A well-maintained property with tenants who communicate and care: it’s on every property owner’s wish list. Unfortunately, in the world of property management, you get the good and the bad, and sometimes managing your properties can be difficult. If you own or you’re thinking of investing in Seattle rentals, you need to know about the challenges that you could face before you decide to invest.
1. You Need to Promote Your Properties
If you only have one rental, you may be able to squeak by using word of mouth to promote your property. However, even with a single property, you’ll find the best tenants when you create an effective promotional strategy. The key is to consider who you want to attract and where those tenants look for properties. That way, you can ensure that your marketing for your Seattle rentals reaches the right audience and you’re not inundated by unqualified or unsuitable applicants.
2. You Need to Screen Tenants
If you don’t like saying “no,” then managing properties may not be for you. As a property owner, you’ll need to screen tenants to make sure that you don’t get into a situation where an eviction is necessary. This includes looking at references and examining credit checks to make sure that prospective tenants can pay the rent and that they won’t damage your property. In your life as a property manager, you’ll need to say no sometimes so that you can say yes to the right tenant – the one that will take care of your property and pay the bills promptly.
3. You Have to Make Rules and Follow Them
As a property owner and manager, you’ll need to create a clear set of rules for your tenants so that your experience owning and managing Seattle rentals will go smoothly. For instance, you may decide that you need to limit the number of pets in your rental to make sure that the home remains clean and to keep peace with the neighbors. If there are complaints about upkeep or noise on the property, you’ll need to talk with your tenants about these concerns.
You also need to follow rules yourself. For instance, if you want to raise the rent, you need to check to see how much you’re allowed to change it in a year and what kind of notice you must give your tenants.
4. You Need to Handle Difficult Situations
If your tenants aren’t following your rules, aren’t paying the rent, or they’re being a nuisance in the neighborhood, you need to have a difficult talk with them. You may have to give them a reminder, or you may need to evict your tenants. This kind of predicament can be difficult to handle, but it is sometimes necessary in order to manage certain problems.
5. You Need to Put Together a Team
As a property owner and manager, you need help. If you enjoy doing home repairs and renovations, you may be able to work on some of them yourself. However, it’s always prudent to have a list of excellent contractors available just in case you need extra assistance. You can also turn to local property management companies for help managing some of the tasks that you find difficult. For example, a management company has experience promoting properties and screening tenants. If you find that you don’t have the time or energy for certain management tasks, you can keep your investment but outsource some of the more challenging activities.
Are you considering investing in Seattle rentals? At Lori Gill and Associates, we’re here to help you maintain and enjoy your investment. You don’t have to go it alone. Contact us today and see how we can help you navigate the world of property management. 
