Q: Who pays for the advertising for my property?
A: All of our fees are all-inclusive. All of the expenses incurred to market your property are incurred by SMGRE. There are no showing fees, trip fees, or any other unexpected fees or charges. This sets us apart from many other property management firms and is part of what makes SMGRE so cost-effective.
Q: Who shows my property to prospective tenants?
A: A licensed SMGRE agent conducts all of our showings in full compliance with Federal, State and Local laws. We also advertise on the NWMLS, which means your property is marketed to all real estate agents in our area. When an agent with another firm wants to show your property, we make the arrangements for them to do so.
Q: Who does SMGRE use as vendors should my property need repairs?
A: SMGRE is dedicated to keeping your property in excellent condition and complying with all Landlord/Tenant laws and response times. We emphasize preventative maintenance and work with property owners to identify issues before they become problems! However, any homeowner knows that "stuff happens". We work closely with tenants to troubleshoot small repairs and always try to find the most cost-effective and complete solution.
SMGRE uses only licensed and bonded vendors and in an effort to keep owner costs down, SMGRE has partnered with a small handyman firm that does much of our work without charging a "trip fee". We also keep a list of highly-qualified vendors that we are constantly refining based on feedback and costs. We are able to schedule any necessary work and even have discount deals with contractors for larger renovations and repairs.
SMGRE is also happy to use any vendor with whom an owner has a relationship.
Q: Is there a code that requires me to install window coverings for a tenant?
A: In many urban areas, this is included in Landlord/Tenant code, but not in Seattle. However, you have to ask yourself if you'd rather be the one to put holes in the walls or trim or would you rather the tenant perform his own handywork? Also, if you plan on putting the house- or any adjacent units- on the market before the end of the tenancy, do you want to be in control of the exterior appearance? It's absolutely possible someone will want to use a Union Jack flag as a curtain. (Obviously, if there is a requirement for neutral window coverings already written into a community's CC&Rs or Homeowner's Association Rules then you're covered... but many of the SFHs and townhouses in our area don't have HOAs.)
Q: Do I have to provide a washer/dryer?
A: Nope. However, your place will rent much faster with a washer and dryer already installed. And do you really want a tenant doing a bad washer install and ending up with water soaking through the sub-floor? Here's a good idea: Get your property manager to find some decent units on craigslist for a couple hundred dollars and have them installed by someone you trust to do it right!
Q: Who is responsible for maintaining the yard?
A: The leases we use state that it is the tenant's responsibility to maintain the yard in "good" condition. It goes on to say that the landlord can, at the tenant's expense, hire a service if the tenant fails to do so. However, a tenant's idea of "good" and an owner's could vary greatly. We recommend that with new construction, properties that will be marketed for sale during tenancy and properties with specialty landscaping, the owners provide a service as part of the rent. Most property management firms have great relationships with vendors such as landscapers and can obtain services at a very reasonable rate.
Q: How can I limit my personal liability when renting my property to tenants?
A: Call your insurance agent to talk about a Landlord Policy. You should carry a Landlord Policy and not a Homeowner's Policy while your property is leased. Also, while we're not attorneys and can't give legal advice, the way we handle our own rentals is to set up a Limited Liability Company (LLC) for each property and quitclaim the property into the LLC. This way, your liabilities are generally limited to only the assets of the LLC. See your attorney for more information.
Q: Should I require Renter's Insurance?
A: We have always encouraged our tenants to obtain renter's insurance; however, we have recently changed our policy. Unless otherwise requested by the owner, we now require tenants in our single family homes to purchase renter's insurance. Because many renter's policies contain a small amount of personal liability coverage, having that policy can give our owners an extra layer of protection.
