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Any Property Management recs in Seattle area? :(
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Short answer: it depends.
We have out of town rentals that we use a management company for. They’ll collect rent and pay the condo dues and wire the difference to our account to auto draft for mortgage payments. They also bring in people to handle repairs. We pay the equivalent of one months rent. They will handle all the screening.
For local properties, we will post on Zillow and FB marketplace and use a 3rd party service to run background and credit checks.
Just depends on if you’re in or out of town. And if you have time.
Also, check to make sure your condo association will allow rentals. Just had a buddy get whipsawed. They hit max capacity for his development.
Thanks I’ll reconsider the prop manager as long as the fees are reasonable.
I’ve done both. Please hire a property management company. Do not hire a realtor or try to do it yourself. Be prepared to pay the mortgage in case it takes a while to find good tenants. No tenant is better than a bad tenant
Yes. I didn’t it myself the first time and it was a nightmare. There are some online services that help you screen potential tenants but it’s really hard to weed bad ones. The property management company was very good at screening. The guy has over 25 years of experience managing properties and he gave me an assessment for each prospective tenant. I went with his recommendation and it’s been a breeze. I didn’t hire them to manage my property, just to find a tenant. I manage the property myself because my HOA has its own repair technicians so if anything happens, I just send an email. I also already have a CPA for other things so I don’t have to worry about accounting and tax stuff.
The keyword you’re looking for is “property manager”. And yes get one
I have done both. I found it valuable to do it myself to learn the ins and outs. Currently have a property manager for our units, which has more pros than cons currently.
Cons of management are cost, they will likely not push as hard to get occupancy as you would, finding a trustworthy business partner can be an issue. Pros, time back, no late night service calls, they are looking into ordinance changes and liability, they have a breadth of knowledge in your market, their cost is a tax write off.
Biggest pros of self management are the learning experiences.
I guess it all comes down to cost. And I can see why they wouldn’t have incentive to get occupancy since they are paid regardless.
If you are in New York and need agent or property manager let me know.