Why shouldn’t I manage my property myself?
Certain owners choose to manage their property themselves and some of them are very successful. With the time involved in collecting rents, arranging repairs and leasing units and handling emergencies, most owners have found that their time is more valuable spent elsewhere. We have your best interest in mind focusing on making you money on your investment. Other important considerations are the legal aspects of property management, we are well versed in tenant-landlord law and stay abreast of the constantly changing Federal and State laws governing them. Additionally….
- You don’t have to hire someone to clean, paint, or make repairs
- You don’t have to advertise, take rental calls, and show the property
- You don’t have to screen applications and be apprehensive about who to pick
- You don’t have to execute a rental agreement, worry about adding addendums, fill out the move-in inspection report, and deposit money
- You don’t have tenants calling at all hours of the day and night
- You don’t have to confront tenants on tough issues like collecting rent or taking better care of the property
- You don’t have to collect NSF checks
- You don’t have to serve legal notices or start an eviction
- You don’t have to schedule and fill out the move-out inspection report
- You don’t have to mail the tenant’s accounting report and refund check
- You don’t have to start the process all over again
- You don’t have to worry about the property or be shocked by its condition when you hire a Professional Property Manager. Professional Property Managers are dedicated to selecting quality tenants and keeping your investment in good repair with minimal cost. We want your real estate investment to be a success, not a failure.
- One last benefit – your leasing and management fees are usually a tax deduction
Why work with a NARPM property manager?
NARPM® property managers have heightened expertise and industry knowledge to assist them in doing the best possible job. They are real estate professionals who know first-hand the unique challenges of managing rental property in today’s constantly changing economic and legislative environment. And they know how to manage those challenges to everyone’s benefit. They can maximize rents and income for you; and they will manage the property efficiently, professionally and economically.
A NARPM® member stands apart from other property managers and landlords. Unlike many of them, NARPM® members:
- Have access to numerous educational opportunities.
- Adhere to the highest Standards of Professionalism and Code of Ethics.
- Know the landlord/tenant laws for your city, state and federal governments.
- Know rent values and vacancy factors.
- Have rental applications and consistent screening policies to meet legal obligations.
- Perform thorough move-in and move-out property evaluations.
- Are personally familiar with reputable painters, electricians, roofers, chimney cleaners, carpenters, landscapers, furnace and appliance repairmen, and other maintenance professionals.
- Are able to effectively negotiate with tenants, handle difficult issues and enforce the terms of the rental agreement.
- Have the ability to recover NSF checks, evict tenants and collect bad debts.
- Your rental property is a very valuable asset. Entrust it to someone that can help you maximize your investment and minimize your headaches!
How do you determine the rental rate?
Rent amounts are determined by finding the “fair market” rent value of comparable properties in the neighborhood/community. We do extensive research using internet, other management companies and our own expertise to provide the rental rate recommendation to you.
How do you screen prospective tenants?
We understand the importance of finding responsible and reliable tenants. We require a detailed application from each adult. We will process the application by completing current and previous tenant verifications, income qualification, and credit check.
How long is the Lease?
Unless otherwise requested by the property owner, our leases are for 1 year. At the end of the initial lease term the contract becomes a month to month tenancy. We will typically contact you 30-60 days prior to the lease expiration to inquire about offering the tenants another one-year lease or keeping them on a month to month agreement, we will also recommend any rent increases that we feel are justified.
What happens if the rent is late?
The rent is due on the first of each month and late fees assessed if rent has not been received by the 5th of the month. If we have not received payment, we will contact the tenant promptly. We initially work to resolve any rent payment issues without legal action. If it becomes clear that the tenant is unable or unwilling to pay any more rent, you will be notified to discuss options for removing them from your property.
When will I receive my disbursement check?
Rents are due in our office on the first of each month. Our leases specify that if rent is not received by the fifth of the month, a late fee is assessed. In order to avoid violating trust accounting laws, we need to wait until rent checks clear before we can send payment to you. Owner disbursements are directly deposited into the bank account of your choice on or before the 20th of each month. At the same time, statements are uploaded to a personal, secure Portal for Owners to access current and past statements anytime from anywhere.
Who collects the rent?
Greene Property Management collects all rental payments from tenants, and then uses these funds to manage the monthly operations of your property. Any residual income remaining is dispersed to your account.
What happens to the tenant’s security deposit?
All security deposits are placed in a separate escrow account at a FDIC insured banking institution where they remain until the tenant moves out. Deposits minus any damage noted are refunded within 21 days of the end of the tenancy as required by Washington State Landlord Tenant Law.
Who pays the recurring monthly bills?
We can pay monthly recurring bills associated with your rental property at no additional cost except for taxes, mortgage payments, and association dues. These bills may include utility service, pool care, lawn/landscape care, etc.
Am I informed of all repairs you make on my property?
In order to best serve owners and tenants, we take care of repairs without bothering you up to $500 dollars. In the case of a repair in excess of $500, you will be contacted for approval. However, we need to keep in mind that WA State Landlord Tenant Law provides us with specific timelines on repairs being done, so time is of the essence when dealing with repairs at your property.
How do I know the repair people will do quality work?
We use a large network of licensed and bonded local contractors. We are experts in finding you the best price for the job, and require all our third party vendors to have the highest level of professionalism and quality.
Will you use my brother, neighbor, friend to do maintenance work? They are really good.
Probably not. All of our vendors are required to be licensed, bonded and insured in the State of Washington. We take liability very seriously. Our vendors have a proven track record of getting the job done right in a timely matter with fair pricing. We are committed to protecting your asset.
How often will my home be inspected?
We conduct FREE 3 month and 9 month inspections the first year of tenancy, and 1 inspection every year thereafter. Additional inspections are conducted if necessary. We drive by each of our properties seasonally to inspect the exterior and yard.
What types of rental properties do you manage?
We specialize in residential homes, multi-family housing, and light commercial properties throughout Thurston County.
What services do you provide?
Greene Property Management is a full-service management company. We handle everything pertaining to your rental property. We assess rent amounts, coordinate repairs, provide internet marketing, meet and screen prospective tenants, place a tenant in the home, provide a monthly statement and surplus check to the owner, annual tax statements and property inspections. We also provide emergency repair service and maintain a database of the interior and exterior pictures of your rental home.
What if I want you to use my plumber, A/C company, etc.?
We already have a stable of very qualified and reasonably priced vendors that we have used for many years. If you would like to nominate a service company to be added to our vendor list, they can contact us and we will interview them and let them know what documentation and references we need, what our invoicing and payment policy is, etc. We cannot guarantee however that your favorite company will be sent on all service calls to your home. Our concern is always to resolve repair problems in the most efficient way possible with the best available vendor at the time. We can’t keep track of a pre-established roster of vendors assigned to certain properties – it would be a cumbersome and inefficient property management system and would not achieve the best service to the tenant and your investment property.
Our professional reputation as property managers, both with tenants and owners, is largely, if not almost entirely, determined by the effectiveness with which we handle maintenance. We follow a practice that is most likely to insure the best possible response and resolution to maintenance and repair problems for your property.
Are you a licensed Property Manager?
We are licensed Real Estate Brokers, and are members of the National Association of Residential Property Managers. There is no specific Property Management License in Washington, but Professional Property Managers must have a WA state real estate license in order to manage property for multiple owners.
Is the cost of property management deductible?
Yes, generally the cost of management services is deductible, just like your mortgage interest, property taxes and the cost of repairs (Consult your tax advisor).
What do I need to do to get my property ready for rental?
The property should be in the best possible condition to attract a quality tenant. Paint should be in good shape with marred or dirty areas touched up, carpets or flooring cleaned, needed repairs fixed, light bulbs replaced, carbon monoxide and smoke alarms installed and checked for operation. The home should be “detailed” clean and the yard should be maintained until occupied.
How much money do you hold in reserve for repairs?
We maintain a $300.00 balance in each owner’s operating account to cover any expenditures such as repair and maintenance, utility bills, or other costs that may occur prior to receiving the next month’s rental payment.
Do I have to pay for every repair?
When a tenant reports a repair or we discover a repair need during an inspection we first determine the possible cause. From there we determine which party is responsible. If damage was caused by the tenant, then they will be billed for the cost to repair automatically. If there is a repair need due to normal wear and tear, then we will coordinate the repair and pay for it out of the owners account. Your owner statement will reference any paid invoices with a description of the repair.
How quickly can you lease my property?
Unfortunately, we cannot give you an exact time that the property will rent, some properties rent within days while others may take over a month. But we will work diligently to rent the property as quickly as possible while considering our most important objective is to have a quality tenant.
Do you use a well-written lease agreement that protects me and my property?
Yes, our Lease/Rental Agreement is written and regularly reviewed by our attorney specializing in real estate law. All of our forms are regularly updated as laws change. Our agreement is very comprehensive to protect you and your real estate investment.
Will I ever be contacted by Tenants, City, Neighbors, Homeowner’s Associations, etc?
No. As a full-service management firm, we handle all communications concerning your property. In the event that someone tracks you down – refer them to us and we’ll take it from there.
What are the policies regarding pets?
Statistics indicate that 60+% of renters own pets. Restricting pets reduces the number of available, qualified tenants. In general, a well-behaved cat or dog causes little wear and tear on a home and yard. An additional pet deposit is always required. You make the choice if you will accept pets.
How do I get started?
You can contact us by email, or phone and one of our experienced property managers will be happy to discuss our management services with you.