Issaquah investors who are looking to increase their investment portfolio need two important things. A plan. And, a professional property management partner.
Your investment plan should indicate exactly where you are and where you want to be. There should be some detailed steps about how you want to grow. Do you want to increase your portfolio by acquiring new properties, or do you want to increase your portfolio by earning more money on your existing properties? Maybe it’s a combination of both.
The plan is your first step. Next, you have to execute that plan. This is where an Issaquah property management partner is instrumental.
Align Your Investment Goals with a Property Management Plan
How can your property manager help? Aren’t management companies chiefly responsible for finding tenants, collecting rent, and managing maintenance?
Those are some of the services we provide. But, we are also more in tune with the local market than anyone else. We understand what is selling, what is renting, and who is looking for new investment opportunities. We know pricing, we know properties, and we understand competition.
Your property manager should be doing more than leasing and maintenance. Your property manager should be helping you define and reach your investment goals. If you don’t have a management partner who aligns with your goals and understands what you’re looking for, it’s time to find a stronger Issaquah property manager.
Increasing Issaquah Investment Portfolios with Acquisitions
Whether you have one investment property or 10, thinking about the next assets you acquire can be energizing. Your property manager can help you by:
- Identifying likely investment properties in the market.
- Establishing the likely rental value that a new home will possess.
- Evaluating the work that will need to be done to get the property ready for market.
- Evaluating current lease agreements, rental prices, and tenants if you buy a property with residents already in place.
With the help of a property manager, you can focus on the properties that are likely to deliver consistent rental income and attract long term tenants. You won’t waste your time on fixer uppers or homes that won’t have a strong tenant pool.
Increasing Issaquah Investment Portfolio Values
Maybe your investment goals aren’t just about acquiring new doors.
Maybe you want to earn more money on the properties you already own.
Again – there’s a huge role for your Issaquah property management partner in this journey. Your property manager can make some recommendations on how to drive up rental values for the homes you’re currently renting. Sometimes, a simple coat of fresh paint or hard surface flooring instead of carpet can bring in extra rents. Maybe you’ll want to trade one investment for another through a 1031 exchange. You can take a look at shifting a short term rental into a long term property.
There are lots of options when it comes to increasing and upgrading your existing portfolio. Good property managers will introduce strategies and suggest resources.
We have been working with investors for as long as we’ve been managing properties in Issaquah and the surrounding areas. If you’d like to talk about increasing your investment portfolio, contact us at Real Estate Gladiators.