Property Management Companies Northwest Vancouver Vancouver Washington

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Are you a investment property owner in or near Northwest Vancouver Vancouver Washington? Ask yourself, is your existing property management company charging you too much?

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If you are in search of a dependable property management agency in Northwest Vancouver Vancouver Washington RentVest welcome you! Lately the number of property management companies in Northwest Vancouver Vancouver Washington has bloom

Exactly what do property managers in Northwest Vancouver Vancouver Washington do? Are you aware what Property Managers do? The fact is they fulfill many duties, with the main one being rent collection. rent collection is a strenuous job for many property investors. The greater property they may have to manage, the greater the task it is to keep up to date with rent collection, however property managers manage the whole rent collection process.

They also see about maintenance issues. For instance, they may send someone out to perform regular maintenance or provide upkeep services if they are asked for. All you have to do is agree to payments or pre-approve payments ahead of time, this way the manager of the property will not need to call you each time repairs is needed.

Locating prospective renters who will pay their rent on time is another thing property managers look after. They could do credit report checks, carry out interviews and execute a indept security check. They are aware of things to search for with regards to choosing tenants.

Accounting is typically included with the assistance given by property managers. They are able to maintain correct files, which can be useful when the time comes to file taxes. Bookkeeping is not really a fun task, but it needs to be done and it has to be done efficiently, which is one of the reasons property investors should use property managers.

Hiring a Property Management Company in Northwest Vancouver Vancouver Washington!

Hiring a property management firm will set you back money, however it will save you time and effort. When you have real estate which you own and rent out to tenants, be they professional or private, then you have many things to take care of. If it is only a couple of units, maybe you might remain abreast of all of it, but if you own more than two, things might get difficult rather quickly, and property management would turn into a permanent job, which can be that thing you have been seeking to escape or currently have.

A real estate management company is the go between for you and your tenents, dealing with queries with tenants, maintenance requests, yard work, and also interviewing and turning away tenants as needed. In exchange, the house management company gets paid a share of the rent for their time, before filtering the balance to the owner account.

As a property owner, your profit margin falls, however, your schedule is free. Also, top property management companies are really worth the money considering how they can remove problem renters that amount to money, make your properties in good shape, and find reliable tenants that reduce your vacancy rates and provide you steady and reliable rental income.

RentVest Property Management rapid expansion as taking many other property management companies in Northwest Vancouver Vancouver Washington by surprise. The reality is that Northwest Vancouver Vancouver Washington investment property owners had been looking for a dependable property management agency in Northwest Vancouver Vancouver Washington for some time now but it looks like that no one was listening. RentVest is the firm of chores for many property owners throughout Northwest Vancouver Vancouver Washington and we would like the opportunity to show you how we make owning rental real estate easy. Those looking for additional info on the services we offer at RentVest please stopped by our property management Arizona blog!

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Real Estate Management Techniques to Favor Senior Tenants

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Real estate management companies and landlords must understand what seniors want in an apartment to win their tenancies and leverage the profit potential created by baby boomers downsizing to rental apartments. Rental demand among baby boomers is increasing, a trend that is expected to continue as America’s 75 million baby boomers prepare to retire or already have.

Property managers and landlords eager to capture a share of the boomer tenant market can start by getting to know what older tenants look for in a rental, a challenge considering the staggering diversity of this demographic. No cookie cutter tenant profile exists for the 55+ population; the needs of older residents change for people in the 65+ age range and are much different for the age 75+ crowd.

Real Estate Management Companies and Senior Tenants

When it comes to living space expectations, researchers find that older Americans actually have few things in common. Below are some top features and amenities that make apartment rentals most attractive to today’s aging renters.

1. First-floor master suites

The number one priority among baby boomers seeking rentals is a first-floor master suite.  According to Milwaukee-based Certified Seniors Real Estate Specialist Bruce Nemovitz, an estimated 40 percent of new homes under construction include first-floor master suites, marking a 15 percent increase over the past 10 years. As baby boomers age, navigating stairs often becomes more difficult and hazardous. First floor master suites incorporate a bedroom and bathroom, making it more plausible for tenants to age in place.

Property managers and landlords who plan to renovate rental bathrooms to better accommodate aging tenants can make upgrades that work for renters of all ages, such as:

  • Installing grab bars in the shower and next to the toilet.
  • Changing out a standard toilet for a comfort-height version, which make it easier for aging adults to sit down and stand up.
  • Installing a walk-in shower with bench seating.
  • Installing a bathtub with a swing door for aging adults to enter and exit more safely and easily.

2. Accessibility

Aging Americans want homes or apartments that will be easy to navigate as they get older. Rentals with multi-level entrances and units, long driveways or parking spaces located a distance from the unit’s entrance can be deal-breakers for older adults.

To increase interest in your property among older renters:

  • Make sure that walkways are level. If the walkway is constructed with brick pavers, make sure they’re well maintained with no loose or displaced bricks that create a tripping hazard.
  • Outdoor patios should be level with the adjacent indoor rooms. Raised decks or multitier porches aren’t functional for many older adults. Properties that already have these features in place should provide an alternative should also offer a gently-sloped ramp at the side of the deck or ramp for aging tenants to safely access the entrance on foot, by scooter or by wheelchair. If space allows, install an ADA-compliant ramp to attract more tenants who are looking for a rental in which they won’t have to move if their mobility declines in the future. An ADA-compliant ramp will also attract tenants of all ages with disabilities.
  • Consider enlarging doorways to accommodate tenants who use a wheelchair or walker. Wheelchairs need at least a 36-inch doorway opening, but 42-inches is preferable.
  • Assign parking spaces as close to the unit’s entrance as possible.

3. Inclusive Rents

Tenants in the 55+ demographic prefer properties offering rent pricing that includes all utilities—heat, electricity, water, gas, cable and internet services, parking, and laundry. Most of today’s renters age 55+ are former homeowners and part of their downsizing strategy includes relieving themselves of maintenance and property upkeep responsibilities for good. The 55+ demographic look for rentals in which yard work, snow removal, property clean-up and other chores are included in the rent.   Americans are looking for homes where the yard work, snow removal, and other strenuous chores are performed by a property management team and included in the rent.

The preference for all-inclusive rentals also helps older tenants manage budgetary challenges that can arise after a spouse passes away. Including utilities and standard services in the monthly rent makes for one less thing to worry about as they age.

  1. Gathering space

Americans are living longer than ever before, often 20-30 years into retirement. Aging baby boomers are social creatures and place a high priority on remaining social as they get older. Rental properties with designated spaces in common areas designed for gathering with friends and family are particularly appealing to 55+ renters. If you’re planning renovations to attract modern seniors, consider creating welcoming gathering spaces for entertaining small and not-so-small groups outside the rental units.

Well-maintained outdoor spaces and spaces in lobbies, clubhouses, pool areas, and picnic areas can be easily transformed into gathering spaces for residents and guests to mix and mingle.

5. Room for Guests

Today’s aging population wants to continue entertaining friends and accommodating adult children and grandchildren in their downsized rental homes. That means they’re looking for rentals with at least two or three bedrooms for guests that can double as a home office, yoga room, or other personalized space.

  1. High-End Finishes

Many Baby Boomers are accustomed to the high-end finishes they enjoyed in their family homes and aren’t willing to sacrifice quality when downsizing to a rental. They look for apartments with high-quality kitchen and bathroom fixtures, features, and appliances. Real estate management companies should consider asking older residents and acquaintances what they look for in a rental property.

Would they prefer marble or granite countertops, solid wood cabinets, and top-of the line appliances at a higher rent rate, or would they be open to sacrificing some high-end finishes in exchange for a lower rent rate? If they’re looking for a lower rent rate, which finishes and features are most important to them, and which are less important? It’s better to spend money on upgrades that reflect the preferences of most renters in the 55+ age demographic.

7. Effective lighting

Lighting is important to aging adults who are more vulnerable to injuries due to unseen physical hazards as well as security. Property managers find motion-sensor lights are ideal for driveways, entryways, hallways, stairways, and other common areas. Motion sensor lights illuminate areas automatically as tenants enter an area, sparing older adults from fumbling for a light switch in dark spaces. Adding multiple light switches in rental units will help older residents readily turn a light on or off and reduce the distance between switches to turn a light on or off.

Installing larger windows in rental renovations geared to attract aging tenants as well as tenants of all ages. Larger windows increase the amount of natural light in the unit, brightening the space and making rooms appear larger.

As baby boomers enter retirement en masse with downsizing in mind, real estate management companies, property managers, landlords, and homeowners associations are increasingly competing for their share of the lucrative 55+ rental market demographic. In order to make the most of this profitable tidal wave of opportunity for maximizing your passive income stream, it’s important to understand the needs and preferences of today’s aging Americans. Investing in property upgrades that attract older tenants, many of which are simple and inexpensive, will give you an edge among competing rental property managers for attracting and retaining aging tenants.

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