Redmond Property Management Services
We have put this information together for those of you who either own rental property in Redmond, Washington or are considering the purchase of an investment property in the area. If you have a question about investing in a rental property or Redmond property management that is not covered on this page, please do not hesitate to contact us directly for a free consultation. We are a local Redmond based company providing property management services for over ten years, with a combined 40 years of experience. We can provide you with information on our service or an accurate rental evaluation by filling out a request form or calling our office directly.
Redmond Local Profile
Redmond, Washington, is known as the Bicycle Capital of the Northwest. It is home to several companies, most notably Microsoft, Nintendo of America, Genie, AT&T Mobility, and Satellite Development Facility (SpaceX). Redmond is known for its arts, culture, quality schools, and parks. These attributes make it a desirable place to invest and own rental property. In keeping with Redmond’s reputation for education, it is also home to the second-largest library in King County. It also boasts several festivals, weekly outdoor markets (in the summer months), and art galleries.
Redmond is an eastern suburb of Seattle about a twenty-minute drive away (without traffic). Like the larger city, it has a variety of areas that offer its unique locale, culture, and ethnicities. The City of Redmond includes approximately ten significant neighborhoods, including urban centers Downtown and Overlake, mixed-use land in Bear Creek, Sammamish Valley, Southeast Redmond, and Willows/Rose Hill. The remaining residential neighborhoods include Education Hill, Novelty Hill, Union Hill, Grass Lawn, Idylwood, and the Redmond Highlands. You can find your property’s community using Redmond’s neighborhood map.
Redmond is also home to many public and private schools, which is a boon to local families moving into the area for jobs at Microsoft or Amazon. Most of the city is part of the Lake Washington School District, but the Riverview School District serves homes that are east of 248th to West Snoqualmie Valley Road. Parents have access to 45 pre-schools, 22 elementary schools, 21 middle schools, and 10 high schools, more than 50 of which are private. The DigiPen Institute of Technology and the Lake Washington Technical College also have campuses in Redmond.
Parks & Trails
Redmond is famous for its parks and trails, which cover nearly 1,000 acres or more than 4 square kilometers. The area also offers more than 17 miles of hiking and walking paths and trails. The 23 local parks provide recreation as well as scenery, with RC planes, cycling, and sports events held throughout the year. Some of the most well-known trails are the Sammamish River Trail, Marymoor Park, and Idylwood Beach Park.
Buying a Rental Property in Redmond, Washington
There is much to consider when deciding where in Redmond to buy an investment property, and what to type of investment property to buy. Proximity to Microsoft, downtown Redmond, and Lake Sammamish are the three main factors to consider when making your decision. Generally, the closer you are to these three areas, the higher the cost of the property will be to purchase, and correspondingly, the higher the rent and lower the vacancy. However, there are many great neighborhoods in Redmond, all with their own distinctive positive features.
Deciding what type of rental property to purchase is a matter of personal preference and budget. In Redmond, you can find anything from a single-family home, townhouse, condo or duplex, to a 200-unit apartment complex to purchase. The amount you can pay as a down payment will dictate whether or not you can make a monthly profit from your rental. Most commercial lenders currently require between 20 to 30% down. Even at 20-30% down, it may be challenging to get a property to cash flow unless you were fortunate enough to find a great deal.
What can you expect to get for rent in Redmond, Washington?
A 4 bed/2 bath, 2,500 square foot single-family home rents from anywhere between $2600 on the low end to $3,500 on the higher end depending on area and amenities.
A 2 bed/2 bath, 1,000 square foot condo can rent for $1,800 on the low end, to $2800 on the higher end, depending on area and amenities.
Managing a Rental Property in Redmond, Washington
One of the first questions a new investment property owner will need to ask themselves is: should I manage the property myself or hire a Redmond property management company to manage my investment?
When making the decision whether to manage the property on your own or have it done by a professional management company, there are few factors to consider. For example, how much time do you want to spend involved with the investment, your risk tolerance, and your knowledge of managing rentals? Managing a property yourself can be done effectively, but it should be treated as a part-time job and given that amount of dedication and time.
SJA Property Management specializes in providing property management services for Redmond owners and can take all aspects of managing a property off of the plate of the owner. Tenant screening, lease preparation, and signing, rent collection, and maintenance handling are just a few of the property management-related issues that are routinely handled by a professional property management company.
Here are helpful videos on the pros and cons of self-managing
While it may appear to make sense to manage your property (for the sake of saving on fees), you may find that the trouble is just not worth the potential savings. Also, any costs saved on fees can easily be lost with an increased vacancy, non-paying tenants, or increased liability. The resources available and aggressive marketing campaigns, that are implemented by professional property management companies will likely result in your rental property renting more quickly, and for a higher rental amount. The money you hope you will save in fees may be eaten up in one month, due to unnecessary vacancies and you still would have to do all the other management related tasks, e.g. tenant communication, rent collection, emergency calls, maintenance, vendor screening, property inspections, and lease enforcement. In the end, it comes down to the goals and personal preferences of the investor. For more detailed information on any of the issues discussed above, please contact one of our SJA Property Management professionals at 425.658.1920.