Grow a Rental Property Portfolio With the Right Edmonds Property Managers

Updated February 8, 2022

Owning a rental property when you do not have the right management team by your side can be a nightmare. It starts with one rental property, but many Edmonds investors have a goal to grow a successful rental property portfolio over time. 

If you want to bring your rental portfolio to the next level, you want to think outside of the box. You need to go with a management company that brings a unique flavor to the table, a combination of automation and high-touch service solutions. No two full serv property management companies are exactly alike and finding one that is the best fit for your needs can be challenging without the right insights. Here's what you need to know to grow a rental property portfolio with the right Edmonds property management partner.

Why Hire a Property Management Company

If you own a residential rental home or a portfolio of properties, you may be asking why you even need a property management company in the first place. As a landlord, you have a lot going on when it comes to maintenance, rent collection, upgrades, and finances. All of this together means that you will be spread very thin, especially when operating multiple rentals!

When investors bring in a professional full-service property management company, it allows them to focus on the most value-add tasks to benefit their portfolios. It's also a chance to spend more time—and profits—to grow a rental property portfolio.

The right property managers allow you to hone in on your business of buying investment real estate. They take care of things such as rent collection, maintenance requests and repairs, upgrades, and finding quality tenants. With a property manager handling these daily details (and more), rental property owners have more time to look for their next investment!

Here are just a few of the ways that property management experts can help you grow a rental property portfolio in Edmonds.

Avoid Handshake Arrangements

As a landlord or first-time owner of rental property, it can be easy to fall into the trap of a handshake agreement with tenants. It is critical that you have a set process and documents for leasing with every new renter. This means having a lease contract with every one of your tenants. Property owners must collect tenant signatures on the rental agreement before move-in day. Without those signatures, landlords will struggle to enforce adherence to that lease contract for the duration of the lease. 

The same goes for how you handle the review of tenants before they are able to enter a lease agreement. Screening tenants in a methodical and responsible way can help ensure you get quality individuals under lease agreements. The best Edmonds property management team helps owners find renters that will help care for the property, adhere to rent payment schedules, and follow the house rules.

Continue to Reinvest in Your Portfolio

You may have a top-notch rental portfolio at the moment, but that doesn't mean that your properties can stay profitable without upgrades along the way. As you work with your property management company, take the profits you are bringing in and reinvest in your rentals where it matters most. This includes regular maintenance of the properties to keep them in top condition. This also means conducting smart upgrades so that you can continue to justify rental rates that keep your properties competitive in the Edmonds, WA market. 

Property management companies like The Joseph Group can help you with maintenance and upgrades, allowing you to reinvest where it matters most to avoid costly repairs later. 

Build Wealth (Without the Work)

Having more rental properties means more work to make them profitable! Allowing your property management professional to help with core services such as rent collection, tenant screening, and maintenance enables real estate investors to buy more rentals and build more long-term wealth. The right property managers also help track your rental property finances, deal with difficult tenants, and enforce the lease. These are all services that come with the experience owners need to maximize returns from a growing portfolio. 

Delivering quality property maintenance services is one of the most critical aspects of maximizing ROIs by keeping quality tenants for more than one lease term. Finding quality vendors can be difficult, but an Edmonds rental management company has a network of experienced contractors to handle any maintenance need (while reducing costs for investors). 

With expert processes and strategies, investors experience the benefits of more long-term wealth. 

Grow Your Portfolio With an Edmonds Property Management Company

The Joseph Group property management team loves helping investors start and grow real estate investment portfolios! With our professional property management services and local experience, property owners can focus on what matters most. 

When you can grow a rental portfolio with the help of the best Edmonds property management company by your side, the possibilities are endless. Investors have the opportunity to tap into top-notch services and management experience, which enables them to grow a rental property portfolio to the next level. See all the possibilities and more with The Joseph Group property management professionals helping you and your rental portfolio one unit at a time.