PROPERTY MANAGEMENT BLOG

Do I Need Professional Property Management?

System - Wednesday, June 17, 2020

A high-quality apartment manager can be the difference between the chore of owning a building and reward of growing an investment. If you're on the fence about your current property management or haven't sorted yours out, then these questions can help you determine if you're ready to partner with a professional property management team:

  • Are you comfortable setting pricing and following market changes?

It goes without saying that a proper pricing strategy can make or break a real estate investment, especially in Seattle's fast-paced housing market. A building with 20 units will suffer 10X as much from pricing mistakes versus a duplex, so setting prices on larger multi-family properties requires expert-level market knowledge and confidence. A great property management company will have many local properties under their belt and do a unique pricing study for each property to account for the specific building and it's position in the neighborhood.

  • How well do you know the law?

In the Greater Seattle market, every part of housing is highly-regulated – from applications to rent collection to renewals and evictions. Seattle property management companies like Guide Property Services are experienced in dealing with the unique laws that affect properties in Seattle, Bellevue, Redmond, Kirkland, and Renton. If you're not 100% confident in your knowledge around these areas then you may be better off partnering with folks who are.

  • How close do you live to your properties and how often are you home?

Most properties with ten or more units require someone from management to be on-site most days of the week, 52 weeks a year. Someone has to handle all the tenant questions, maintenance, deliveries, tours, and rent collection – is that person you? If you live on-site this may be manageable but your valuable time will be eroded if you travel regularly, or you live several miles away from your properties (or have multiple)! Of course, the other side of this coin is that by having a property management team looking after the day-to-day, you gain the freedom to live further from your properties, travel regularly, and focus on other investments.

  • Do you want to be the point person for all of your vendor relationships? 

A multifamily property in Seattle can require dozens of different vendors, contractors, supplies, and tradesmen. Not only does each project require oversight and supervision, but if you don't have the proper team of vendors then you can end up in hot water before any work or services even begin.  Established property management companies have in-house maintenance teams and long-standing vendor relationships with trusted local providers that can spare you from the headache of vetting and managing vendors. 

Guide Property Services is the premier property management company in the Seattle area. If you're serious about your multifamily property investment, let's talk. Click here to get in touch with us today.