RD House Real Estate & Property Management We Are Marketing Experts in our field with proven award winning websRenting OR Selling your Home-FAST,WITH -RELIABLE-DEPENDABLE Tenants OR-Pre Qualified Buyers RD House Property Management & Real Estate We Care and IT Shows 5% Management or Sales RD House Real Estate & Property Management Average time on rental market less than 22 DAYS www.rd-house.com 206-728-6063 Home » Video Powered by vFlyer.com VFLYER ID: 1527568 All information in this site is deemed reliable but is not guaranteed and is subject to changeites blogs and
Renting OR Selling your Home-FAST,WITH -RELIABLE-DEPENDABLE Tenants OR-Pre Qualified Buyers RD House Property Management & Real Estate We Care and IT Shows 5% Management or Sales RD House Real Estate & Property Management Average time on rental market less than 22 DAYS www.rd-house.com 206-728-6063 Home » Video Powered by vFlyer.com VFLYER ID: 1527568 All information in this site is deemed reliable but is not guaranteed and is subject to change
wedisodes, Location: www.rd-house.com RD House Real Estate & Property Management We Are Marketing Experts in our field with proven award winning websites blogs and wedisodes,
OUR groundbreaking multimedia platform is the key to your property success- call US we pride ourselves on our 5% promotions on Sales Listing & Rental Services
IN the Settle Metro Area 206-728-6063 www.rd-house.com
RD House is not just your average Property Management Company-it is a highly successful marketing engine that can help rent or sale your property faster AVERAGE RENTAL ON MARKET 22 DAYS
our website receives an average of 4,150 visits each month by local property owners and tenants who are in need of property management services in Addition to joint promotion & cross-promotion with of our Preferred Vendors & Preferred Partners RD House target and accomplish your goals much faster than conventional methods of Marketing
Look for our new wedisodes in May 2009 "Inside the House" on our dedicated video webisde rd house repm groundbreaking series Information Contact Information Ricky D Sadler rickyd@rd-house.com 206-728-6063 LED BY Ricky D (Broker), RD House Offers Efficient and Experienced REAL ESTATE professionals to help sell or manage your Property. Ricky D\\'s diverse background makes him a leader in Puget Sound Real Estate Contact Reply FormForward to a FriendView Other Flyers Rates Rate: $105.00 per month Rate Details: or 5% of gross 206-728-6063 Location 159 Denny Way 110 Seattle, WA 98109 View Map Links Print Flyer Profile Service Area: Seattle Metro Years of Service: 10 Service Type: Residential Property Management Market Focus: Premium Benefits of Service WE Provide Solutions tailored to Single Family Owners & Tenants Photo Gallery View as SlideshowView Photo Gallery (8 Photos)
Renting OR Selling your Home-FAST,WITH -RELIABLE-DEPENDABLE Tenants OR-Pre Qualified Buyers RD House Property Management & Real Estate We Care and IT Shows 5% Management or Sales RD House Real Estate & Property Management Average time on rental market less than 22 DAYS www.rd-house.com 206-728-6063 Location: Puget Sound Metro-Seattle, Bellevue, Burien, Kirkland Your real estate is a valuable investment and we can help you protect that investment with sound expertise. Our goal is to provide you the best property management service available in the Puget Sound Metro, starting @ 5%
Our groundbreaking marketing programs proves to be highly successful and deliver outstanding results. Generating A 'Sold or 'Rented' sign is our key objective, and we achieve better than industry standards with our online, video profile, webisode series, blogging and other marketing assets.
Please feel free to contact us Monday through Sunday from 9 a.m. to 7 p.m. Ricky D Sadler Broker/Senior PM @ 206-728-6063 or email rickyd@rd-house.com Join our YouTube Channel at http://www.youtube.com/RDHOUSEREPM
Summary of Services Owner/Tenant Relations: As your agent, we will advertise your property to locate and qualify tenants suitable for your property. We handle the negotiation of leases, collection of advance rents, security deposit escrow accounts, and if necessary, eviction proceedings. Our services remove the need for you to interact with tenants. Maintenance of Your Property: We approach each property with the understanding that it can be managed individually to meet the owners standards while insuring compliance with Federal, State, and local laws. We offer personal and professional care of your property. Over the years, we have come to know who can do the best WORK and the best prices for replacement or repair of equipment and appliances. Property Inspections:We inspect property at the time of Tenant occupancy and provide a Property Condition Report. This report establishes the basis for the operation and care of the property and serves as the final word when the tenant is checked out of the property. We also provide periodic inspections when needed or may be requested by the Owner or Tenant. Copies of all inspections are provided the Landlord/Tenant with recommendations where appropriate. Accountability:We have an outstanding record of on time rent collection (99%). We use a state-of-the-art accounting program for all properties. From the owner s funds, we will pay such items as mortgage and HOA payments (if desired), repair bills, and other bills which may accrue to the owner. Excess funds are either forwarded to the owner or deposited directly into their bank account on a monthly basis. Owner statements are sent monthly via e-mail, or by regular mail upon request. A 1099, as required by the Internal Revenue Service, is sent each year. We recommend that you consult with your financial advisor regarding the tax deductibility of expenses involved in your property management Information Contact Information Ricky D Sadler rickyd@rd-house.com 206-728-6063 LED BY Ricky D (Broker), RD House Offers Efficient and Experienced REAL ESTATE professionals to help sell or manage your Property. Ricky D\\'s diverse background makes him a leader in Puget Sound Real Estate Contact Reply FormForward to a FriendView Other Flyers Rates Rate: $105.00 per month Rate Details: Management & Brokerage Sales fee starting @ 5% base min management 105.00 Location 159 Denny Way 110 Seattle, WA 98109 View Map Links Print Flyer Profile Service Area: King County Years of Service: 10 Service Type: Real Estate Market Focus: Rentals and Sales Photo Gallery View as SlideshowView Photo Gallery (6 Photos)
RD House Real Estate & Property Management IS A- Leader In Downtown Condominium Management & Sales 5% 206-728-6063 Avg Days ON 22 Days Location: Seattle, WA If you own a home or a condominium and are trying to rent it out by yourself, I m sure you have some questions you ve wrestled with. How can I find a qualified renter or DO I sell? ASK RICKY D HE , Will they take good care of my house while they live here , and How much can I rent it for and how do I make sure I don t ask too much or too little for it ? These are important questions- and as an owner-landlord, you may have discovered that there are numerous others as well- are you handling your rental in compliance with Landlord-Tenant legal requirements in your city/county?, How should you handle utilities, maintenance and repairs?, How should you handle security deposits?, What are your options of the tenant breaks one or more terms of the lease?, and many others.
Fun Stuff Join our YouTube Channel at http://www.youtube.com/RDHOUSEREPM
Using a professional property manager provides you with a trusted professional resource to navigate these issues confidently.
We find qualified tenants. Our broad professional advertising generates more calls from prospective tenants than owner/landlords are able to generate, we market and show the property, and provide full criminal, credit and background screening to be sure your tenants are the most qualified and responsible.
We get the best rents possible. We work full time in the rental market, and have a clear understanding of market rates, competitive properties, and rental opportunities.
We are a trusted professional resource. Property managers are licensed as Washington State Real Estate agents, we participate in continuous professional education and industry associations, and provide you with a wealth of professional experience.
Professional management costs less than most people think. Using a professional property manager is probably less expensive than you might think. For just dollars a day, you get all of the expertise and peace of mind that professional management provides, and a trusted partner on your side to handle all of the questions, concerns and issues that arise with a rental property. RD House Real Estate and Property Management has many satisfied clients, and I hope you ll consider letting us help you as well. If I can be of any help at all, please don t hesitate to contact me directly.
Ricky D Sadler Broker/Senior PM RD House Real Estate and Property Management 159 Denny Suite #110 Seattle, WA 98109 www.rd-house.com Office: (206) 728-6063 Cell: Email: rickyd@rd-house.com Information Contact Information Ricky D Sadler 206- 728-6063 admin@rd-house.com OR Ric...Contact Reply FormForward to a FriendView Other Flyers Rates Rate: $105.00 per month Promotions: 5% Summer Management Special Rate Details: Management fees can vary, $105 is a minumum fee amount Other Details: 5% Management & Brokerage Fee offered Puget Sound Metro, Seattle -Kirkland Payment Methods: Other Location 159 Denny Way #110 Seattle, WA 98109 Links Print Flyer Profile Service Area: Seattle Years of Service: 11 Service Type: Real Estate Market Focus: Residential Photo Gallery View as SlideshowView Photo Gallery (7 Photos)
Fast Company blogger Seth Kahan wrote a great peice earlier this fall about the community re-engagement to restore marvin Gaye Park in Washington DC. the Power of a Park. It had formerly fallen into disrepair and been overrun by drug users and dealers, earning the nickname "needle park".
It's an interesting read, and made me think about Seattle, where we have been on a new park development binge for several years. Parks are great, but to the point of the article, in addition to just creating net new greenspace, how many parks do we have that have become eyesores and hotbeds for criminal activity after hours? I know of 5 or 6 off hand that are in such condition- and with some community involvement could be recovered not just to provide safe enjoyable greenspace we like so much, but could become catalysts for the commnities around them, to provide neighborhood engagement and a source of garss roots community revitalization.
Check out the article and let me know your reaction.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
One of the major points in the panel discussions of the WMFHA 2010 Annual Economic Forecast (see my earlier blog entry on that topic) was that the economic recovery is going to be challenged by slow job growth; with a fairly diverse employment base, Seattle has the opportunity to compete to attract the pool of existing employers and jobs that exist today, and will grow as part of the recovery. Mike Scott of Dupree-Scott Apartment Advisors on the panel made the valid point that Seattle needs to get serious about leveraging this opportunity. And a few weeks ago, we got some help from two sources- in Forbes magazine's annual "best states for business" rankings, Washington moved from third place to second, and Washington, D.C.-based Tax Foundation ranked Washington No. 9 on its 2010 State Business Tax Climate Index.
Particularly with the recent Boeing 787 storyline, Washington's visibility on these lists may be a big help in competing for the first wave of post-recession job creation, and Richard Davis offers a good analysis of this in a recent Puget Sound Business Journal article.
Forbes' rankings carries solid credibility and always generates media buzz that can help drive business development efforts. Mr Davis offers a reasonable critique that while Northwest area residents usually consider Seattle to have a very high quality of life for intangibles such as natural surroundings and recreational opportunities, index lists such as these can't easily quantify those, while labor costs, heavy business regulation and a higher than average cost of living are factored in (although often overlooked as a deterrent to new businesses by local organizations).
So, whether you agree with their methods or outcomes, the lists generate interest, and ideally lead investors and entrepreneurs to take a closer look at Washington
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About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
In the last installments of this Rental Guide series, we talked about making the list of what you must have (vs. what you'd merely like to have- or can't live with) as the beginning of your rental home search, and finding a rental home based on your budget. One part of this to consider carefully is renters insurance- it's relatively inexpensive (it is not uncommon to see policies with premiums that are less than $20 a month) and can be excellent protection. As a tenant, renter's insurance assures you that you're protected against the damage or loss of personal property when you rent an apartment or house. Your landlord may have insurance that protects the physical building in which you reside, but this insurance will not cover your personal property. In fact, it's not at all uncommon for landlords to require the purchase of renters insurance prior to renting or leasing. This is prudent for both the renter and the landlord, protecting both from the possibility of lawsuit by alleviating each other's respective liability.
In determining whether or not you need renters insurance, the questions you need to ask yourself are:
How much would it cost to replace my belongings if they were damaged or stolen?
Can I afford to replace them?
Depending on your answers, renters insurance may be an easy choice, providing you with the protection you need. Either way, it's reassuring to have the peace of mind that comes from being protected.
Things to also consider before purchasing rental insurance:
How Much Coverage do I need? - The amount of renters insurance you choose will have the biggest impact on price of coverage. It is important to insure against all of your property. Remember, you're not just insuring against theft. In the case of a fire, for example, you could lose everything.
Deductible - The amount of the deductible premium that you're willing to pay will have a major impact on the premium costs. The higher the deductible, the lower the cost of home renters insurance.
Actual Cash Value (ACV) - Type of coverage that will pay for what the item was actually worth at the time of loss. This basic coverage payout is determined by the cost to replace, minus depreciation.
Replacement Cost - Type of coverage that will provide for the actual replacement value of the item with no deduction for depreciation. Although replacement cost coverage comes at an additional premium, it's usually worth the relatively small increase in cost.
Here are a few ways to save on renters insurance. Many insurers will offer discounts, if you have some of the following:
Monitored fire or burglar alarms
Fire extinguishers
Sprinkler systems
Dead bolts on all exterior doors
Auto insurance with that provider
If you own a dog, however, it may add to your premium. Due to liability issues, some insurers won't even offer insurance if certain dog breeds are owned (but landlords also won't generally permit them on the property either).
Other items to consider are:
Flood and Earthquake protection is not commonly included on rental insurance policies. If you live in an area where these natural disasters are more common, you may want to purchase an additional rider.
Liability coverage is most often a standard feature with renters insurance. This can prove invaluable in case of an accident, such as a slip or fall by a guest. It provides protection against legal claims that you may be obligated to pay, such as injury, sickness and death. It is, however, limited to the amount of liability coverage provided by your policy.
In order to avoid any disputes with your insurance company, it's recommended that you take an inventory of your personal items before purchasing rental insurance. This can be done by video taping or photographing each room of your house. It is important to keep all receipts for any major purchases, as well. The above should be kept offsite, in a fireproof safe or safety deposit box.
Fortunately, renters insurance is relatively inexpensive. If you're looking for cheap renters insurance, it is not uncommon to see policies with premiums that are less than $20 a month. And, thanks to the internet, you can get a competitive online renters insurance quote with relative ease. Always make sure to go with a reputable renters insurance company when choosing a policy to eliminate any surprises should the unfortunate need arise.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
I just returned from the Washington Apartment Outlook panel, "Perspectives and Projections for 2010" hosted by the Washington Multifamily Housing Association, and can share some interesting items discussed there. Speakers were Rob McKenna, Washington State Attorney General; Matthew Gardner, of Gardner Economics in Seattle, and Mike Scott, of Dupree Scott Apartment Advisors in Seattle.
How we got here
Rob McKenna gave a detailed yet compelling background on the factors contributing to the housing market crash, going back to 2005. Among them are the .com stock bubble, which sent trillions of dollars out of the stock market and into the real estate market. Combined with sustained low interest rates and well intentioned federal policies increase homeownership, both broadly and among lower and middle income consumers, it became a perfect storm creating high demand to drive up exponentially. We all know the results over the past 2 years as this crashed, people lost houses, consumer spending dried up, and businesses began failing or cutting back dramatically.
But the question on everyone's mind wasn't the history review, it was "when will the recovery be here?"
The Recovery- it's on its way
All three panel speakers concurred on this, each from their own perspective. Mckenna noted that the recovery will require consumer "de-leveraging", that is, spending less on credit and paying existing credit down, and Gardner in fact showed data that consumer use of revolving credit has been decreasing since June of 2008. He also pointed out that Federal stimulus spending will continue to increase through 2010, which will help, although at some point inflation becomes a concern, as well as what will drive spending and demand after the stimulus runs out. Presumably it will be from consumers as business spending and jobs pick back up, and Gardner expects the Seattle job market to begin recovery in the 4th quarter of this year (not significantly until 2010 however), with technology, life sciences and philanthropy being the strongest areas. Mike Scott made what I thought was an excellent point, that this region needs to be aggressive about landing- and keeping- new jobs and businesses. We seem to take our relative strength as a region for granted- but could greatly increase our fortunes in this recovery with more focused attention on driving economic growth. Gardner also showed an interesting graph of job creation and loss over the full decade- which showed that in total, the US is at the same level as we were in 2000- we essentially haven't created any news jobs in 10 years. So, Seattle needs to get serious about competing for the pool of employers and jobs out there.
McKenna wrapped up this topic with a discussion around policy work & market policing that is underway to support the recovery and resolve the structural issues that contributed to it (very much in his role as an Attorney General of course), which include pushing for faster turnaround on loan modifications, monitoring the reverse mortgages market to eliminate harmful practices, and aggressively fighting foreclosure rescue scams.
What about the Seattle Rental Market
This was the second most pressing question on everyone's mind. Current vacancy rates in the region sits at 6% in-city, 9% gross (which includes projects recently finished and still in lease-up, which will compete with properties already on the market in the near term). This is up from 4-4.5% 2 years ago. Add to this 2,000 new units (these figures are all 5+unit developments, so don't include smaller properties and single family) still scheduled to come on the market through 2009, 3,700 in 2010 and 2,000 in 2012 and 2013 (although these are planned, whether they get financed and built is a huge open question). So, that's 9,700 net new units onto the local market over the next 4 years. So, this will continue to be a softening impact on rents.
Before we panic, however, demographic forecasts seem pretty bright. Historically, the US has maintained a fairly stable 65/35 own/rent ratio (65% of households rent, which 65% own). Since about 2003, this has grown to 69/31, however, with the adjustment in the housing market, this is beginning to return to normal, so there are 4% of households returning to the rental market over the next few years. Also, the baby boom and echo boom demographics remain the fastest growing segments of the population, both of which are primarily rental households. Mike Scott showed data that in Seattle, the 20-34 year old demographic in Seattle will grow by 14,000 per year through 2014, including inflow population to the region. So, that's 70,000 net new potential renters who will need those 9,700+ new units. So, even with new developments and properties to fill the gap, I got the strong sense that we will see higher demand for rental units as these two market forces continue to adjust (and if they do so as forecast).
Key takeaways
The vibe among the panel speakers and the audience was optimistic, although not celebratory. I think that's because it seems to be getting better, but with no certain timeframe or milestones within the next couple years. This doesn't seem to be a recovery with a silver bullet- there are many fronts that are being tackled, and as a result, it will be slower that we are used to. Consensus was that 2010 will continue to see relief over 2009, but how much and how soon seemed to be open issues. Our guidance at RD House remains to be a vigilant knowledge of the market and comparable properties, aggressively solicit renewals, focus on effective marketing of units, and exploit every opportunity to help owners decrease operating costs.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
Years ago when I bought my first house, the yard was a bit of a mess and I spent many weekends trimming, digging, cutting, removing and planting all sorts of things to try and get into a reasonable shape. There was one particular pine tree along a side fence that at first I didn't pay much attention to- I didn't really know what to do with it, so I just left it and never thought much about it. One day when showing off some of my hard work to a neighbor, she saw that tree and told me excitedly that it was a Christmas tree that children of the former owner had planted years ago- apparently a live tree the family had enjoyed one holiday and then transferred to the yard. After learning this, the tree became somewhat of a cherished landmark in the yard- I left it right where it was, and whenever I looked at it I wondered what that Christmas was like for them, and what treasures the children had opened underneath the tree on Christmas morning. I hope the tree is still there today, still bringing history forward into that yard.
That bit of history really got me thinking about that house in a new way. When I moved in it was a 1927 fixer upper that I delighted in updating, anxious to put a new face on the worn surfaces. But the Christmas tree in the yard made me realize that families over many years had lived important parts of their lives there, and had carried away special memories that were intertwined with important events they lived out right there in the same rooms I now lived in. It gave me a new respect for the history of the house, which I never forgot, and which I felt somehow connected to as I lived important parts of my life there.
Something similar happened the other day in our office at RD House. We'd recently put a beautiful old updated craftsman home on the market for rent, when we got the following email from someone who had driven past the house:
This house on 16th Ave NE was my Grandmother's house from about 1962 until the late 1980's. My father lived there also after he and my mother divorced in 1970. His room was the one in the basement. What a flashback. I was home in Seattle visiting when I drove by the house to reminisce and saw your sign. Whoever did the addition and remodel did an excellent job and I'm happy to see the original parts of the house looking almost exactly the same. Thanks for a walk down memory lane. I can still remember the cookie jar she kept on the counter.
What a treat to have received this from someone with a living memory of the home! It's a great reminder to us that we're really in the people business- the homes we advertise, show, and manage will hold memories for years to come from the people who live in them. They aren't just structures- they are where our tenants have Thanksgivings, graduations, anniversaries, new beginnings, holidays, and milestone celebrations with their families. It's nice to keep this perspective as we go through the day to day parts of our jobs as property managers.
Take a minute to share this with us- the original listing video we did for that property is here. See if you can smell fresh baked cookies as you watch it:
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
The theme of momentum has come up in my world lately. At first I didn't realize it was a theme- I was just getting from one day to the next, managing one situation or another as best I could. But when I had a chance to reflect about the course our summer season had taken - both personally and at RD House, I began seeing isolated events link together into this theme of momentum, and I think it allows a good perspective on things.
We all know how a bad day unravels itself- it's as if inexplicably anything you touch turns into a firedrill. Like spilling your coffee on your best shirt in the morning, then leaving your mobile phone at home, being late to your first appointment- and on the day goes, almost as if it's a runaway train and there's no use trying to turn it around. Momentum. Good days happen the same way don't they? Maybe you read an article in the morning paper that makes you feel positive or confident, when you get to your favorite coffee shop, your "buy 10 get the next one free" card is full and you don't have to pay for your morning joe, your favorite parking spot is waiting for you, and on it goes..momentum.
It's interesting isn't it? Here's the epiphany I had though. I think we can actually direct- or change- our momentum if we really focus on it. By making a conscious decision to stop, assess where we are, where we're headed, and how we want to direct our efforts- you can literally change your life's momentum, whether for an hour, a day, or for something bigger.
Case in point. This year has obviously been a rollercoaster in the property management, and the real estate market as a whole. Our renewals, move-out's and new business weren't on any kind of predictable pattern, so we had to be extra flexible and nimble. In June, a number of factors came together that started increasing the vacant inventory of units we had for rent. With the economy not turning around as soon as some had hoped, no one seemed to be moving, no matter how we tried to change up our advertising, the phones weren't ringing with prospective tenants like we thought they would be. It all seemed gloomy and overwhelming. One Friday morning our broker, Ricky D, called us into a meeting, and just gave us an old fashioned rally speech. Yes things weren't happening as we'd planned, he said, but we're going to make them happen. Do more open houses, get more creative with your ads, talk to more people, find more sources of information- go, go, go. If you ever watch the Bravo TV show "Project Runway", it was like one of those moments when Tim Gunn is out of things to suggest and just advises the contestants in exasperation to "just...make it work, people!". In other words, stop focusing on what's not working, and focus on making it work. Momentum.
And guess what? That very day was when things started to pick up. We did a renewed focus on open houses that weekend, changed up all our ads to throw conventionalism out and creativity on (one 19th floor loft was billed as "Batmans Gotham City Hideaway"), the phones started to ring, and we never looked back. Since the beginning of July, we've rented 23 units, and are back to our average days on market of 22 days for unit rentals. Momentum.
Yes, it can seem impossible to change the direction of things sometimes, and I'm saying there aren't things entirely out of our control. But we can decide how we react to them, and where to focus our efforts in relation to them. It's a lot like Oprah's definition of Luck, which is "preparation combined with opportunity", which I think is so well put. If you don't prepare for things to turn around, you won't change your momentum as easily when the opportunity to do so arises.
You will always have bad days- and good days, for sure. But when things start to spiral downhill, try stopping, reflecting and be aware of what's happening. Change your momentum. If all else fails, you can laugh about the fact that nothing is going to go right today, and focus on how you're going to start out again tomorrow.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
Because I work in property management and blog a lot about property management topics, I'm constantly immersed in articles and daily experiences about the subject. But some things are so common in my practice that it's easy to forget that what's second nature to me is always going to be new and insightful to someone new to the subject. Don't get me wrong, I'm not trying to blow my own horn, but bear with me. Recently I saw an article, 8 pitfalls for new landlords, which summarizes several really great points that I've written about before in various forms- and that I talk about with property owners literally every day in my work. It was great to see the information with fresh eyes, but it also reminded me that the best basic knowledge is not only universal, but that it's good to remember that it's always new- and useful- to someone else.
I actually think the article is written in too much of an alarmist "watch out" tone, and would reframe the information as "what you should know" as opposed to seeing it as "pitfalls", but that's just my frame of reference after 12 years in the business. Either way, it's information that every landlord should take time to understand. I'd summarize it like this:
Run a rental as a business, not a hobby. Renting out your home is a business, and by becoming a landlord, you have to be cognizant of tax, insurance, and local landlord tenant law matters. A rental is considered an investment property, which has different tax implications than a primary residence; rents collected are considered business income and must be reported to the Internal Revenue Service. On the flip side, certain repairs and upkeep, in addition to mortgage interest, can be deducted as business expenses. Consult your CPA for advice on rental property income and expenses. Your property insurance is also handled differently for a rental, and you'll need to let you provider know that you're renting it out. Finally, a host of federal, state and local regulations cover the rights and responsibilities of both tenants and landlords, and rental properties need to adhere to these (more on this below).
It's well worth hiring a professional property manager. This sounds like a pitch from me, but even this article points out that experts recommend talking to - and preferably hiring - a property familiar with the business of effectively managing residential property. Try linking to the local affiliates of the National Association of Residential Property Managers to find a property manager. Property managers with a professional affiliation such as this have sound expertise in the local rental market, advertising, tenant screening and lease management, and can easily save you as much or more than their fees by renting your property faster and managing it more effectively than you may be able to on your own. To make this more meaningful to owners, I always use the "what would you do if your tenants suddenly stopped paying rent" scenario. Independent owners tell me they usually would a)panic, b)try to figure out what their options are, or c)panic. Property managers know exactly how to avoid this in the first place, and how to handle it if it should happen, as well as a myriad of other situations like repairs and maintenance, pets, etc.
Don't confuse 'rent' with 'mortgage'. It's easy to assume the rent should cover the mortgage since it's what you paid to live there, right? The two aren't related, and it's the most common misperception new landlords have, say property managers in the article. The mortgage is an agreement you made with the bank based on the sum of the loan, the percentage you put down, your credit history and the market valuation of the property at the time of sale, none of which factor into determining rent, which is entirely driven by local market competition and conditions- supply and demand, basically. A mortgage and a rent also buy different things- a mortgage pays for an investment, while rent pays for a roof for a specific period of time with none of the financial or tax benefits of ownership.
Don't skip background and credit checks. I don't like to be cynical, but bringing in a renter just isn't like sharing a cab with someone. I always use the "Nice girl from Wichita" analogy, because who doesn't like someone like that? Sometimes, however, "from Wichita" turns out to be "running from creditors and not able to hold down a job". It's just good practice to always screen for credit, criminal and rental history, even when someone seems nice enough to have coffee with. When entrusting what's likely your biggest financial asset to a stranger, the rule is this: screen, screen, screen. Managers say you want to know whether an applicant has been evicted in the past; whether he has a history of criminal behavior that could jeopardize you, your neighbors or your property; and whether s/he earns enough to cover the rent and living expenses.
Handshake agreements don't mean anything. I've always lived by the rule that "if it isn't in writing, it doesn't exist". A written lease is always a must, and it must cover every detail of the rental agreement. Who pays for the utilities, who is responsible for mowing the grass, when is rent due, and what happens if it's ever late, how many people can live in the home, and how many cars can they park outside? It's all got to be in writing or someone will always have misunderstood expectations.
Don't skip needed updates to your home. Just because it will be a rental, don't think that it doesn't need to show really well. It may seem counterintuitive to upgrade things for a renter, but the fact is that nice homes attract nice renters. "If you don't have a well-maintained home, you're going to get the tenants who don't maintain a home," say experts in the article . "A majority of tenants want a nice place to stay, and they're going to keep it up. There are a lot of excellent people who rent for years and years and they take excellent care of the property."
Federal, state and local requirements, including Landlord-Tenant law are important. As an owner in your own home, you're kind of free to take as many risks as you want. With tenants, however, you become responsible for their safety, at least as it relates to the property -things like structural damage and environmental hazards (radon, carbon monoxide, lead paint, mold), and you have to take reasonable measures to respond to renters' concerns about unsafe conditions, even neighbors' suspicions of potential criminal activity on your property, say experts. This is an area that a professional property can really give you peace of mind, since they are licensed, well versed in the various requirements, and can navigate such issues effectively.
Plan your work then work your plan. In other words, don't try shortcuts on the above once you've decided to rent and how to go about it. Be conservative when anticipating how long it will take to rent and what the rents, and costs, might be. Markets are fluid, but it's better to have a solid plan and stick to it than to get nervous and rent hastily without screening or a written lease.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
If you are a Corporate relocation specialist and in need of help placing clients or employees, please contact our relocation team at (206) 728-6063.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Location: www.rd-house.com RD House Real Estate & Property Management We Are Marketing Experts in our field with proven award winning websites blogs and wedisodes,
Ricky D Sadler 
Location: Puget Sound Metro-Seattle, Bellevue, Burien, Kirkland 
Ricky D Sadler 
Location: Seattle, WA If you own a home or a condominium and are trying to rent it out by yourself, I m sure you have some questions you ve wrestled with. How can I find a qualified renter or DO I sell? ASK RICKY D HE , Will they take good care of my house while they live here , and How much can I rent it for and how do I make sure I don t ask too much or too little for it ? These are important questions- and as an owner-landlord, you may have discovered that there are numerous others as well- are you handling your rental in compliance with Landlord-Tenant legal requirements in your city/county?, How should you handle utilities, maintenance and repairs?, How should you handle security deposits?, What are your options of the tenant breaks one or more terms of the lease?, and many others.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
About RD House Real Estate and Property Management: We are a leader in relocation, in-town condo and executive Seattle rental properties, working with Microsoft, Amazon, Fred Hutchison Center, the Bill & Melinda Gates Foundation, Alaska Airlines, Nordstrom and others. Many of our listings have video blogs/tours, and can be found on our website at www.rd-house.com.
We all know how a bad day unravels itself- it's as if inexplicably anything you touch turns into a firedrill. Like spilling your coffee on your best shirt in the morning, then leaving your mobile phone at home, being late to your first appointment- and on the day goes, almost as if it's a runaway train and there's no use trying to turn it around. Momentum. Good days happen the same way don't they? Maybe you read an article in the morning paper that makes you feel positive or confident, when you get to your favorite coffee shop, your "buy 10 get the next one free" card is full and you don't have to pay for your morning joe, your favorite parking spot is waiting for you, and on it goes..momentum. 
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