What services do you provide?
We do everything required to maintain the property and provide you with the greatest return on your investment including, but not limited to:
- Locating and screening prospective tenants
- Inventory and condition reports
- Collecting and disbursing rents
- Disbursements to Rental Owners
- Coordination of cleaning, repairs and regular maintenance
- Periodic property inspections
What type of properties do you manage?
LEGEND Property Management currently manages single-family homes and individual condos.
Why should I hire you to manage my rental property?
If you lack the time or knowledge of landlord/tenant law needed for day-to-day management of your real estate investments, we can help. LEGEND Property Management can help you:
- Market your rental property to minimize vacancies and maximize income. We know the rental market, what comparable properties are renting for, and what potential renters are willing to pay for a rental property. We have the marketing know-how to reach potential renters and have the experience and resources to weed out potential bad renters
- Fill vacancies with the best possible tenants
- Maintain and keep your rental property in good condition. We handle and coordinate routine repairs as well as emergency repairs
- Track income and expenses to determine profitability
- Negotiate rental agreements
- Collect rent and track tenant deposits
- Comply with federal, state and local laws
- Respond to tenant requests and deal with problem tenants
Why shouldn't I manage my property myself?
Lots of owners choose to manage their property themselves and many of them are very successful. However, with the time involved in collecting rents, arranging repairs and leasing units, most owners have found that their time is more valuable spent elsewhere. Other important considerations are the legal aspects of property management. In the litigious society that we live in, a property owner cannot afford to handle a tenant in an incorrect manner. We are well versed in landlord-tenant law and are also very aware of the constantly changing Federal and State mandates governing them.
Are you required to be licensed?
Yes. Washington State requires that any person managing properties through a management company be licensed. Our property managers at LEGEND Property Management are licensed Real Estate Brokers, requiring proven experience in the field and extensive education.
Can you help me find and keep good tenants?
We strive to provide you with the caliber of tenants that you want in your rental home. We can accomplish this by a complete credit report on each of our adult applicants, a complete verification of their rental history from past landlords, a verification of their employment, and eviction search and a background check. We do not use a database, as they may be months, even years, old. Taking the time to perform these verifications and checks is what helps us find GREAT tenants.
Can you help me avoid bad tenants?
“Bad” Tenants will typically target owner-managed rentals because they know that they won’t pass the application process with licensed property managers. They know that when a property is for rent by owner, the rent is likely to be less and there will be less scrutiny of their financial situation. Because “bad” tenants can’t be evicted without notice and an eviction can take months and cost you money, we will verify references and do whatever possible to avoid potential “bad” tenant situations and associated eviction problems.
How often do you process rents and statements to owners?
We pride ourselves on a quick turnaround of your rents and statements. We generally process and mail the rents and statements by the 10th of each month.
How often and how are property inspections conducted?
We perform periodic inspections at which time we check to see that the tenants are taking good care of the premises and that they are not violating any terms of their lease. We also take these opportunities to go over any general maintenance the property may require.
A property inspection is done prior to residents moving in. This is known as the “move-in inspection,” where we detail the condition of your property on a move-in inspection form. We inspect the exterior of our properties on a periodic basis and we also conduct other inspections when requested, or if we determine that an inspection is warranted. We also inspect your property when RENEWING the tenant’s lease with them.
We perform another inspection, known as the “move-out inspection,” when the tenants move out of your property. The move-out inspection is done to ensure that the residents returned the home back to the condition they leased it in. Pictures will be taken if necessary. If there are any damages found, we will have the damage repaired and deduct the expense from the tenant’s security deposit. Once all repairs have been made, we will refund any remaining deposit in accordance with Washington State law.
What happens if my tenant is not looking after the property?
Once we notice that your tenant is not keeping the property to the required standard, then a notice to comply is issued, stating the items that need to be resolved. If this is not done within the stipulated timeframe, usually 10 days, then a termination notice is issued requiring the tenants to vacate the premises.
Who maintains the lawns and gardens?
The maintenance of lawns and gardens at the rental property is the responsibility of the tenant unless otherwise stated on the Rental Agreement. If requested, we can refer the tenants to a landscaper.
What happens when a tenant stops paying rent?
Rent payments are monitored on a DAILY basis. If rent is not paid when due, steps will be taken to arrange payment. Tenants will generally be posted with a 3-day pay or vacate notice, notifying them that they are behind on rent and requesting that they pay current. In the rare case the tenant does not pay, the tenant’s information is given to our attorneys to begin the eviction process. It is very important that everything is done legally and at the correct time.
What happens when a tenant needs to be evicted?
Even though we will do everything possible to avoid problem tenants, an eviction may still become necessary. We will help you with the entire process, from providing the required eviction notices to filing court documents and working with the local sheriff to have the tenant removed.
Will I have to pay for repairs?
Yes. Just as you would if you were to manage or occupy the property yourself, you are still responsible for maintaining the property. The advantages of allowing us to handle the maintenance issues of your investment property are extensive. We have the capability of negotiating with vendors for discount prices based on volume. These savings are passed directly on to you. We also have an “on call” emergency service for those late-night repairs that just cannot wait until business hours.
Our maintenance vendors are licensed, bonded and insured and are trained to identify problems caused by normal wear and tear (the owner pays) versus damage caused by tenant abuse or neglect (the tenant pays). The management agreement will give LEGEND Property Management authorization to perform necessary maintenance work at the property up to a predefined monetary limit. We will contact you for any jobs over that limit.
What does your property management cost?
Generally, our management fee is a percentage of the monthly gross rent. The percentage will vary depending on property type and size. We give discounts based on the number of units you have/would have under management with us. We only collect a fee on the rent collected. We do not collect any fees if the property is vacant or if the tenant doesn’t pay rent. For full details, please request a personalized proposal.
What is your leasing fee?
Please contact us
for our fee schedule.
Are there any other fees/charges?
Upon the renewal of a lease agreement, the property owner will be charged 25% of one month’s rent. This fee covers the cost of preparing and signing a new lease with the tenant and performing an additional interior inspection of the premises. We work on your behalf to renegotiate the lease and retain good tenants. Keeping a good tenant is far less costly, and less wear and tear on your home, than finding and placing a new tenant. In addition, you will not be faced with possible vacancy time (and expense).
Is the cost of property management deductible?
Yes. The cost of our management services are deductable, just like your mortgage interest, property taxes, and the cost of repairs. (See your tax advisor for details).
Do you charge fees while my property is vacant?
No! While several other management companies have recently decided to begin charging homeowners a fee while their home is vacant, in addition to collecting the placement fee once the property is rented, Legend has decided not to implement this policy. Other companies may state that their monthly fee is to check on the home while it is vacant and to oversee any necessary maintenance such as landscaping. Our goal is to rent your home to a qualified tenant as quickly as possible. Since we will actively be showing your property, we will be able to oversee the condition of the home during our showings and make any necessary arrangements at that time. We do not feel it is appropriate to charge a monthly fee in addition to collecting a placement fee once a tenant has moved into the home. LEGEND does not charge any fees until a tenant has signed a lease, paid all funds due, and taken financial responsibility of your property.