How Much Does it Cost to Hire a Property Manager in Washington?
If you're considering hiring a property manager to ease the challenges of being a real estate investor or property owner, you're likely pondering...
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.
If you’re thinking it might be time to hire a property management company to take over the myriad details that managing and renting property out requires, you probably have several questions, including
Or perhaps you’re concerned about how to find a property manager that’s right for you—and once you do hire one, how to know if your property management company is doing a good job?
You’re right to be asking these questions. After all, you’re probably already aware of some of the common problems landlords face, and that with so many important responsibilities to juggle, even great landlords can struggle to stay on top of them all. The problem is that some property managers fall short of their responsibilities, which can lead to dire financial, legal, or other problems for you, the investment property owner.
So, “What does a (good) property manager do?”
Of course, the answer depends a lot on the specific property manager/company. Some companies offer more services than others. Your needs, of course, will determine which company is the best fit for you. But here are some of the common services you may want to look for and assess in a property management company.
Related: 10 Questions to Ask When Hiring a Property Manager
If you are looking to lease a property that hasn’t been occupied for a stretch of time, you may have some cleaning and minor repairs to do before the house/building is ready for move-in. And especially if the property has been occupied, deep cleaning and even new paint on the walls may be required to freshen up the place. Many property managers will have a vetted cleaning company who they contract to put in some elbow grease on your behalf.
There is more to finding occupants than simply listing the property as available. Property managers will perform market analysis to determine the best rents to list your property at. The listing must then be circulated among common rental platforms like Zillow, Trulia, and the like. You’ll want a marketing and advertising plan to get your property in front of the right people. Further, property management companies can craft the right message that will appeal to quality tenants. The most notable benefit you will gain by delegating this responsibility is that you will no longer need to hover over your phone, expecting potential interest calls.
Beyond fielding the leads who see your property listing, management companies will also coordinate with prospects to view the property. Prospective tenants and residents will want to look at the property when it’s convenient for them—and they will want to talk to someone who knows the property well - both of which can be accomplished with a good property manager. Make sure that your property has a nice curb appeal when showing it to prospective residents!
It’s important that your lease agreement is thorough and accurate and that it protects you and your property. Property managers have gone through the proper legal channels to ensure the terms and agreements they use will prevent possible legal trouble and safeguard against hypothetical situations that may arise. You can leverage the investment they have already put in for the benefit of your properties and your sanity.
You’ll want to be proactive when it’s time to renew a lease. Or better yet, you’ll want your property manager to be proactive. Part of that process may include communicating about rent increases in a manner that is tactful and appropriate for the reasons that rental prices are increasing. Generate goodwill from tenants on your behalf is important so that you have increased tenant longevity and fewer move outs.
Whether you are leasing a single-family home or a commercial structure, maintenance is a constant demand. Hiring a property manager to tend to regular maintenance can prevent costly future repairs. In addition, the need for repairs doesn’t typically come at convenient times so a management company needs to be available 24/7/365. This is one of the most common reasons property owners hire property managers.
As mentioned above, one of the best ways to avoid costly repairs is through regular maintenance and that requires consistent property inspections by professionals who know what to look for. When performing a routine property inspections, good property managers will perform:
Related: Top 5 Traits of a Great Landlord (& How to Become One)
It's great to have a property that provides a passive stream of income, but someone still needs to collect the rent. Property management companies collect rents, and also pay bills associated with maintenance. They will then distribute the remaining funds to you, the owner.
What happens when a renter or tenant leaves? Someone needs to inspect the property and get it ready for the new occupants. Your property manager will perform similar property inspection checks as they have been semi-annually, plus additional inspections as needed. They can then begin the process of analyzing the properties new market value and promoting the space on the proper platforms.
Learn more about Powell Property Management’s Services
Of course, not every company will offer all of these services, but good property managers will put your property first and provide you value. And just because a company lists these services doesn’t mean they all deliver the same quality of service. You want a management service that reflects your values, represents you well to your clients, and takes care of your investment so that it continues to hold and build equity.
Selecting the right property management company is critical to ensure that your property is maintained and that your investment stays just that You can be sure to hire a good property manager by asking the right questions.
Powell Property Management is a professional, full-service property management company. We manage properties for owners the way they would like their properties managed, with integrity and with experience. We focus on delivering excellent service in a timely manner to our residents, commercial tenants and to our owners.
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