Managing property in Bellevue can be a hassle and if you’ve given it a go on your own then you probably know that keeping up with and remembering everything is extremely difficult. For most landlords, the options for management are using excel documents or notebooks, a property management software program, or hiring a professional property manager. The following will help you with choosing an option for your business.
Managing In Excel
Excel is where many property managers start out for the simple reason that most of us already have it. Excel documents allow you to keep track of multiple files, create receipts, generate statements of revenue and track who has paid and who hasn’t. With tabbed pages, you can literally create as many pages as you want within one document and keep everything in one place. While not the most professional or the easiest way to manage, it offers convenience in that you don’t have to download anything, and you probably won’t have to spend anything. However, it is the most time intensive option, and you won’t get any extras like tax help, marketing, help with your tenants or paperwork, ore really anything but records keeping.
Property Management Software
Property management software takes the basic records keeping premise of Excel and allows you to add on other features. Depending on the management software, you might get online billpay, client portals, paperwork templates, online booking for short term rentals, email management, marketing, complaints filing, and much more. However, you will pay by the month based on your usage, and most of the time, you have to have a minimum number of units. While there are some options that work with one or two units, most do not. Importantly, you still have to do all of the work, tenant interaction, and accounting yourself, because the software cannot.
Bellevue Property Manager
Professional property management is an option that some new Bellevue investors steer away from because of costs, but you do get more for your money. While property management software asks you to pay for something that still requires you to put a great deal of time into, a professional property manager means that you won’t be putting any time in at all. Bellevue property managers handle everything, from rent collection to marketing to maintenance and even paperwork and emergencies. While most do take a small percentage of your rent, this may even out in terms of saving time and hassle on your part.
Choosing on a long-term property management option can be difficult, but if you aren’t sure, you can always start out with the most affordable method and upgrade if it’s too much hassle. If you primarily want your real estate investments to manage themselves, then a Bellevue property manager is still the best option. You can also get a free quote to see how much it will cost you per month to have everything handled for you.