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.
However, as you integrate more properties into your portfolio, you’ll find that it becomes more difficult to do it all on your own. That's where a property management firm comes in. A property manager will handle all the day-to-day activities while freeing you up for the bigger picture tasks. If you're new to the idea of a property management service provider for either residential or commercial properties, here's what you need to know.
What Does A Property Management Service Provider Do?
Depending on your needs and the particular property management provider, the basic duties usually include handling work orders, collecting and staying on top of rent payments, finding new tenants, working with current tenants to resolve complaints and advertising for your facility. They may also provide cleaning, landscaping, and basic handyman work, or they will find different contractors to handle these tasks instead.
How Much Does a Property Manager Cost?
This will depend on a variety of factors beginning with whether or not you are looking to rent out single-family or multi-family properties, or commercial properties. Additionally, there are also various specific property management fees to be aware of. Some will include a contract setup fee, which typically covers the creation of bookkeeping documentation (or importing your information into their system), creating specific bank accounts, property inspections, and so on. Because larger facilities require more round-the-clock work, these properties (already of a typically higher rental value) also usually come with higher fees. This of course all depends on the property management provider, but when looking at possible costs this is a good place to start. Always be sure to discuss the different fees with a property manager prior to signing any kind of contract.
Is A Property Manager the Same as a Landlord?
This is a common question, but the answer is no. Whether dealing with a commercial property manager or a residential one, a landlord is not the same. A landlord owns the property, while the property manager is the individual or company hired by the landlord to manage the property.
What Makes A Good Property Management Company?
When looking for a Seattle property management company, it is important to find one that doesn't charge an exorbitant amount, but that still offers quality services.
What makes a good property management company? First, they are able to handle basic daily tasks without the need for landlord intervention. A landlord should only rarely need to be contacted, outside of major issues. So look for a management company that can reliably handle all the daily responsibilities of a rental property.
Next, they handle tenants in a kind yet professional way. It's important to be friendly, keep tenants comfortable, and make repairs in a timely manner. However, it is also necessary to maintain certain rules and regulations and to make sure rent is paid in a timely fashion. Finding a property manager who can do both is essential. In order to find the right fit for you, ask around to find out which landlords are happy with their property management service provider.
You're In Good Hand With Powell Property Management
The more a rental property portfolio expands, the more work is required. Sifting through applicants, staying on top of rental payments, and making sure a property is maintained all take time. It's a full-time job, and as more properties are brought into a portfolio, it can quickly become overwhelming. With Powell Property Management, you have access to one of the most trusted and affordable property management providers in the greater Seattle area. You'll rest assured knowing your properties are handled with care. So spend your time on what matters most to you and let Powell Property Management handle the rest. Give us a call today, and we'll show you what sets us apart.