Determine Property Rent Value Most property owners have an idea of the rental amount they want to charge. However, if you do not know what your property can bring in per month, we can assist you in determining that value with our knowledge of the area.
Prepare Property For Rent We will do a thorough inspection of the unit following each tenancy. We check to see if paint needs to be touched-up, carpets cleaned, general wear and tear and notate any damage that needs attention. Any damage would be covered by tenant’s security deposit.
Marketing Our aggressive marketing technique guarantees your property to be presented to the largest possible market in the shortest possible time. Our marketing consists of signs, online ads, open houses, website marketing (your property gets added to our website and list of quality properties) and possible print ads. We are available most hours of the day to handle calls and emails from potential renters.
Tenant Screening We will fill your vacancy with tenants who are thoroughly screened for credit, employment, housing, and other references. We also personally interview each and every qualified applicant to ensure only the most qualified tenant(s) is chosen. We want good tenants just as much as you do! We pride ourselves in the quality of tenants we are able to attract. Our extensive tenant screening and credit investigations help ensure this. Vacancies are expensive for both of us.
Collection of Move-In Funds / Security Deposits For additional protection, appropriate security deposits are always collected upon completion of a rental application by a prospective tenant. Amount of deposits are based on the monthly rental rate and the credit worthiness of the tenant. Applicants with pets are required to pay an additional pet deposit if a pet is approved by the owner.
All deposits are maintained in a trust checking account as required by state real estate regulations until they are either refunded to the tenant upon the successful check-out inspection or are forfeited to cover damages caused by lease violations.
All Move-In Paperwork. We undertake a move-in inspection with the new tenant using the property condition report. We find this helps develop a good working relationship with the new tenant and gives us one more opportunity to encourage our tenants to take pride in their home. It also protects the property owner against disputes in the rare occasion any damage occurs to their unit.
Rent Collection All rent is due on the 1st of each month and is considered late and penalized if received after the 5th of the month. Late notices are sent on the 6th and removal proceedings are initiated if the tenant does not make immediate arrangements for rent payment. We feel that the collection of rent is one of our most important functions of managing your property.
When the tenant vacates the property the property manager will conduct a move-out inspection, determine charges for which the tenant is responsible, make arrangements to have the work done and make sure the deposit accounting is completed per the Landlord/Tenant Act. We take all phone calls from past tenants if the deposit accounting is disputed.
Landlord Headaches We handle all emergencies for the owner. If a hot water heater starts leaking on New Year’s Eve, the tenants call us instead of the owner. If there’s a leak from the upstairs condo’s bathroom, we’ll deal with the homeowners’ association. If there’s damage from a storm, if asked, we’ll call the insurance company and work with the adjuster.
North Pacific Property Management complies with all aspects of Fair Housing laws and the Washington State Landlord/Tenant Act.
Mortgage Payments If you wish, we will make the mortgage payments (as well as homeowner association payments and other relevant property service payments) for you. Simply supply us with the necessary mortgage payment cards or coupons provided by your mortgage company or homeowners association. Payments can be deducted from your account balance automatically on a monthly basis.
If your property has a large, consistently negative cash-flow each month, arrangements are needed to keep an additional minimum balance amount in the account if we are paying your mortgage.
Accounting Services Every transaction affecting your account balance is recorded and explained in detail. Our computerized accounting system enables you to see exactly what has transpired with your property on a monthly basis.
Copies of all work orders and receipts are kept on file throughout the year. We will be happy to provide duplicate copies of this information at the end of the year to help you with your tax preparations.
In addition to the monthly statements we also provide a complete account summary at the end of the year. This shows you each accounting transaction posted on your property during the year: i.e. total rent received, total mortgage payments made, total maintenance expenses, etc. These statements are specially designed to simplify the year-end tax preparation job for you or your accountant.
Property Inspections Our main job is to protect your investment property. We do this in two different ways. First we make frequent drive-by inspection tours of your property. In addition, we make regular preventive maintenance inspections of the interior property. It is stated in the tenants lease agreement that we have the right to make routine announced inspections. Tenants are always notified in writing of pending property inspections. Inspections are conducted with the tenant present, using the property condition report that was executed by the tenant upon move-in. We compare for discrepancies, missing items, and any damage. At the same time we also check for preventive maintenance items.
Repairs and Maintenance Services Timely and competent maintenance is the key to protecting your investment. Our goal is to provide you with this important service at a reasonable price using only qualified personnel. Depending upon the nature of the issue, some small repairs or adjustments can be handled by our in-house maintenance staff, but most repairs will be handled by independent third party vendors or outside contractors. Each has been selected because of their ability to provide the best possible service at the best price.
You reserve the right to schedule and control any or all repair and maintenance responsibilities if you desire.
Leasing Fee The leasing fee is half of 1st month’s rent for a one-year lease. Funds are collected out of the tenant’s rental payments; there is no charge to the owner until the property is rented.
Management Fees The monthly management fee is 8% of the gross rent collected. Our monthly management fee is deducted from each rental payment when it is received. The 8% fee is deducted from any income from the property including late fees.
Extended rental contracts If your tenant chooses to continue renting your unit, we will bring them in to sign a new 1 year lease for a small reinstatement fee of $145. You do not have to pay half of the 1st month’s rent for the first month of a tenant continuing his/her lease at the same address.
We trust this overview meets your expectations of a full service property management organization. It is North Pacific Property Management’s commitment to provide you with the most reliable service possible. If you have any questions or comments, please give us a call at (800) 332-1058. Our customers are our most important assets. Thank you for considering North Pacific Property Management as your complete full service property management company. We look forward to doing business with you.
If we did not answer all of your questions or you are interested in creating a working relationship with us, feel free to call us, email us or complete the “Submit A Property” form.
