Q: I've been managing my own properties for a long time. Why spend money on property management?
A: Simple: We can save you money and protect your assets. Your real estate portfolio represents a substantial portion of your net worth. Your properties should be working for you; you shouldn't be working for your properties! When we take over properties that have been managed by owners we often find that the owner is “leaving money on the table” in several ways:
1) The rents set by owners don't reflect the current market value of their properties.
2) Units stay unrented for several months between tenants.
3) Repairs are costly because owners don't have long-standing relationships with contractors to leverage.
4) Owners have difficulty tracking finances and miss out on substantial tax savings.
5) Owners find themselves involved in costly legal mishaps because of the difficulty of staying abreast of the most recent Landlord/Tenant laws.
Q: Can I hire someone hourly to manage my property?
A: Only licensed real estate agents can accept fees for managing properties- and this includes showing properties to potential tenants. There are very few exclusions to this law such as:
1) Direct relatives (children, parents, siblings, and grandparents/children) can manage units belonging to a family member.
2) On-site residential managers can manage the property where they live. Many owners that once used on-site managers are now converting to professional property management by a licensed brokerage in anticipation of a new law that was signed in 2008 and goes into effect in 2010 that redefines and limits the role of non-licensed managers.
Q: In the age of Craigslist, what is the value of paying to have tenants placed?
A: We run a national criminal history background, credit check, and verify references and financial information to protect you and your property from possibly dangerous or insolvent tenants. Also, the majority of problems owners encounter can be avoided by following a careful process at the inception of the lease. If the lease and all of the required addenda are not filled out in very strict accordance with the law, the lease is easily voidable or can open the property owner to other legal liabilities.
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: Can SMGRE help with a lease-option?
A: SMGRE can manage a property while it is under a lease-option contract. We will ensure that the property is maintained in excellent condition and the tenant relationship is secure. We have found that tenants and properties that are professionally managed soon become happy buyers. If you are already working with an agent, we will partner with you and your agent to customize an appropriate plan. If you are not currently working with an agent, we can confidently guide you through the lease-option process from start to finish.
Q: I’d like to lease the property I recently built or remodeled but my lending provisions won’t allow it. Help!
A: SMGRE is a valuable partner for builders and investors needing to convert construction or other temporary loans to more permanent funding. We’ve found that lenders look favorably on builders who submit a solid property management plan and reliable rental cash flow models as part of their applications.
Q: How can SMGRE's accounting practices help me?
A: Come tax time, we frequently hear from clients that our accounting system saves them hours upon hours of time. SMGRE offers real-time records keeping accessible by owners at any time over the internet. Owners can log in to their account to see all financial transactions and easily track expenses, revenues, and repairs. This feature also helps us work with owners to perform preventive maintenance to avoid costly repairs.
Q: Why should I chose SMGRE over other property management firms?
A: Simply put: We’re the best in the business. You can always be confident that your assets are well-maintained and protected. SMGRE has revolutionized the property management business:
- We are always ethical, polished and professional.
- We communicate seamlessly with all parties: owners, tenants and agents.
- We offer cost-effective solutions via flat-fee management and long-standing vendor relationships.
- We have high-tech features such as online accounting tracking for owners and online rent payment for tenants.
