Seattle is a wonderful place to live. With its moderate climate and friendly West Coast culture, it’s a haven for people from around the world. However, even if you own property in Seattle, you may not have the opportunity to live there all year. Whether you’re living overseas on a temporary basis or you’re looking to invest in Seattle rentals, you need someone to keep a watchful eye on your property and ensure that it’s making an income instead of sitting vacant.
Why Own Property in Seattle?
There are many reasons that people own property that ends up sitting vacant. You might live somewhere else but love the climate and the culture of the West Coast. For most of the year, your vacation home sits vacant, waiting for your return. You may also be one of the many people in the mobile, global workforce. You have a new placement in another country, but you want to keep your Seattle property in case you return home.
Whether you’re away for a while or you’re investing in new property, many property owners see Seattle as a sensible investment. This growing city is home to many retirees who flock to the downtown core for entertainment and culture. At the same time, it’s home to a creative and technologically-savvy group of young business people who see Seattle as a place to begin or grow their careers. For you, these people are the ideal renters. According to Marketing Charts, your Baby Boomer retirees are a well-heeled crowd overall: “in the next 5 years, they’re projected to hold 70% of US disposable income.” You need to tap into this market, and to do this, you’ll want to invest in Seattle rentals.
The Challenges of Managing Property From Abroad
If you live abroad, managing a property isn’t all ease and income. It can be hard work to manage the challenges facing a property when you’re very far away, without easy access to contractors and emergency repair people and without the ability to check in on your properties. You can’t talk with prospective tenants very well either: if you’re living abroad, you can interview over the phone, but it’s not possible to coordinate a property walk-through. An unoccupied property isn’t just a potential financial loss, it can also be a problem for insurance. According to BrokerLink, the concerns about unoccupied properties are so large that “there is typically no coverage for vandalism, theft, water escape, or glass damage starting on the first day of the vacancy.” If your property is vacant for more than a month, your insurance is likely void. This means that if someone breaks in or a water pipe bursts, you need to clean up and pay for the damage. To manage the day-to-day logistics of your property rentals in real time, it’s best to hire a property management company.
Treat Your Seattle Rentals As An Investment, Not a Liability
A management company can help you turn your Seattle rentals from a potential liability into a smart investment. A rental property manager is responsible for ensuring that your property remains rented. They’ll also check in to make sure everything is going well and coordinate rental payments and repairs if required. You’ll know what’s going on with your property, even if you’re living abroad.
To find a rental property manager, look for recommendations. Connect with those who have properties in the same neighborhood. Look online for recommendations too. Remember, this management company is acting instead of you, and you need them to be as diligent as you would be when you’re renting your property.
Are you looking for an exceptional rental property management company? Contact Lori Gill and Associates. With extensive experience in the Seattle area, we’re here to help you manage your rentals when you’re not in the country. We’ll be your trusted property managers who can help turn your rental investment into a success.
