Niche Opportunity – Rentals/Investors/Management
As Property Managers for Coldwell Banker Bain, we lease and manage single family residences, individual condo units and small apartment complexes in the greater Puget Sound region, which includes Seattle, Tacoma, Federal Way, Lynnwood & Anacortes/Oak Harbor. Today our management portfolio has grown to over 500 individual properties. We work with investors, tenants and what we like to call the “inadvertent landlord.” These are homeowners who, due to the tough economic times, are unable to sell their homes and now look to the professional property manager for help.
Why not advise a client/property owner to handle the process on their own?
This is what we do; it is our fulltime job. We know the industry and the laws. If we market a home for rent we will advertise on a wide variety of websites, including Craigslist and we will list it on the Northwest Multiple Listing Service (NWMLS), which means that thousands of brokers could potentially show their client the home. It is extremely important that the person who rents the home be qualified to do so. We use a professional screening company to process our tenant applications. They check current and prior rental information, verify employment information, try to make sure debt to income ratios are such that the applicant can afford the property and check credit and criminal histories.
It is also important that all of the initial paperwork be done properly. If there are problems with the tenant in the future but the move-in paperwork was not done properly, the client/owner may not have recourse against the tenant. There are a wide variety of federal and state laws that apply to rentals, including Fair Housing, Federal Laws (regarding credit) and the Washington State Landlord Tenant Act. There are notices that must be given to a tenant when s/he applies, when an application is denied and at the inception of a lease. If you do not have the knowledge and/or the time to do the research, to completely understand the laws, I truly believe you need the assistance of a professional so you begin a lease with a good foundation.
In 2004 I saw a great opportunity to add a service layer to the Coldwell Banker Bain residential market strategy. Residential Property Management. At that time I realized we were referring our investor clients to competitor firms because we did not have a property management division. I had no way of knowing if the referral would be a positive or negative experience for our clients.
If you have a seller who decides to rent the property, we can help. If you have an investor looking for professional property management, we can help. Dorothy Ennes, the director of the property management division and our great group of property managers have one focus, Property Management!
Call Dorothy Ennes for information @ 425-602-1157.