Bellevue Property Management Services

Bellevue Property Management Info:

Bellevue Local Profile

Bellevue is by far one of Seattle’s largest and wealthiest suburbs with a median household income of $113,877. Bellevue ranks amongst the highest in the nation in terms of education with more than 64% of adults living in Bellevue having a college degree. It is so popular among residents that it has been named the top five in best places to live in the USA three times since 2010, and Bellevue was also named “Second Best Place to Live in the USA” by the USA Today newspaper in 2014.

With four major shopping centers, many small and large businesses, numerous commercial districts, and major companies such as eBay, Oracle, Google, Microsoft, and Salesforce, Bellevue has a lot to offer in terms of job availability, education, and recreation. Bellevue is one of the most highly sought after cities in the Seattle area in terms of living and amenities, making your rental property investments and property management opportunities exceptionally lucrative.

Neighborhoods

There are many different neighborhoods, each one full of rental property investment and property management opportunities. Each of Bellevue’s multiple neighborhoods helps define the area with individual style, history, and culture. The opportunity to manage properties that range from lakeside living in Meydenbauer Bay to more of a rural feel in the Eastgate/Cougar Mountain area, to the luxury of downtown high-rise living. Other neighborhoods like Northeast Bellevue are nearby Microsoft, making them desirable for tenants that work there. The city also has a thriving neighborhood outreach program focused on improvement and local development.

• Bridle Trails
• Crossroads
• Eastgate / Cougar Mountain
• Factoria
• Newport
• Northeast Bellevue
• Northwest Bellevue
• Sammamish / East Lake Hills
• Somerset
• West Bellevue/Downtown
• West Lake Hills
• Wilburton
• Woodridge

Education – The schools in Bellevue are a major draw for tenants and will help with your property management endeavor. The Bellevue School District is one of the most celebrated in the region, with dozens of local Bellevue schools, many of which rank near the best in the nation. You can use the district’s online tool to find out which schools your investment property aligns with. There are 98 preschools, 44 elementary schools, 23 middle schools, and 16 high schools, as well as the Bellevue College in the Bellevue area. Bellevue has a lot to offer for families of small children as well as college students.

Parks & Trails – Other amenities that will make your investment profitable are the many parks and trails your tenants will have access to. There are over 100 parks to choose from with 96 miles of trails, plus recreations and guided tours, as well as sports. The mild climate as well as indoor opportunities make it so that there’s also plenty to do throughout the year. Bellevue partners with My Parks and Recreations to offer an interactive map with search functionality here.

Buying a Rental Property in Bellevue, Washington

What can you expect to get for rent for a Bellevue investment property?

$1.35 – $1.90 per square foot (3000 sq ft home rents for approximately $4000 per month. The average rent for an 850 sq ft apartment in Bellevue is $2,169)

Rental rates will vary depending on where the property is located in Bellevue. In the more exclusive or popular neighborhoods, prices can be well over two dollars a square foot. Bellevue has great schools as well as easy access to a wide variety of jobs which add to its desirability for a potential renter.

Managing a Rental Property in Bellevue, Washington

While there are many things to take into consideration if you are considering purchasing a property to rent in the Bellevue area, here are just a few:

• Will you actually make money owning and renting the property in question?
• Is owning a rental property part of your short-term or long-term investment strategy?
• What are the tax advantages associated with owning a property of this type?

Properly Assess Your Landlord Skills

A few of the duties that a landlord in Bellevue must take care of include: Marketing and showing the rental property, screening and choosing tenants, understanding all the laws, collecting rent payments, enforcing the lease, managing maintenance requests, and providing 24-hour emergency service.

Keep in mind that property management is a lifestyle decision, which can be like adding a part-time job in your life. In the end, many landlords choose to work with a Bellevue property management company instead of taking on all of the property management responsibilities of their Bellevue rental themselves.

When you take into account the liability protection, potential for a higher rent amount, and lower vacancy rate, often times a professional property management company can be less expensive than self-management. While initially, it might seem to make sense to manage your own rental property, you may find that the trouble is just not worth the amount of money saved.

SJA Property Management understands the time and effort needed to successfully manage your Bellevue rental property and will work with you to maximize your income and minimize the risk related to owning your Bellevue rental property.

Other helpful links:
• Bellevue Chamber of Commerce
• Bellevue Downtown Association
• Bellevue Rental Codes

Serving property investors and their property management needs in Bellevue and the greater Puget Sound since 2009. For more information about any of the issues discussed above, please contact one of our SJA Bellevue property management professionals at 425-658-1920.