Residential Property Management
If you are looking for the best in Seattle property management, look no further! Residential property management is our bread and butter, and the backbone to our business. While we specialize in 1-4 unit properties, we also manage apartment complexes (<100 units) and homeowner associations. We have been in the trenches and seen it all when it comes to rentals. We have blended these experiences with our positive attitude to develop a balanced approach of compassion and fiscal responsibility with our Tenants.
We offer our clients a full suite of property management services.
Set Rental Price
Some owners know what their property will rent for, and that is great. But many do not. We will do a comparative market analysis (similar to the types we do when we list a property for sale) and return a range of rental prices for the unit. We will start at the top of the range and adjust the price to the market and the traffic we are receiving on the property.
Prepare Property for Rent
If the property is owner-occupied we will provide advice on how to stage the property for showing. In all other instances we will do a thorough inspection of the unit to make sure all repairs are completed prior to move-in. Typical turnover improvements include: painting, carpet cleaning or replacement, bathtub caulking, light bulbs, and the like.
Nearly all of our marketing is done online. We write extensive ad copy that gives a tour of the property, then back that up with lots of photos and a video tour. No &qyuot;one-liners:quot; here! Our ad goes out to 5 main sites, including our own website (for cross-marketing) plus Craigslist, Zilow, and a few other. We have no problem attracting leads.
We will also place a sign in the yard. We don't get a lot of traffic from the sign, but it helps if there are neighbors needing to move and wanting to stay in the neighborhood, and it also helps prospects find the house for showings.
Good property management starts with good tenant screening. Our approach to tenant screening is to have a strong tenant screening policy in place (and then follow it!). But we are also flexible enough to make accommodations. Our goal is to separate the wheat from the chaff, so to speak. By placing a strong emphasis on tenant screening, we aim to find only the good tenants (and send the rest to other property management companies!).
We simplify the rules for the tenants by explaining to them there are only two:
- Pay the rent on time, and;
- Keep the property clean.
Signing of Lease
After we have approved a tenant we will schedule a time to sign the lease, do the move-in inspection, and collect move-in monies. We have used the same lease for the past 20 years, so we are pretty familiar with it! We update our lease regularly to stay in compliance with the Washington Residential Landlord-Tenant Act (RLTA), and to close any potential loopholes.
The move-in inspection is important to document the condition of the property at move-in. We do a similar inspection at move-out and any discrepancies will be dealt with through the security deposit.
The tenant is not allowed to get the keys until all move-in monies are received. We do not accept personal checks for the move-in. We collect the first month's rent and a security deposit at move-in.
Last Month's Rent Deposit
We also collect a last month's rent deposit. But we stage this deposit over 4 months beginning with the second month in order to ease the financial burden on the tenant. The collection of this deposit is a win-win. The tenants win because they pre-pay their last month which allows them to save money for their next place when they decide to move on. The owners win because it provides additional security in the event the tenant wishes to break their lease.
95% of our tenants pay their rent online through the Tenant Portal. It is quick, convenient, and secure. Payments get credited to their acocunt instantly and automatically, even though the actual bank withdrawal from their account may take a few days.
For those tenants not choosing to pay online, we do accept rent via US Mail or personal delivery.
Property inspections are an important part of property management. It allows the manager an opportunty to check on the condition of the property as well as any violations of the lease. It is the best property insurance money can buy!
We do two types of inspections. We do inspections at move-in and move-out. This is wrapped into our management fees. We also do annual inspections on the anniversayr date of each lease for tenants who stay longer than a year (which is most of them).
Maintenance is always a hot topic in property management. We aim to have the best maintained properties in Seattle. It is our philosophy that you can either pay for it now or you can pay for it later. And if you pay for it now it will be both cheaper and more enjoyable for the Tenant, thus creating loyalty with the Tenant. So our preference is to perform the needed maintenance when it arises. Of course, there are always exceptions, and we take those as they come. Once a year we inspect each property to make sure the Tenant is adhering to the terms of their Lease and to make sure there are not any hidden deficiencies within the property using a detailed checklist.
We brought maintenance in-house and it is one of our divisions. This allows us to have control over both the cost and the quality of the work. It also brings accountability to one place -us! You don't have to use our maintenance services if you don't want to. We can find a vendor or you can work on your property yourself. It is a service we offer, and comes in particularly helpful for our out-of-state clients or local clients who either do not have the time or the construction background.
Reporting is another important issue. Poor communication is a common complaint between Owners and their managers. At Full Service Property Management, we have a service standard to return every phone call and email the same day or within 24 hours. We know. We've hired property managers before! It gets frustrating when they don't get back with you!
It is more than just signing a Management Agreement and sending out statements each month. It is about keeping everyone informed. Whenever a vacancy comes open or is filled you will be notified automatically; and similarly with other significant issues. We strike a balance between keeping you informed and not bothering you with the micro-management you pay us to do for you.
Our reporting involves monthly income/expense reports that are mailed out around the 8th of each month. We also provide 1099s and end-of-year summary statement to assist in the preparation of those awful taxes!
In addition, each of our clients has the opportunity to create a private, secure account online through this website. We then push all sorts of information out through that portal to help our clients stay better connected with their property. Available 24/7, our clients are able to access archived financial reports, lease documents, maintenance requests, and so much more on their specific property(s).
Give us a call at (206) 992-6637, or request more information on our property management services here. We can describe our services, answer your questions, and explain our fee structure. We look forward to hearing from you!