There are some hidden costs involved in owning rental property, and you might not have factored them into your analysis. If you’re thinking about investing or renting out a home, make sure you remember to budget and plan for the following three things. (more…)
There are some unique difficulties that landlords have when they’re managing from afar, whether that means they’re out of the general area, out of the state, or even out of the country. If you are a landlord who isn’t in the same town as your investment property, there are several things you want to think about. (more…)
Today, we’re talking about an issue that comes up quite a bit in landlord forums and rental property management in general. It’s how to keep your emotions in check when dealing with your tenant. The best way I found to do this is to manage your rental like a business. It really is a business, and you have to treat it that way. The biggest mistake self-managing homeowners make is to get into personal relationships with their tenants. This is great, outside of the property management field. When it comes to real estate investing, you need to treat your tenants the way you would treat anyone else in a business relationship. This will bring better results and keep you out of emotionally charged situations. (more…)
SJA Property Management is an industry leader in the Puget Sound area including Redmond, Bellevue, Kirkland and Seattle.
Property owners often ask whether self-management is a good idea. There are a few important questions you need to ask yourself before you decide to pursue DIY property management. First, will you be in the general area? If you’re moving out of state, you should hire a management company. There are too many issues that can cost you money when you’re not in the same city or at least a neighboring city. If you are going to be in the area and you’re an active investor, it might work for you. You need to consider it a part time job, and to be effective and limit your risk, you need to consider a few things.
Laws around pets is a subject that landlords often ask us about. They want to know if they can limit the pets they allow, and the answer is (more…)
If you need to remove a tenant for non-payment of rent or a violation of some other lease term, the process is referred to as an eviction or unlawful detainer action. The process of evicting a tenant is pretty straight forward when done correctly. (more…)
People frequently ask me how to determine what a property can rent for. Every property owner wants to know what their home can get in terms of rental income. This can be tricky, you’ll first want to (more…)
SJA Property Management values the relationships we have with local Real Estate brokers. We are a resource for brokers from all the major Real Estate companies in the area. We provide those brokers and their clients with property management services and advice.
Benefits to referring brokers include:
You receive a referral commission when the home is successfully leased, all without having to do any of the property management work yourself!
SJA will proactively protect and promote your relationship with your client to eliminate the risk they will go elsewhere for real estate services at the end of the lease. Also, SJA will notify you three months prior to the lease expiration so you can contact your client to see if they are ready to list their home.
You will feel comfort in knowing that you can refer your client to SJA with full confidence, knowing that we will not only meet but exceed their expectations.
You are provided a liaison who knows the demands of being a real estate broker intimately. Our team can answer any questions you may have about SJA’s services, philosophy or the market in general.
Benefits to a broker’s clients include:
SJA is committed to maximizing revenue and minimizing expenses for your client throughout the term of the lease. SJA property managers are trained to treat our clients’ properties as if they were their own.
SJA’s regular inspection and, if necessary, repair of the home, ensure that the value of your client’s real estate asset is preserved throughout the lease. Our goal is to return the property to your client in better condition than when we took over management.
SJA provides regular, monthly reports to your clients so there are no surprises related to the management or finances of the home.
SJA’s property managers and staff are trained to “over-communicate” with our clients and tenants so the chance of misunderstanding or confusion is minimized. SJA’s communication policy allows us to solve problems before they even are problems.
If you are a broker who has a need for a good property management resource, we’d love to talk to you. Together, we can help you provide a more comprehensive service offering for your clients, and keep those client relationships strong for years to come. Give us a call.
Finding the best tenants for your Redmond rental property will ensure you have a good experience as a landlord. The screening process starts before you even begin advertising. Here’s what you need to do to ensure you get a high quality tenant:
Have a Rent Ready Property
Get your property in excellent condition before it goes to market. You want it to show well and have good curb appeal. The lawn needs to be well-manicured and the bushes should be trimmed. Do a little mulching, and blow off the driveway. Then you want to make sure the interior is thoroughly cleaned. Have the carpets shampooed and apply new paint if necessary. Everything must also be working properly in the home. By spending a little time on this in advance, you will attract the best tenants. A property in great condition takes better pictures and always shows better. You really want to find the tenants who are interested in well-maintained properties because they are more willing to keep the property looking good.
Screen Tenants Thoroughly
Once you have a good number of tenants to choose from, make sure you screen thoroughly. Don’t take anyone at their word, and do a full background check. We recommend using a third party screening company. There are a couple available in the area. You can dictate what they screen for. We look at criminal history, including sex offender history. We ask for a credit score, current employment, and we look at any debt to income ratio and rent to income ratio. It’s also important to screen for unlawful detainers or evictions. All of this background information generates a score. If it’s a passing score we know with certainty that it’s a good tenant and we shouldn’t have any lease enforcement issues or rent issues.
If you take the simple steps of prepping the property, advertising it in as many places as possible, and doing a good quality screening, you have the best chances to find good tenants. Good tenants make happy landlords.
If you have any questions about tenant screening in Redmond, please contact us at SJA Property Management.
A lot of landlords and investors want to know what exactly a Redmond property management company does for the owners it works with. A good property management company will limit the owner’s liabilities and make sure the property is performing at its best. This is done in several different ways.
Leasing the Property
Property managers can provide you with a rental evaluation, letting you know what your property can rent for. They will put together the marketing, and show the property seven days a week, often multiple times per day to keep vacancy rates down and find a great tenant as soon as possible. Property managers execute leases on your behalf, and screen tenants thoroughly to make sure they are high quality. Many companies have resources and affiliations with relocation companies and relationships with tenant pools that an owner otherwise would not have access to. This allows them to rent your property faster and to a higher quality tenant than you may be able to do on your own.
Ongoing Property Management
Once leases are executed, property managers conduct move-in inspections and make sure the security deposit is collected and held in the proper trust account. On an ongoing basis, your manager is available for any lease enforcement issues. They represent you and interact with tenants. They also take care of all accounting that’s associated with your property and make sure rent is paid on time. Your manager will coordinate and respond to any maintenance issues that come up. You’ll get a 24-hour emergency service so that if the tenant is locked out in the middle of the night or a tree falls on your property, someone is there.
Providing Peace of Mind
The role of a professional property manager is really to take the stress out of owning rental properties. Find someone who is trusted in the industry and with whom you can have a good working relationship. If you do that, it’s worth the money to hire a good property management company instead of going it on your own. Often, they will take care of issues before they escalate, and they can keep you out of troublesome situations.
Owning rental properties can be a wonderful investment when done correctly. If you have a solid property management company as a trusted resource, rental property investment can even be enjoyable.
If you have any questions concerning anything related to property management in Redmond, please contact us at SJA Property Management.