Property Management Resources Blog

inner-banner.jpg

How to Communicate with Tenants About a Rent Increase in South Sound, Wa

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.

Read More

Topics: Real Estate Investing 101, Tips for Landlords

6 Ways a Property Manager Can Improve Your ROI

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.

Read More

Topics: Real Estate Investing 101, Tips for Landlords

How to Avoid Seattle Rental Scams

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

How Much Should I Charge for Rent? Seattle Area Rental Rates

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.

Read More

Topics: Insider, seattle rental house, Real Estate Investing 101

Rent Payments & Technology, 4 Best Ways to Accept Tenant Rent

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

How to Navigate Your Property Management Company Relationship as a Landlord

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

How to Rent Your House in 2022: A Brief Guide

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

In Over Your Head with Property Rentals? 6 Signs a Landlord Needs Property Management Help

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Renting in This Housing Market: Is it Worth it?

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Is Seattle a Good Place to Invest in Real Estate in 2022?

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.

Read More

Topics: Real Estate Investing 101

Standard Operating Costs of Managing a Property

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Landlord Insurance: Do You Need It?

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Pet-Friendly Apartments in Burien: Should You Be Offering Pet-Friendly Options?

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Proactive Maintenance: 6 Things Every Landlord Should Do

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Average Property Management Fees in Washington: Residential & Commercial

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

How To Keep Good Tenants Happy

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Top 5 Rental Trends in Seattle for 2021

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Curb Appeal: 2021 Rental Property Exterior Trends

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

5 Valuable Landscaping Hacks For Your Rental Property

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.

Read More

Topics: seattle rental house, Real Estate Investing 101, Tips for Landlords

Pros & Cons of Hiring a Property Management Company

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.

Read More

Topics: Insider, seattle rental house, Real Estate Investing 101

Common Fears of Hiring a Property Management Company in Seattle

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.

Read More

Topics: Real Estate Investing 101

Renting vs. Selling Your House: The Pros and Cons

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.

Read More

Topics: Real Estate Investing 101

How to Keep Your Apartment Occupancy Rate Under 5% in Burien

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.

Read More

Topics: Insider, seattle rental house, Real Estate Investing 101, Tips for Landlords

What Are Ideal Vacancy Rates for Investment Properties? | Des Moines

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).

Read More

Topics: Real Estate Investing 101

The Ultimate To-Do List for New Rental Property Owners

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.

Read More

Topics: Real Estate Investing 101

Is Seattle a Good Place to Invest in Real Estate in 2021?

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.

Read More

Topics: Real Estate Investing 101

Must-Have Legal & Rental Agreement Documents for Landlords

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.

Read More

Topics: Insider, Real Estate Investing 101, Tips for Landlords

How to Find Off-Market Multifamily Properties in Burien

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.

Read More

Topics: Insider, Real Estate Investing 101, Tips for Landlords

Is It Better to Invest in Single-Family Properties or Multiplexes?

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.

Read More

Topics: Real Estate Investing 101

How Much Does it Cost to Hire a Property Manager in Washington?

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.

Read More

Topics: Real Estate Investing 101

Do Property Managers Pay for Repairs in Washington?

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.

Read More

Topics: Real Estate Investing 101

Actions Taken During Washington's Eviction Moratorium to Protect Landlords & Tenants

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.

Read More

Topics: Real Estate Investing 101, Tips for Landlords

How To Determine a Property's ARV (After Repair Value)

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.

Read More

Topics: Real Estate Investing 101

7 Ways to Reduce Apartment Expenses and Operating Costs in Washington

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. 

Read More

Topics: Real Estate Investing 101, Tips for Landlords

Apartment Investing for Dummies: How to Buy and Manage Your Apartment Complex

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.

Read More

Topics: Real Estate Investing 101

What Does a Property Manager Do?

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.

Read More

Topics: Real Estate Investing 101

[Real Estate Formulas Cheat Sheet] 12 Math Calculations for Landlords

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.

Read More

Topics: Real Estate Investing 101, Tips for Landlords

8 Reasons Why Burien Is the Best Place to Invest In Washington Real Estate

Real estate is often viewed as a solid investment choice. Whether your residential or commercial investment property turns a profit, however, depends substantially on where it’s located and how you manage it.

If you want to invest in Washington real estate, it’s important to make your purchase in an area that possesses desirable traits, such as a thriving economy, healthy real estate market, and welcoming business climate.

Read More

Topics: Real Estate Investing 101

6 Ways a Property Management Company Can Save You Money

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.

Read More

Topics: Real Estate Investing 101

How to Find the Right Property Manager in 2020

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.

Read More

Topics: Real Estate Investing 101

Real Estate Investing for Dummies: How to Get Started

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.

Read More

Topics: Real Estate Investing 101

Property Management Tips for the First Time Landlord

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.

Read More

Topics: Real Estate Investing 101

How Much Should I Charge for Rent? Seattle Area Rental Rates

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.

Read More

Topics: Real Estate Investing 101