right partner by your side, you risk increased vacancies, lost rents, and unhappy tenants.

Owning rental properties in Seattle or the surrounding suburbs can be an ideal way to make a passive income, but it requires an influx of time, money, and dedication, especially upfront.

Taking advantage of the current technology available on the market is a practical way to streamline and simplify various aspects of the renting process for both you and your prospective and existing tenants. Here is a brief look at some of the most useful and important technologies that can help make your tenants’ lives easier.

Powell Communities now has 55+ apartments available for rent in West Seattle, WA. These apartments, located in the Parkview building on the Daystar Retirement Village campus, have four different new floor plans available that were recently renovated and optimized for comfortable 55+ living. 

When you undertake a new enterprise, you can expect to experience some type of learning curve, no matter how much research and preparation you’ve done ahead of time. Being a first-time landlord is no exception.

If you intend to become a landlord in Seattle, there are certain lessons that can only be taught through experience and the process of trial and error. However, that doesn’t mean you should go into renting properties blindly. With adequate preliminary research, you can shorten the learning curve, be better prepared to handle issues that arise, and avoid the common pitfalls encountered by property managers and individuals who rent out apartments and single-family homes.

Within all industries, there comes a time when you benefit from ending a professional relationship. Even though your reasoning may be pragmatic and objective, it's still not necessarily easy.

If you are a homeowner or property owner in the Seattle area and you’re thinking about renting out your property, there are a number of factors to consider before moving forward. Some questions swirling in your head might be: Do I really want to rent out my property? How much should I charge for rent? What else do I need to know and do? Let’s break each of these down.

Moving to another state can be an exciting—and often stressful—situation. There are so many things to plan for and take care of before, during, and after the move. If you own your current home, one of the biggest decisions you’ll have to make is what to do with your home when you move. For most homeowners, there are two main options to consider: sell the home, or rent it out?

Consider the pros and cons of renting vs. selling. Most will opt for selling, for a variety of reasons. But in some cases, it can make a lot more sense to hold on to the property and rent it out, rather than sell. So, how do you know if your case falls into this group? Here are three key signs that renting out your old home when you move out of state could be the right decision for you.

New smart home devices are hitting the market so frequently these days, it can be tough to keep up with. Fortunately, the rapid growth of different companies offering smart home technology means prices are becoming more affordable for consumers. But how can the average homeowner know which devices they should buy now to make life easier for tenants and themselves? We’ve put together our top seven recommendations for which smart home devices to consider installing in 2020.

Although it’s possible to manage your rental properties yourself, often doing so isn’t the best decision. It depends on the individual investors and their unique situations, but more often than not, hiring a property management company is a smart way to go—but only if you hire the right company for the job.

The holidays are here again, and for most of us, that means we’ll be taking some time away from our usual day-to-day schedules to spend time with family and friends. If you’re a property owner/manager/landlord, you deserve to take a break as much as everyone else. But sometimes the many demands and daily tasks of property managers can be especially overwhelming and cause added stress during the holidays. Knowing how to keep tenants happy is one of the traits of a great landlord, and with tenants going out of town or hosting gatherings in their home or office, there can often be tenant emergencies over the holidays that you’ll need to handle. And if you are planning to travel during the holidays yourself, you’ll need to put even more preparation and planning into how you will stay on top of your tenant needs while you’re away.

The holidays are just around the corner, so it’s time to start getting in the holiday spirit. Decorating your home and office for the holidays can be one of the most fun and festive ways to jumpstart the season and get that holiday cheer going. Whether you’re decorating style is modern, traditional, or somewhere in-between, here are some of the most exciting and inspiring 2018 holiday decorating trends to look for as you plan your holidays:

As a real estate investor, one of the most important decisions to make after purchasing a property is how it will be managed. A successful investment strategy requires a smart approach to property management—but what that means varies depending on the individual investor. Many new investors choose to start out with a self-management approach, while others may decide it makes more sense to hire a property manager from the get-go (which can save money in a number of ways). Either way, most investors at some point will be asking themselves, “Should I hire a property management company?” To help you with your decision, here are a few key signs that it’s time to consider hiring a property management company:

Owning a residential or commercial investment property can be a great way to make money. Like most business opportunities, however, it’s not always as easy as it seems. There are a lot of details and moving parts involved in order to do it successfully—and profitably. Let’s look at some of the most common mistakes Seattle-area investment property owners make—mistakes that cost them money in the long run.

Over the years, I have been a tenant as well as a landlord.  Signing a lease for an apartment involves trust and good communication from both sides.  Each party enters a contract relationship with expectations.