Real estate market in the country is reviving and every investor is talking about acquiring proprieties and more properties. The economy of the country is also improving and more people can now afford to buy homes and those not willing to buy are able to rent decent housing. Let us look at the real estate market in Seattle, where the real estate was least affected by the 2008 crisis experienced many parts of the country. Demand for rental properties is very high in the area and rental rates are revised upward year after year. There is no doubt that rental properties are among the most profitable real estate properties in the region.
However, investors in the area should hire a Seattle property management expert to look after their properties if they want to maximize their returns. Studies show that rental properties managed by professional managers in the area more profitable than those managed by the owners themselves. Well, if you own some rental property in the area and you have been managing it by yourself, then you should consider hiring a property manager to take care of your investment if you want to increase its profitability. However, you need to be very careful when hiring Seattle property management because not everyone out there is a good property manager. The following are the basic tips on hiring a settle property manager that can help you choose wisely.
1. The property manager should be registered and certified
The Seattle housing and local authorities are very strict when it comes to real estate management and no one is allowed to operate as a property manager without being licensed, after undertaking and passing the required exams on real estate management matters. You need to actually check and confirm that the property manager you want to hire is registered and licensed by the local authorities. That way, you will be able to avoid getting into trouble with the law enforcers and you are sure your properties are in the safe hands.
2. The manager should have excellent communication skills
Once you have hired a property manager to look after your investment in the area, you no longer have a direct link with your properties and tenants. The property manager serves as the new link and you rely on the information your manager gives you to know about your investment. It is therefore important to make sure you have hired a property manager with excellent communication skills so that he/she can give you timely updates about your investment and the well-being of your tenants. The property manager should be able to communicate well with your tenants and understand their issues. No investor needs a property manager who is a bad communicator or the one who will never send you monthly reports about your investment unless you have called him or her.
3. The manager should be honest and reliable
A good property manager is the one that you can trust and rely on as far as management of your investment is concerned. In many cases, investors owning rental properties in Seattle do not live near their investments. It is therefore important to make sure you have hired a reliable and honest property manager to look after your investment if you want to get accurate updates about your investment. This is very important if you live outside the area or you have other commitments and you cannot manage to keep checking your investment on a regular basis. It can be very disastrous if hire a property manager who will be taking advantage of your absence to tell you lies about your properties.
4. Good understanding of the local real estate market
It is very important to make sure the property manager you are hiring to look after your investment in Seattle understands how the local market works. Rental properties in the area are very expensive and tenants expect outstanding services and total value for their money. The housing and local authorities have also established stringent rules and regulations to protect the interests and rights of tenants and property owners in the area. A good property manager should be very conversant with these rules.
5. Should have good property marketing skills
Real estate management in Seattle is very competitive and a good property manager should be able to reach out for possible tenants and convince them to occupy your properties. It is therefore important to interview several property managers in the area and pick the one with the most effective marketing strategies to avoid high vacancy rates in your properties.