Location: SEATTLE METRO Knowing what to look for in good Property Management Company andWhat questions to ask when shopping for Professional Property Management?Any manager can give you list and list of what they do for you and preach how well they can manage your properties- but asking a few good questions put your property and tenants ahead of the rest.Sometimes just knowing the right questions to ask can be daunting when you just inherited or closed on a new property, or realize that you may need help. We can help you with this task. Asking blanket questions can lead to frustration and miss-commutation, and might not define the scope of your needs. Most property managers try to give you the most information they can to win your business. However, it may not answer your questions or meet your goals as a property owner. All Washington State Licensed Real Estate Brokers specializing in Property Management have been in the Business for at least two years (by State Legal requirements) And let s out the obvious on the table- most owners shop by price and thus, property managers focus on a fee quote that comes across as a sales pitch, after which neither owner nor manager feel enlightened. The fact is- there are a lot of details and nuances in the management of a property, and it s a better proposition for owners to understand them and have all their questions answered before a fair price is presented. We feel the dialog should be more of a consultation by summarizing your needs to us and let us customize a management plan for your property at a fair price to both. So, below are some important questions to ask when shopping for a professional Property Manager, along with a list of typical services they may provide under the board banner of Property Management What National trade groups are you associated with? While there are many, one of the largest is the National Association of Residential Property Managers (NARPM), which is comprised of licensed real estate agents and brokers who specialize in residential property management. NARPM is a professional trade organization for real estate professionals who know first-hand the unique problems and challenges of managing single-family and small residential properties, and offers an effective, professional learning environment for owners of property management companies, property managers, and their support specialists.Why should you care about association with trade groups as a property manager? Because it shows that they are dedicated to professionalism, education and best practices. As important, it shows that they adhere to a code of ethics supported by the organization- so they are more prone to be fair and professional in handling your property than someone with no industry involvement. What tenant screening company do you use and why?Tenant screening for credit, criminal and background are the most effective tools you have as an owner to reduce your risk against late rents, damaged property and other financial problems with tenants. Therefore, a property manager should have a very well thought out relationship with their screening provider- for example; the provider may excel in interpreting results to provide recommendations, may provide more detailed results, and may themselves belong to reputable trade groups. If they choose a screening company just on price, it may compromise their ability to properly qualify applicants based on your needs. How do they treat tenants need vs. owner needs? Whom do they work for?Yes, you the owner are the customer- but don t forget that tenants ultimately pay everyone s paycheck and the end of the day. If tenants are treated poorly or unhappy, they won t take care of the property well, and will move at the first opportunity. Both of these can add significantly higher costs to the operation of your property. If you pay a lower fee to a property manager who doesn t treat your tenants well, they are actually costing you lots more than you saved to begin with. A good property manger understands the balance among tenant satisfaction, owner needs and legal requirements. Communication, professionalism, and leadership are all crafts that a property manager can use to create the best residential environments for everyone. How many evictions have you had in your profession as a property manager? Have you been to court? How long have you had your present Attorney?Even the best managers in the best of circumstances have to deal with evictions. Life circumstances with tenants just occur sometimes. But, just as with screening and tenant relations, a good property manager shouldn t have evictions on a regular basis, and when they have, they should be able to discuss solid means of handling them effectively. And, as with other professional relationships, their relationship with their Attorney should be based on specific experience strengths that they can outline for you. Finally, how to they operate their financial services, maintenance, rent pricing, advertising costs and management fees. After all the above, you should have a good idea about how the manager runs their business, and can dive into more specifics as to their operations and costs. Below are a list of common services that a professional property manager might offer- you may or may not need all of them and should ask about the ones you are most interested in and negotiated pricing accordingly. (Note that these often aren t entirely optional- for example, most professional property managers won t oversee significant parts of property without collecting and accounting for rents- this is for liability and risk management reasons) Typical Management ServicesProcess all incoming rents, security deposits, late fees and assessment fees. Accounting done on state-of-the-art software. Deposit funds into trust account Reconcile monthly Maintain Trust Account Payment of all bills Remit monthly to owner or Board treasurer YTD Financial Statements MAINTENANCE Have long-standing working relationships with competent, insured, licensed vendors Obtain appropriate liability and workers compensation insurance on vendors Track expiration of insurance to keep current Emergency vendors + Good Management Co. personnel to respond to off hour emergencies No maintenance or janitorial division to accommodate and support Draft RFP for larger jobs Study and make recommendations on competitive estimates Supervise or check maintenance and repair work Initial approved bills for payment Make no profit or mark-up on any maintenance services we contract for any property. Obtain lien releases prior to final payments. Track all warranties Make recommendations for preventative and seasonal maintenance RESIDENTIAL PROPERTY MANAGEMENT An initial exterior and interior inspection of the property Follow-up with documentation of findings Run rental ads, screen applicants, run credit check. Draft residential lease document; have executed. Subsequent inspections (exterior, & grounds) on a regular basis. Walk through report done after property is made ready to rent. Compare with Move-In Condition report. Provide digital documentation of subject property to evidence condition upon move out. Schedule for interior inspections drafted including items to look for during inspection. Initial document check to see if all paperwork is in order Create files and folders necessary to track all activities (i.e. existing rental agreement, maintenance records, insurance information and certificate, correspondence and notes) Create Data Management Base to notify for rent adjustments, insurance certificate evidence requests and rental agreement expiration/renewal dates. Send Late Notices & oversee expeditious collection. Prepare and serve Three-Day-To-Pay-Or-Quit and/or Thirty-Day Notices when warranted. Work cooperatively with the client s legal counsel for unlawful detainer proceedings Oversee market rental comps and renegotiations. Review and make recommendations regarding property's insurance policy. Written recommendations to owner of mutual short and long term goals for property Employ professional management approach to maximize the income stream & economic life of the property Accessible to tenants and their needs Maintain fiduciary relationship with owner HOMEOWNER ASSOCIATION MANAGEMENT An initial exterior inspection of the property Follow-up with documentation of findings Subsequent inspections (exterior & grounds) on a regular basis Accompany landscape committee for walk-thru Create files and folders necessary to track all activities (i.e. existing lease, maintenance records, insurance information and certificate, correspondence and notes). Send Delinquency Notices & oversee expeditious collection. Draft specs for bidding, award bids, oversee vendor s performance. Work cooperatively with the Association s legal counsel in all matters. Enforce CC&Rs, By-Laws and Rules & Regulations for Associations Review and make recommendations regarding property's insurance policy. Written recommendations to Board of mutual short and long term goals for property Accessible to Owners and their needs Maintain fiduciary relationship with Board Create computerized data bank for maintenance and owner statistics. Advise and purchase insurance on behalf of Association. Redefining Property management with Pride of service ownership, Getting the basics right all the time Delivering Exceptional Management SERVICE for OWNER S & Tenants WE LIKE WHAT WE DO & It Shows
Shopping for Propfessional Property Management RD House Real Estate & Property INC Hasyour answers 206-728-6063
Knowing what to look for in good Property Management Company andWhat questions to ask when shopping for Professional Property Management? RD House Real Estate & Property Management 206-728-6063 Location: SEATTLE METRO Knowing what to look for in good Property Management Company andWhat questions to ask when shopping for Professional Property Management?Any manager can give you list and list of what they do for you and preach how well they can manage your properties- but asking a few good questions put your property and tenants ahead of the rest.Sometimes just knowing the right questions to ask can be daunting when you just inherited or closed on a new property, or realize that you may need help. We can help you with this task. Asking blanket questions can lead to frustration and miss-commutation, and might not define the scope of your needs. Most property managers try to give you the most information they can to win your business. However, it may not answer your questions or meet your goals as a property owner. All Washington State Licensed Real Estate Brokers specializing in Property Management have been in the Business for at least two years (by State Legal requirements) And let s out the obvious on the table- most owners shop by price and thus, property managers focus on a fee quote that comes across as a sales pitch, after which neither owner nor manager feel enlightened. The fact is- there are a lot of details and nuances in the management of a property, and it s a better proposition for owners to understand them and have all their questions answered before a fair price is presented. We feel the dialog should be more of a consultation by summarizing your needs to us and let us customize a management plan for your property at a fair price to both. So, below are some important questions to ask when shopping for a professional Property Manager, along with a list of typical services they may provide under the board banner of Property Management What National trade groups are you associated with? While there are many, one of the largest is the National Association of Residential Property Managers (NARPM), which is comprised of licensed real estate agents and brokers who specialize in residential property management. NARPM is a professional trade organization for real estate professionals who know first-hand the unique problems and challenges of managing single-family and small residential properties, and offers an effective, professional learning environment for owners of property management companies, property managers, and their support specialists.Why should you care about association with trade groups as a property manager? Because it shows that they are dedicated to professionalism, education and best practices. As important, it shows that they adhere to a code of ethics supported by the organization- so they are more prone to be fair and professional in handling your property than someone with no industry involvement. What tenant screening company do you use and why?Tenant screening for credit, criminal and background are the most effective tools you have as an owner to reduce your risk against late rents, damaged property and other financial problems with tenants. Therefore, a property manager should have a very well thought out relationship with their screening provider- for example; the provider may excel in interpreting results to provide recommendations, may provide more detailed results, and may themselves belong to reputable trade groups. If they choose a screening company just on price, it may compromise their ability to properly qualify applicants based on your needs. How do they treat tenants need vs. owner needs? Whom do they work for?Yes, you the owner are the customer- but don t forget that tenants ultimately pay everyone s paycheck and the end of the day. If tenants are treated poorly or unhappy, they won t take care of the property well, and will move at the first opportunity. Both of these can add significantly higher costs to the operation of your property. If you pay a lower fee to a property manager who doesn t treat your tenants well, they are actually costing you lots more than you saved to begin with. A good property manger understands the balance among tenant satisfaction, owner needs and legal requirements. Communication, professionalism, and leadership are all crafts that a property manager can use to create the best residential environments for everyone. How many evictions have you had in your profession as a property manager? Have you been to court? How long have you had your present Attorney?Even the best managers in the best of circumstances have to deal with evictions. Life circumstances with tenants just occur sometimes. But, just as with screening and tenant relations, a good property manager shouldn t have evictions on a regular basis, and when they have, they should be able to discuss solid means of handling them effectively. And, as with other professional relationships, their relationship with their Attorney should be based on specific experience strengths that they can outline for you. Finally, how to they operate their financial services, maintenance, rent pricing, advertising costs and management fees. After all the above, you should have a good idea about how the manager runs their business, and can dive into more specifics as to their operations and costs. Below are a list of common services that a professional property manager might offer- you may or may not need all of them and should ask about the ones you are most interested in and negotiated pricing accordingly. (Note that these often aren t entirely optional- for example, most professional property managers won t oversee significant parts of property without collecting and accounting for rents- this is for liability and risk management reasons) Typical Management ServicesProcess all incoming rents, security deposits, late fees and assessment fees. Accounting done on state-of-the-art software. Deposit funds into trust account Reconcile monthly Maintain Trust Account Payment of all bills Remit monthly to owner or Board treasurer YTD Financial Statements MAINTENANCE Have long-standing working relationships with competent, insured, licensed vendors Obtain appropriate liability and workers compensation insurance on vendors Track expiration of insurance to keep current Emergency vendors + Good Management Co. personnel to respond to off hour emergencies No maintenance or janitorial division to accommodate and support Draft RFP for larger jobs Study and make recommendations on competitive estimates Supervise or check maintenance and repair work Initial approved bills for payment Make no profit or mark-up on any maintenance services we contract for any property. Obtain lien releases prior to final payments. Track all warranties Make recommendations for preventative and seasonal maintenance RESIDENTIAL PROPERTY MANAGEMENT An initial exterior and interior inspection of the property Follow-up with documentation of findings Run rental ads, screen applicants, run credit check. Draft residential lease document; have executed. Subsequent inspections (exterior, & grounds) on a regular basis. Walk through report done after property is made ready to rent. Compare with Move-In Condition report. Provide digital documentation of subject property to evidence condition upon move out. Schedule for interior inspections drafted including items to look for during inspection. Initial document check to see if all paperwork is in order Create files and folders necessary to track all activities (i.e. existing rental agreement, maintenance records, insurance information and certificate, correspondence and notes) Create Data Management Base to notify for rent adjustments, insurance certificate evidence requests and rental agreement expiration/renewal dates. Send Late Notices & oversee expeditious collection. Prepare and serve Three-Day-To-Pay-Or-Quit and/or Thirty-Day Notices when warranted. Work cooperatively with the client s legal counsel for unlawful detainer proceedings Oversee market rental comps and renegotiations. Review and make recommendations regarding property's insurance policy. Written recommendations to owner of mutual short and long term goals for property Employ professional management approach to maximize the income stream & economic life of the property Accessible to tenants and their needs Maintain fiduciary relationship with owner HOMEOWNER ASSOCIATION MANAGEMENT An initial exterior inspection of the property Follow-up with documentation of findings Subsequent inspections (exterior & grounds) on a regular basis Accompany landscape committee for walk-thru Create files and folders necessary to track all activities (i.e. existing lease, maintenance records, insurance information and certificate, correspondence and notes). Send Delinquency Notices & oversee expeditious collection. Draft specs for bidding, award bids, oversee vendor s performance. Work cooperatively with the Association s legal counsel in all matters. Enforce CC&Rs, By-Laws and Rules & Regulations for Associations Review and make recommendations regarding property's insurance policy. Written recommendations to Board of mutual short and long term goals for property Accessible to Owners and their needs Maintain fiduciary relationship with Board Create computerized data bank for maintenance and owner statistics. Advise and purchase insurance on behalf of Association. Redefining Property management with Pride of service ownership, Getting the basics right all the time Delivering Exceptional Management SERVICE for OWNER S & Tenants WE LIKE WHAT WE DO & It Shows
Location: SEATTLE METRO Knowing what to look for in good Property Management Company andWhat questions to ask when shopping for Professional Property Management?Any manager can give you list and list of what they do for you and preach how well they can manage your properties- but asking a few good questions put your property and tenants ahead of the rest.Sometimes just knowing the right questions to ask can be daunting when you just inherited or closed on a new property, or realize that you may need help. We can help you with this task. Asking blanket questions can lead to frustration and miss-commutation, and might not define the scope of your needs. Most property managers try to give you the most information they can to win your business. However, it may not answer your questions or meet your goals as a property owner. All Washington State Licensed Real Estate Brokers specializing in Property Management have been in the Business for at least two years (by State Legal requirements) And let s out the obvious on the table- most owners shop by price and thus, property managers focus on a fee quote that comes across as a sales pitch, after which neither owner nor manager feel enlightened. The fact is- there are a lot of details and nuances in the management of a property, and it s a better proposition for owners to understand them and have all their questions answered before a fair price is presented. We feel the dialog should be more of a consultation by summarizing your needs to us and let us customize a management plan for your property at a fair price to both. So, below are some important questions to ask when shopping for a professional Property Manager, along with a list of typical services they may provide under the board banner of Property Management What National trade groups are you associated with? While there are many, one of the largest is the National Association of Residential Property Managers (NARPM), which is comprised of licensed real estate agents and brokers who specialize in residential property management. NARPM is a professional trade organization for real estate professionals who know first-hand the unique problems and challenges of managing single-family and small residential properties, and offers an effective, professional learning environment for owners of property management companies, property managers, and their support specialists.Why should you care about association with trade groups as a property manager? Because it shows that they are dedicated to professionalism, education and best practices. As important, it shows that they adhere to a code of ethics supported by the organization- so they are more prone to be fair and professional in handling your property than someone with no industry involvement. What tenant screening company do you use and why?Tenant screening for credit, criminal and background are the most effective tools you have as an owner to reduce your risk against late rents, damaged property and other financial problems with tenants. Therefore, a property manager should have a very well thought out relationship with their screening provider- for example; the provider may excel in interpreting results to provide recommendations, may provide more detailed results, and may themselves belong to reputable trade groups. If they choose a screening company just on price, it may compromise their ability to properly qualify applicants based on your needs. How do they treat tenants need vs. owner needs? Whom do they work for?Yes, you the owner are the customer- but don t forget that tenants ultimately pay everyone s paycheck and the end of the day. If tenants are treated poorly or unhappy, they won t take care of the property well, and will move at the first opportunity. Both of these can add significantly higher costs to the operation of your property. If you pay a lower fee to a property manager who doesn t treat your tenants well, they are actually costing you lots more than you saved to begin with. A good property manger understands the balance among tenant satisfaction, owner needs and legal requirements. Communication, professionalism, and leadership are all crafts that a property manager can use to create the best residential environments for everyone. How many evictions have you had in your profession as a property manager? Have you been to court? How long have you had your present Attorney?Even the best managers in the best of circumstances have to deal with evictions. Life circumstances with tenants just occur sometimes. But, just as with screening and tenant relations, a good property manager shouldn t have evictions on a regular basis, and when they have, they should be able to discuss solid means of handling them effectively. And, as with other professional relationships, their relationship with their Attorney should be based on specific experience strengths that they can outline for you. Finally, how to they operate their financial services, maintenance, rent pricing, advertising costs and management fees. After all the above, you should have a good idea about how the manager runs their business, and can dive into more specifics as to their operations and costs. Below are a list of common services that a professional property manager might offer- you may or may not need all of them and should ask about the ones you are most interested in and negotiated pricing accordingly. (Note that these often aren t entirely optional- for example, most professional property managers won t oversee significant parts of property without collecting and accounting for rents- this is for liability and risk management reasons) Typical Management ServicesProcess all incoming rents, security deposits, late fees and assessment fees. Accounting done on state-of-the-art software. Deposit funds into trust account Reconcile monthly Maintain Trust Account Payment of all bills Remit monthly to owner or Board treasurer YTD Financial Statements MAINTENANCE Have long-standing working relationships with competent, insured, licensed vendors Obtain appropriate liability and workers compensation insurance on vendors Track expiration of insurance to keep current Emergency vendors + Good Management Co. personnel to respond to off hour emergencies No maintenance or janitorial division to accommodate and support Draft RFP for larger jobs Study and make recommendations on competitive estimates Supervise or check maintenance and repair work Initial approved bills for payment Make no profit or mark-up on any maintenance services we contract for any property. Obtain lien releases prior to final payments. Track all warranties Make recommendations for preventative and seasonal maintenance RESIDENTIAL PROPERTY MANAGEMENT An initial exterior and interior inspection of the property Follow-up with documentation of findings Run rental ads, screen applicants, run credit check. Draft residential lease document; have executed. Subsequent inspections (exterior, & grounds) on a regular basis. Walk through report done after property is made ready to rent. Compare with Move-In Condition report. Provide digital documentation of subject property to evidence condition upon move out. Schedule for interior inspections drafted including items to look for during inspection. Initial document check to see if all paperwork is in order Create files and folders necessary to track all activities (i.e. existing rental agreement, maintenance records, insurance information and certificate, correspondence and notes) Create Data Management Base to notify for rent adjustments, insurance certificate evidence requests and rental agreement expiration/renewal dates. Send Late Notices & oversee expeditious collection. Prepare and serve Three-Day-To-Pay-Or-Quit and/or Thirty-Day Notices when warranted. Work cooperatively with the client s legal counsel for unlawful detainer proceedings Oversee market rental comps and renegotiations. Review and make recommendations regarding property's insurance policy. Written recommendations to owner of mutual short and long term goals for property Employ professional management approach to maximize the income stream & economic life of the property Accessible to tenants and their needs Maintain fiduciary relationship with owner HOMEOWNER ASSOCIATION MANAGEMENT An initial exterior inspection of the property Follow-up with documentation of findings Subsequent inspections (exterior & grounds) on a regular basis Accompany landscape committee for walk-thru Create files and folders necessary to track all activities (i.e. existing lease, maintenance records, insurance information and certificate, correspondence and notes). Send Delinquency Notices & oversee expeditious collection. Draft specs for bidding, award bids, oversee vendor s performance. Work cooperatively with the Association s legal counsel in all matters. Enforce CC&Rs, By-Laws and Rules & Regulations for Associations Review and make recommendations regarding property's insurance policy. Written recommendations to Board of mutual short and long term goals for property Accessible to Owners and their needs Maintain fiduciary relationship with Board Create computerized data bank for maintenance and owner statistics. Advise and purchase insurance on behalf of Association. Redefining Property management with Pride of service ownership, Getting the basics right all the time Delivering Exceptional Management SERVICE for OWNER S & Tenants WE LIKE WHAT WE DO & It Shows
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