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Owner Services (FAQ)

Q: Why use a property management company?
A: Everyone who considers renting living space to tenants needs to decide whether they have time for being a landlord and if it is something they truly wish to take on. Thankfully, having a rental property does not mean you have to also be a landlord.

One benefit of hiring an outside firm to manage the property is that the tenant-landlord transaction is managed by a third-party intermediary. When the relationship is handled at arms length, managing it as a business becomes easier. If problems do arise, it is easier to work out differences between the management company and the tenant and it does not need to involve the owner.

Q: I’ve never had any problems with my tenants and I manage my own properties. Why should I pay someone else to do the same work?

A: Often the property management company is better prepared to provide a high level of service for the tenants because of the resources it can apply to a particular issue. Avoiding problem tenants, retaining quality tenants, understanding and abiding by legal and regulatory requirements as well as keeping the property properly maintained are all key to maximizing the profitability of the owner’s assets. Although owners may be capable of handling their own affairs, it may not be the best use of their time and effort. Property Managers are professionals with the training, experience, and resources to assist owners for a fee that is not only tax deductible,but also very reasonable given the specialization of services provided.

Q: What else can Washington Property Management offer to me?

A: Rather than just manage your properties, we will take a proactive, systematic approach and run your properties as a business. Businesses have plans and objectives and together with you, we will determine what those should be and drive our management to reach those goals.

In addition, we feel strongly that our owner clients should learn more and become better educated investors.  By helping our clients learn about the different possibilities of locating, financing, and owning more rental property, they have unique opportunities to grow their investment portfolio. We even throw in a free membership to a local real estate investment group if you subscribe to our top tier service.

Having the time to focus on building wealth rather than managing an existing portfolio requires confidence that tenant concerns are being handled expeditiously and the trust that the financial management of the properties can be handled by an outside firm. Using an investor minded property management company is key to this success.

And you will have personalized and secure access to your property accounts with us over the Internet, 24×7. You will be able to retreive rent rolls, repairs made, pull various financial reports, and track how your rental is doing.

Q: So what are the fees I can expect? What is this going to cost me?
A: In respect to our owner clients that have different objectives and servicing needs, our company charges different rates depending on the types of services required. Our fee structure is based on a sliding percentage scale applied to the gross amount of rent collected by the company. We can take over basic management duties for a low monthly fee or can provide comprehensive property management and development for a top tier monthly fee. The exact fee will be determined once our property manager has the opportunity to conduct an initial meeting with the property owner and is able to tour the property in question.

Guidelines on the different service plans are located on this web site. Remember the opportunity costs of managing a property on your own. The likelihood that a management company will help the owner avoid costly mistakes is high, potentially saving the owner the equivalent of many year’s worth of monthly management fees.