Property Management Resources Blog

Adding value to an investment property is different from adding value to a private home. The value-adding strategy you employ must be more heavily researched and less risky. Luckily, there are several proven ways to add value to your apartment complex that potential tenants will find enticing and set you apart from your competition. Attract excellent tenants that recognize the value and look for apartments that offer a higher quality of living.

Whether you are looking to purchase a rental property or find your new home as a renter, understanding the current climate of your local rental market gives you the information you need to make the best moves possible in 2023. 

When evaluating your options for expanding your investment portfolio, purchasing an apartment complex is often suggested as a smart way to diversify your holdings. Whether you’ve got the capital to make the purchase alone or are planning to pool your resources with an investment group, understanding the ins and outs of operating an apartment complex is a prerequisite.

Managing your own investment properties isn’t always the most efficient choice. Maintaining your investment with a property manager’s expertise can boost your bottom line more than expected. A professional property management service enters with established processes, professional connections, and an understanding of your market. Whether you’ve newly purchased a property or are currently operating one, your multi-family complex investment doesn’t have to consume your valuable time or any more of your other valuable resources than necessary.

Whether you’re expanding your diverse real-estate portfolio or dipping your toe into investment property for the first time, the hunt for the perfect multi-family property is exciting and overwhelming, especially when properties sell quickly. Hot markets incentivize quick decisions, leading to unforeseen expenses and problems unless a prospective buyer understands how to apply a discerning eye.

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.

It’s time to get serious about your investment portfolio. If your current investments are lacking a real-estate component, you are missing serious opportunities for profit. Investment groups and savvy individual investors alike see a solid return on investment when they acquire multi-family investment properties in desirable markets.

The tenant in 2C says the toilet runs continuously. Four people would like to see 4A this afternoon. 1A is upset that 3B has an unreported dog that barks too much. Managing an apartment complex presents unique and constant challenges and time demands. Your phone doesn’t have to ring about any of it. A property management company can handle daily drama and maintenance needs and keep your investment profitable.

Are you a future landlord? If you’re looking for just the right thing to round out your investment portfolio, an apartment complex could be a good fit. When it’s time to weigh to pros and cons of investing in multi-family rental units, it’s best to talk to the people that know the most about it. 

You are tired of showing your property to people who do not follow up or pass a background inspection. It’s time to get serious about social media marketing for your rental property. Your old ways of getting the word out about your rental units aren’t making the phone ring as often anymore.

Modern tenants search for rental properties the way they search for everything: online. Whereas many natural leads used to come from advertisements in public spaces, many digital advertisements now perform the same function. When was the last time you saw a tear-away phone number advertisement tacked to a public bulletin board? They aren’t around as frequently as they used to be. Though we still recommend community advertising, you will miss out on an entire market sector if you neglect your online marketing.

If you’ve noticed your rental property offers competitive amenities below market price, it is time to raise your rent. Raising the rent is often part of being a good steward of your investment, even if the thought is uncomfortable for some landlords. We’re so glad that you’re doing your research so that you can design your rent increase for optimal results and we’re happy to use our expertise to help.

Your rental property got another ticket from the city you don’t understand. You can’t seem to find and keep quality tenants, though you have plenty of applicants. You’ve paid three plumbers, but no one seems to know what to do about the basement drain. If these expenses are adding up and worrying you, you aren’t alone.

You’re exhausted by your search for the perfect rental. Your old lease is up soon, and you’re in a rush to find your new home. Suddenly, the ideal place floats across your screen. The photographs are gorgeous. It has everything you’re looking for and a few things you didn’t dare to include on your list. The location is perfect. It’s actually on the lower end of your budget. Your heart is beating in your ears. What if this was it? You reach out to the landlord and hear right back. They are out of the country on business and in a hurry to fill their space with a responsible party such as you. Would you like to move in next week? Could you please wire $2000.59 to this account based in Nigeria? Your gut tells you this is a scam. But what if it isn’t? You have already pictured yourself floating in the pool and waking up bathed in gorgeous natural light. 

Don’t do it. It’s a scam.

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.

Your tenant’s checks are bouncing. You notice some tenants' rent has been straggling in later and later as the COVID pandemic drags on. More landlords than ever before are considering offering online payment options for their tenants and many tenants report that they prefer to pay their rent online.  It might be easier to convert to an online rent payment system than you think.

Whether you’re in the market to hire a property manager for the first time, or looking to improve or upgrade your current property management services, focusing on the relationship between the landlord and property management company is wise. Improving the landlord and property manager relationship is likely to lead to increased tenant satisfaction and a harmonious and profitable daily experience for everyone involved.

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.

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.

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.

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.

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.

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.

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.

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.

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.