Due to its relative stability and increasing value, real estate has become a popular investment, especially for those who seek to diversify their portfolios. However, many do not purchase real estate because the fear taking on the responsibilities of a landlord. Fortunately, you don’t have to worry about these responsibilities if you work with a company that offers rental management Tacoma WA.
Property Managers
Property managers are companies that you contract to maintain your rental property. They are responsible for keeping your property rented and keeping its occupants happy. They market your available rental properties and interview prospective renters to reduce vacancy times. They also collect your rent and make sure your home is repaired quickly and maintained properly. These companies are responsible for staying up to date on current tenant laws.
Management Costs
Whether you are contracting a property management company to manage one or more of your properties, you are likely to pay up to 12% of the rent you charge in management fees. Although eight percent is the average fee, some managers also charge a flat fee on top of your rental percentage. Carefully review what services are covered in your property management costs, and compare contracts from multiple providers to get the best value and service.
Property Management Benefits
Property mangers take care of the day-to-day management of your property. They use their expertise to ensure that you receive the highest-quality tenants. For example, they look over thousands of rental applications and can identify positive and negative characteristics for each tenant. Their marketing expertise means that your property is not vacant for long periods of time. Also, they work with a team of contractors, so any repairs your house needs often cost less. Because these managers understand tenant laws, you won’t find yourself in court or sued. They also take care of any legal challenges, such as evictions.
If you are thinking about or have purchased investment properties, consider working with a reputable property management company.
