We can see why you might want to manage your own Bellevue rental home. You get to maintain control over it and you won’t have to pay that monthly management fee.
Sounds great, but is it? Really?
If you have a lot of time on your hands, years of experience in the local Bellevue rental market, and a willingness to be on-call for your tenants 24 hours a day, you might be able to successfully manage our own rental property.
However, if you have a full-time job of your own, family responsibilities, or other passions that don’t include clogged toilets, chasing down rent payments, and learning the latest fair housing laws, you will have a better investment experience if you hand over the management responsibilities to a qualified property manager.
Mistakes are Easy to Make (and Often Expensive to Fix)
Even experienced investors make mistakes when they try to manage their own assets. If you place the wrong tenant, you can face late or missing rent payments and a lot of property damage. You might have to evict, and the eviction process has become more cumbersome than ever before.
If you don’t understand the security deposit laws, you can find yourself in court. When you allow deferred maintenance at your home because you just cannot get around to fixing things quickly, you end up with repairs that are more expensive and complicated than they should have been. You stand to lose money on long vacancy periods and rental rates that aren’t correct.
Professional property managers have made most of these mistakes already. We have learned from them, and we have perfected systems and processes that will protect you from costly errors, keeping you compliant and out of trouble.
Bellevue Property Managers Know the Local Market
When you work with a professional property manager, you’re gaining access to someone who studies the Bellevue rental markets. We understand what homes are renting for, what tenants want in a property, and how to market to a wide pool of well-qualified prospects.
This nuanced knowledge isn’t typically available to self-managers, and it can help you save money on long vacancy times. It can help you price your rental home correctly, and it can help you make improvements and updates to your property so it’s more attractive to the best tenants.
Maintenance Costs Are Controlled
Most property management companies get discounts from the best vendors and contractors in the area. This is because we provide them with a large volume of work, so they provide us with lower prices. When you are an individual managing their own home, you’ll find you have to pay more for plumbers, electricians, landscapers, and even handyman services.
Individual landlords are often tempted to save money by hiring people who aren’t licensed and insured. That’s dangerous when it comes to the condition of your home and the safety of your tenants.
Bellevue Property Management Fees Pay for Themselves
If you’re worried about the cost of professional property management, there’s good news. You’re actually more likely to lose money if you manage on your own.
One month of vacancy will often pay for a full year of professional property management.
Avoid that vacancy cost, and you’ve already paid for your professional services.
As property managers, we can also help you earn more with increased rents, better tenants and tenant retention, and lower maintenance costs. The value of your asset will increase, and you won’t have to worry about paying for property damage or expensive claims from bad tenants. Your property management fees are also tax deductible.
There are many good reasons NOT to manage your own Bellevue rental property. We’d love to tell you more about why it’s better for you and better for your property when you partner with property management professionals. Please contact us at Real Estate Gladiators.