Do I Need a Property Manager for my Apartment in South King County?

You’ve made the wise choice of investing in an apartment property in South King County to reap the benefits of multiple income streams. Multifamily investments are a smart move when you want the steady income that single-family dwellings don’t always deliver. However, you are also going to have a lot more to keep up with, if you aren’t already experiencing the whirlwind of responsibilities that come with managing your own apartment property.

What if you could hand off the constant communication, background checks, maintenance, apartment showings, and marketing while also saving money and protecting your net operating income (NOI)? This is where a full-service property management agency comes into play. 

How to Choose a Property Management Company?

If you’ve been managing your own investment property in South King County, you already know how demanding the job can be. A full-service property management agency can help you sit back and enjoy the benefits of investing in real estate rather than forcing you to wonder what you’ve gotten yourself into. 

These are the services you can expect from an experienced full-service property management company: 

• Collect rent, pay bills
• 24/7 emergency maintenance, next-day response for non-emergencies
• Qualify tenants, prepare leases, lease renewals
• Schedule and oversee inspections upon move-outs, prepare units for new tenants
• Market analysis, local marketing, advertising
• Manage eviction procedures

If you’re searching for a property management company and some of these services are missing from their portfolio, you’ll want to scratch them off the list. To make the most of your partnership, look for an agency that can take these responsibilities off of your plate. 

Do Property Managers Pay for Repairs?

A property manager will work with you to set up a reserve fund to cover the costs of maintenance and repairs. This helps to avoid constant communication to approve every repair and allows the property manager to coordinate large-scale jobs across many units or regular preventive maintenance that can help you to avoid certain repairs from the start. 

These regular maintenance tasks can include: 

• Painting
• Landscaping
• Cleaning gutters
• Replacing light bulbs
• Replacing air filters
• Testing carbon monoxide and smoke detectors

Property management agencies may also use an online portal for tenants to submit repair requests. It’s far more organized than phone calls and keeps all of the repair documentation in one place. These repairs could include: 

• Water leaks
• Plumbing issues 
• AC or heat repairs
• Roof leaks
• Loss of electricity

How much should you expect to be in the reserve? 

Typically, the reserve fund should be equal to one month’s rent for every unit. If a reserve is not set up, the repair and maintenance will come out of the monthly rental income. 

How Much Does a Property Manager Cost?

On average, a property manager could charge from 8% to 12% of the rental value of a property. Some companies may charge a monthly rate. A flat rate may come with unexpected added fees, however, additional services may be automatically included when with respect to a monthly rental value. 

A property manager will also usually charge a leasing fee which includes background checks and financial verifications. This fee is usually 50% of the first month’s rent. A lease-renewal fee can cost around $150 to $200 and covers arranging updated or modified documentation, communication, and processing. 

Are Property Managers Required to Be Licensed in Washington State?

To become a property manager in Washington, a 90-hour pre-license education from a state-approved school is required as well as passing the real estate exam. This includes 60 hours of real estate fundamentals and 30 hours of real estate practice. 

The Benefits of Property Management with an Apartment Complex

Paying for a service you’re already doing on your own may seem unnecessary, even if it causes a lot of stress and frustration. However, hiring an experienced property management agency can save you time, and money, and offer you peace of mind through convenience and organization. 

Save Money

Preventive maintenance saves you money over time by avoiding potential problems from being catastrophic. Finding and repairing a small water leak can keep you from spending money on a new ceiling, carpet, lighting, and possibly covering the costs of your tenant’s belongings or well-being. You’ll also avoid complaints and possible legal issues. 

There’s also a benefit to working with a management agency with a network of service connections. The contracts and relationships a property management agency will have affords them savings because of the volume of jobs that are booked. A highly-valued agency is an asset for you when you benefit from the partnerships they’ve created and nurtured. 

Vetted Professional Maintenance Workers

Working with a trusted property management service comes with the benefit of a maintenance crew that is vetted and qualified. The agency may have its own crew, a list of reliable contractors for specific jobs, or both. 

Reduce Stress and Frustration

It’s difficult to put a value on your peace of mind and stress reduction, but if you’ve been managing your own multi-family rental property, you can likely already imagine the value it holds for you specifically. Avoid the burnout of day-in/day-out communication, managing the changing landscape of marketing, the revolving door of qualified maintenance workers, and organizing rent payments, leases, and evictions. Hand these responsibilities over to an experienced professional team and enjoy your income stream without the stress. 

Attract Higher Quality Tenants

Savvy tenants understand the value of a property managed by a professional comprehensive team. The higher level of organization and quick turnaround on complaints and concerns is enough to attain and retain higher quality tenants, reducing the expense of finding new tenants and preparing the unit year after year–if not sooner. 

Still Wondering If You Should Hire a Property Manager? 

There’s a lot to consider here when determining whether you should hire a property manager for your South King County property. If you’re still on the fence, take a look at these Landlord Resources to make the most of your investment while you’re thinking about your options. 

If you’re ready to learn more about how a full-service property management agency can help you sleep better and live easier while protecting your investment, contact Powell Property Management. Since 1906, Powell Property Management has offered management services to property owners to increase the value of their investments and efficiency of operations.