What to Look For In a Seattle Property Manager

The real estate market is reviving in the country and property owners are now smiling to the bank because their returns are increasing year after year. However, real estate investors in the country have to invest in good property management because competition is also very high. It is therefore important for investors to make sure they have hired reliable property managers to take care of the investments as well as handling tenancy issues. The following are the basic qualities to look for in a Seattle property manager in order to make an informed decision on who to hire to manage your properties.

  1. Consider a local property manager 

Real estate management is Seattle is highly profitable and has attracted both local and foreign property managers. However, it is always good to consider local property managers if you want to get excellent results. Although there are some foreign property managers in the area who offer good services, it is better to hire the locals because they have a better understanding of the local real estate market trends that are very useful to investors.

  1. Adequate skills and experience 

Property management in Seattle is a booming business and many people are trying their luck as property managers. Consequently, not all property managers in the region have the required skills and experience to deliver excellent services to their clients. We have the experienced property managers, upcoming ones and those with no skills at all. It is therefore important for real estate investors in the region to be very careful and make sure they have a qualified Seattle property manager to look after their investments.

hard working property manager

  1. Consider property managers working under a company 

Property management is a very involving task and it requires a lot of resources that many individual property managers do not have. It is therefore important to consider property managers affiliated with a certain property management company or hire a property management company to take care of your investment. This is because property management firms generally have more resources than individual property managers. You need someone who will not struggle to do repairs and renovations in your property when needed.

  1. Licensing and certification 

A good Seattle property manager should be licensed to operate as a property manager in the area. Remember that there are rules and regulations set by the housing and local authorities that property managers in Seattle have to meet to be allowed to operate as property managers. More so, property managers in the region need to undergo some training before they can be allowed to operate in the region. It is therefore important to make sure the property manager you want to hire is licensed to operate in the area by checking the their documents and certificates.

  1. Outstanding communication skills 

Remember that a property manager serves as the link between the property owner and tenants. It is therefore important to make sure you have hired a property manager with outstanding communication skills to so that you can be always informed about what is happening in your properties. Your property manager should be able to give you timely reports about your property condition, vacancy rates, repairs and other important updates about the property and tenants.

  1. Good property marketing skills 

Real estate market in Seattle is highly competitive and property owners are required to advertise their properties extensively in order to reach potential renters. It is therefore important to make sure you have hired a property manager with good marketing skills to reach possible tenants so that your property does not remain vacant most of the time.

Seattle property marketing

  1. Permanent offices and address 

This is a very important factor to consider when hiring a property manager. Always avoid property managers with no permanent offices and addresses or those who operate from their houses. A good property manager should have a well-equipped permanent office. This makes it easy to keep and manage tenancy documents. Additionally, tenants need a permanent office where they can seek help when necessary and a permanent address where they can post checks when paying rent.

  1. Consider property managers with good ratings and reputation 

A good reputation is very important in as far as property management is concerned. The majority of the renters are attracted to properties under the care of managers with good reputation. Renters normally consult one another when looking for property and look for a property manager who will offer them excellent services and support. It is therefore important to make sure you have entrusted your real estate properties to a reputable property manager because it serves as a very effective marketing strategy.





Hire a Professional Property Manager vs.DIY

Many aspiring landlords believe that owning a property is the beginning of their financial freedom. However, what most of them do not know is that managing a property can be very hectic and challenging if you do not have adequate knowledge about property management. It is, therefore, wise to hire a property manager to take care of the property on your behalf. That way, you are able to free yourself from the hassle of running after tenants and addressing other tenancy related issues. The following are some the main advantages of hiring a manager for property management Littleton CO, instead of doing it yourself.

  1. Property owners are able to maximize return on investment

 What is ROI?

Many aspiring landlords think that they will get more returns if they manage their property themselves. The truth is that although a property manager takes a percentage of the monthly rent for their services, that amount is negligible when compared to time and money you spend when managing your property on your own.

  1. A property manager gives you freedom to invest more

    property management littleton co

Property management is a very involving undertaking and property owners who choose to manage their properties may lack time and freedom to invest more. However, hiring a property manager leaves you with plenty of time and freedom to find other profitable investments.

  1. Is it easy to get right tenants?

Property management in Denver and other neighborhoods of Colorado are quite involving and it can be difficult for property owners to find the right tenants. However, hiring a property manager makes it easy for landlords to get the right tenants because property managers have more experience in the industry. They can better identify the right candidates who will take better care of the property and pay rent in a timely manner.

  1. A property manager saves you from messy legal problems

Property management is a very sensitive task that can be very costly if a property owner does not have a good understanding of their actions. There are strict requirements arising from the local authority, state government, federal government and as well as housing regulations that need to be adhered too. Violating any of these laws can get you into messy legal problems. However, hiring a licensed property manager in Colorado can help you avoid many unnecessary legal problems arising from renting out your property.

  1. A Property manager is able to set the right rental rates

Many property owners lack adequate information about market trends and end up setting very high rental rates or very low rental rates for their property. When rental rates are very low, property owners get low returns. On the other hand, when rental rates are very high, tenants are scared and houses stay vacant for a long period of time. Property managers are more informed about market trends and they know the right rental rates for a property in the area.

  1. A property owner enjoys timely rent payments

Sometimes it can be difficult to collect rent from tenants when you are doing it yourself. Some of the tenants might be your close friends and you may not be comfortable to pressure them when late with their rent payments. However, a property manager is able to make sure tenants have paid rent on time.

  1. It is easy to keep good relationship with your tenants

Sometimes your tenants might be your close friends and it can be very difficult to pressure them when they have not paid rent on time. Moreover, dealing with tenants that have violated tenancy agreement can be a daunting task if you do not want to be the bad person. However, when you hire a property manager, you do not need to be involved with your tenants in that way, therefore, it is easy to maintain a good relationship with them.

  1. Property owners can avoid late night calls

Landlords who manage their own properties are expected to respond to late night calls whenever there is a problem to fix in the rental property. However, when you hire a property manager, you are able to enjoy a full night sleep because there is someone to respond to issues and emergencies at all times.

  1. Property owners are able to avoid eviction related problems

It is worth noting that sometimes tenants can be unruly, hence eviction remains the only option to solve the problem. However, evicting a tenant can get you into problems as a property owner, especially if you do not understand the procedure for conducting evictions. Hiring a property manager can save you from eviction related problems because property managers are more informed about eviction laws and regulations. If you’re looking for a great property manager in Colorado, I recommend McGuire Property Management. I’ve worked with them for one of my properties and have nothing but good things to say.


8 Quick Tips for Buying Your First Investment Property Successfully

Many of the world’s wealthy people are property investors and they believe that property investing is a smart option to building wealth. This is certainly true. However, for you to make good returns in property investing, you need to be well versed with the industry. It is, therefore, important to conduct thorough research before committing your. Unlike other types of investments, owning a property requires a lot of money and it is important to make sure that you are well informed about the industry before starting your career as a real estate mogul. The following are quick tips for buying your first investment property successfully.

  1. Ask yourself if you are ready

Property investment is not a get rich quick scheme but a project that requires patience and financial capacity. It is, therefore, important to ask yourself if you are ready to buy your first investment property or not. Start by checking your financial ability and other urgent issues that need your attention. If you have limited finances or you have other urgent things to finance, start by sorting other financial needs first. Once you are financially settled, you can now proceed with your idea of buying your first investment property.

investment property planning

  1. Have a practical plan

Many first-time property investors lose their money because they lack a good plan of where they want to be in the years to come. Although buying real estate is a sound investment, it does not mean that everyone who has enough finances should do it. You need to have a practical plan as to why you want to venture into property investing. What is your intention? Do you want a property to rent or to keep and sell later at a profit? Perhaps you want both.

  1. Know the kind of property you want to start with

Real estate is a very exciting field and there are many different types of properties you can buy. It can be confusing to first-time property buyers and you can end up making bad decisions. Knowing what the right property is for you is very important before committing your money. Do you want to buy a commercial or residential property? Do want to buy well-maintained property or a property you need to renovate? Are you looking for a fancy, expensive property or a cheaper property in a developing area? These questions should help you to identify the right property for you.

  1. Know the neighborhood where you want to buy your first property

Many property investors use their first investment to determine whether they will buy more properties in future or not. Buying your first investment property in an unfriendly environment can result in low returns and you end up discouraged from investing in more properties. It is, therefore, wise to make sure that you understand the environment where you want to buy your first property before committing your money. Visit the area several times at different times of the day, weekdays and weekends to make sure that that you are comfortable with the location.

neighborhoods real estate location

  1. Know the local vacancy rates

This is a very important aspect to consider before buying your first investment property. Although vacancy is a normal thing in property investment, high vacancy rates may make your property unprofitable. It is, therefore, important to check with the local property management firms for vacancy rates in the area where you want to buy your first property. It could be unwise to buy property in an area where rental houses are over 50 percent vacant throughout the year or where the majority of people live in their own houses.

  1. Know all your investment expenses

Many first-time property investors think that they are good to go as long as they have enough money to pay for the property they want to buy. However, this is not the reality all the time. It is important to know all your investment expenses such as repairs, maintenance, garbage collection, utilities, insurance fees, and other costs associated with investment property. In order to be on the safer side, it is good to have extra money equivalent to 50 percent of your expected income to cater for investment expenses.

  1. Know how you intend to finance your property

It is important to know the sources of financing for your property. If you will finance it from your savings or a bank loan, you need to know the advantages and disadvantage of either option. Make sure your financing is ready before you start looking for a property to buy.

  1. Will you manage the property yourself or hire a property manager?

The last factor to consider is whether you plan to manage the property yourself or you will hire a professional manager to do it on your behalf. If you intend to do it yourself, do you have adequate skills to do it? On the other hand, if you intend to hire a property manager, you need to know the expected costs and your net returns from the property.


What Is Ailing the Atlanta Real Estate Market? Things that Property Management Companies in Atlanta Need to Know

Many cities in different U.S. states have experienced rapid real estate growth in the recent past. Actually, real estate in many big cities has shown positive indications of recovery in the past two years. However, the situation is quite different in Atlanta, where the real estate recovery process is still lagging behind. This has raised more questions among property management companies in Atlanta because the city seems too slow to catch up with other big cities in the country.

Many people expected real estate to grow rapidly in Atlanta after the recession, since it is one of the most populous cities in the U.S. In order to provide answers to some of the questions asked by property owners and property management companies, the following are some of the things that are ailing the Atlanta real estate market as explained by Jim Lee, chairperson of CRE and a co-founder of investment firm Kensington Realty Advisors in Chicago.

  1. Densification/urbanization of Atlanta suburbs 

Many suburbs of Atlanta are becoming urbanized, creating environments where people can live and work at the same time. Subsequently, Atlanta suburbs real estate is growing quicker than the downtown Atlanta where many buildings are old. Real estate growth has shifted to the upcoming Atlanta suburbs at the expense of the main city of Atlanta.

  1. Debt Capital market retrenchment 

It is worth noting that lending is slowing in Atlanta. This is because regulators in the region are instructing banks to slow down commercial real estate lending. Consequently, very few investors are willing to invest in commercial real estate in Atlanta, resulting in less new homes being constructed.

property management companies in atlanta

  1. Demographic shifts 

In Atlanta millennials are waiting later to get married, settle down and have kids. As a result, the majority of millennials in Atlanta prefer sharing houses or staying with their parents instead of buying their own homes or renting apartments. Millennials, who are unwilling to buy their own houses or even rent apartments, are gradually surpassing boomers in the workforce. This has reduced the number of people looking for houses to buy or rent in Atlanta because baby boomers and millennials are now competing for the same housing.

  1. Unstable Energy costs 

Unstable energy costs is a big problem for some tenants in Atlanta. Although energy costs come as a boon to property owners, especially in energy driven economies, many tenants prefer renting or buying homes in areas outside Atlanta where energy costs are relatively low and stable.

  1. Housing affordability and credit restraints 

According to Rent Appeal, an Atlanta property manager, home ownership and rentals affordability in developed areas of Atlanta is a big challenge to many people. Consequently, many people in Atlanta prefer renting or buying a home in developing areas and out-of-town areas where houses are affordable. Additionally, many people prefer living in “micro apartments” where rent is affordable instead of renting in posh estates of Atlanta where rent has become too expensive. Majority of the millennials in Atlanta prefer to live in tiny units and pay less instead of expensive luxury homes.

  1. The prevailing political environment 

community in atlanta

Instability in politics is another factor that has caused Atlanta real estate growth to stagnate. Bad politics result in poor governance and this has discouraged real estate investors to build more houses in Atlanta. Unstable politics has delayed development and construction of important infrastructures such as good roads, bridges, drainage systems among other structure that add value to real estate.

  1. Struggling middle class

The gap between the rich and poor has affected the real estate market in Atlanta and the entire Georgia state because many people are struggling to make ends meet. As a result, some people prefer renting instead of buying homes. Some tenants have moved to smaller apartments in developing suburbs where housing is affordable. In other words, the millennial population in Atlanta does not have a strong purchasing power like their predecessors.

  1. The growth of the sharing/virtual economy 

Majority of the people in Atlanta have developed a habit of sharing in order to cut costs. In Atlanta, people share cars, business spaces and even residential houses to cut costs. This has reduced demand for rental houses in the Atlanta, regardless of high population. Instead, the move has resulted to densely populated areas and strained social amenities.