Tuesday, September 15, 2015

Property Managers Dos and Don'ts

I specialize in property management, both long- and short-term, furnished- or unfurnished rentals located in the city of Seattle. As a member of Washington Landlords Association, I have access to the most current legal forms, a regular newsletter full of great landlord tips, and conferences on rental management. Here are some great lists provided by WLA on property management.

Top Things Most Property Managers Will Do
  •  Be responsible to maintain and apply a thorough knowledge of the Landlord Tenant Act of Washington, as well as any related local codes. Deals with all government authorities on the owner's behalf.
  • Market/advertise the unit, screen prospective tenants, and manage the day-to-day operations of the property, per signed contract with client.
  • Monitor and enforce the provisions of the lease or rental agreement, prepare and serve appropriate notices, and represent the owner in eviction actions.
  • Make rental collections, field tenant complaints, and coordinate necessary repairs. Coordinate and attend Section 8 inspections.
  • Deal with government officials on the owner's behalf, such as tenant code violations.
  • Submit statements and send check (or deposit net rental incomes into owner's bank account) on a monthly basis.
  • In short, give the owner client peace of mind to go on vacations or live out of state.
Top Things Most Property Managers Will Not Do
  • Discriminate - violating local, state and federal housing laws. This provides protection for clients from expensive audits and lawsuits.
  • Pay the owner's mortgage debt, taxes, insurance or any licenses.
  • Make decisions on major projects without owner approval.
  • Babysit contractors or service providers such as landscapers.
  • Perform mitigation, such as placing a temporary tarp on a leaking roof.
  • Make investment advice, such as mortgage financing, insurance outlets, remodeling options, etc.
  • Lobby or join advocacy groups and/or neighborhood watches for you.
If you are considering renting out part or all of your Seattle house, please contact me directly at HomeLandInvestment@gmail.com to learn more about your options. There is no fee and no obligation for a consultation.

Happy Investing!

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