Frequently Asked Questions for Owners
If you are thinking of renting out a property that you own you probably have many questions about property management, our company, and how the process works. Here are some answers to a few of the most common questions you may have.
Why should I hire a property manager rather than doing it myself?
There are multiple reasons why you might want to consider hiring a property manager rather than managing your rental property yourself:
1. Time and energy: Managing a rental property can be time-consuming and energy-intensive, especially if you have multiple units or tenants. A property manager can handle the day-to-day tasks of managing the property, freeing up your time to focus on other priorities.
2. Expertise and knowledge: Property managers are professionals with expertise in the field of real estate and property management. They have the knowledge and experience to handle a wide range of issues that may arise, such as lease negotiations, tenant disputes, and maintenance issues.
3. Legal compliance: Property management is regulated by a number of laws and regulations, and it's important to ensure that you're in compliance with these rules. A property manager can help you navigate the legal landscape and ensure that you're following all applicable laws and regulations.
4. Tenant screening: A property manager can help you screen potential tenants, including conducting background and credit checks, to ensure that you're renting to reliable and responsible individuals.
5. Marketing and leasing: A property manager can help you market your rental property and find qualified tenants, which can save you time and effort and help you maximize your rental income.
Overall, hiring a property manager can be a cost-effective way to manage your rental property and can help you save time, reduce stress, and maximize your profits.
6. Maintenance: A property manager has access to contractor relationships that allow for responsive and quality repairs with competitive pricing.
What is Washington state’s legislation regarding rental properties?
In Washington state as well as its cities and municipalities, rental property is regulated by a number of laws and regulations that apply to landlords, property managers, and tenants. Many of these laws have been significantly changed in the past few years and it is very important to keep knowledgeable and compliant with these laws. Some of the key laws that may be relevant to property management in Washington include:
1. The Washington Residential Landlord-Tenant Act: This act sets out the rights and responsibilities of landlords and tenants in the state, including rules around leases, security deposits, evictions, and repairs.
2. The Washington Fair Housing Act: This act prohibits discrimination in housing based on certain characteristics, such as race, religion, and disability. Property managers and landlords must comply with these provisions when advertising and renting units.
3. The Washington Security Deposit Return Act: This act sets out the rules for returning security deposits to tenants at the end of a lease. It requires landlords to provide a written itemization of any deductions taken from the deposit and to return any remaining balance within a certain timeframe.
4. The Washington Consumer Protection Act: This act provides protections for consumers against deceptive or unfair practices by businesses, including property management companies.
It's important for property managers and landlords in Washington to familiarize themselves with these laws and to comply with them in order to avoid legal problems. If you have specific questions about property management laws in Washington, you should consult with an attorney or a legal resource.
At McNally Property Management, we are committed to staying current with new and evolving legislation so you don’t have to!
What monthly rent can I expect from my property?
It is important for landlords to have a good understanding of the local real estate market and the potential rental income of their property. McNally Property Management can provide an honest evaluation of the rental income potential of a property, which can be helpful for landlords in determining whether to invest in a particular property or in setting the rent for a current property.
It is important for landlords to set a rental price that is fair and competitive within the local market, as this can help attract tenants and maximize the income from the property. At the same time, it is also important for landlords to be aware of any local laws or regulations that may affect the rental price of their property, such as rent control or fair housing laws.
Landlords who are unsure about the rental income potential of their property or who want to ensure that they are complying with local laws and regulations may want to consider working with a professional property management company like McNally Property Management.
I’m considering either selling a property or putting it up for rent. How do I decide what’s best for me?
There are several factors to consider when deciding whether to sell a property or put it up for rent. One important factor is cash flow. If the property is likely to generate a positive cash flow as a rental property (meaning the rental income covers all expenses and generates a profit), then it may be a good choice to keep it as a rental. On the other hand, if the property is likely to have a negative cash flow, it may be better to sell it.
Another factor to consider is appreciation potential. If you believe that the value of the property is likely to increase over time, then holding onto it as a rental property or selling it later may be more profitable than selling it now.
It's also important to consider your personal circumstances, such as your financial goals, the amount of time and effort you are willing to put into managing a rental property, and your risk tolerance.
To make an informed decision, it may be helpful to do a cash flow analysis to determine the potential rental income and expenses of the property, as well as to research the local real estate market to get an idea of the property's appreciation potential. Contact us today for a free evaluation of your property.
If my rental property needs repair, how is that handled?
McNally Property Management can provide a number of services to landlords, including managing repairs and maintenance for rental properties. This can include identifying and addressing any issues with the property, coordinating repairs with qualified contractors, and ensuring that the property is well-maintained and in good condition for tenants.
The company also screens for the best maintenance repair companies and provides a 24 hour response to any issues that may arise with the property. This can help landlords save time and effort in managing their rental properties and ensure that any issues are addressed promptly and efficiently.
Overall, working with a professional property management company like McNally Property Management can be a convenient and effective way for landlords to manage their rental properties and ensure that they are well-maintained and provide a good living experience for tenants.
How are prospective tenants screened?
McNally Property Management offers a range of services for landlords, including screening prospective tenants. This may involve verifying the tenant's income, checking their credit history, and performing a background check to ensure that they are financially and legally qualified to rent the property.
Screening tenants is an important step in the rental process, as it helps landlords protect their investment and minimize the risk of financial losses or legal issues. By working with McNally Property Management, landlords can feel confident that they are making informed decisions about who they rent to, and that the tenant screening process is being handled professionally and in compliance with all applicable laws.
In addition to tenant screening, McNally Property Management may also offer other services such as rent collection, maintenance and repair, and legal action in the event of non-payment or other issues. These services can help landlords save time and hassle, and allow them to focus on other aspects of their business or personal life.
How does McNally Property Management use technology to make rental property ownership easier and efficient?
McNally Property Management uses technology to make rental property ownership easier and more efficient in a number of ways. Some examples of how we use technology include:
- Owner portal: McNally Property Management offers an online owner portal that allows landlords to access important information about their rental property, such as cash flow statements, tax documents, and maintenance records. This can be a convenient way for landlords to stay organized and keep track of their rental business.
- Automated rent collection: McNally Property Management also offers automated rent collection, which allows landlords to receive rent payments electronically and automatically. This can help streamline the rent collection process and reduce the risk of late or missed payments.
- Maintenance and repair: McNally Property Management uses technology to manage maintenance and repair requests from tenants, such as through an online portal or a mobile app. This can help landlords respond to requests more quickly and efficiently.
By using technology to streamline and automate various aspects of rental property management, McNally Property Management is able to make the process of owning a rental property easier and more efficient for landlords.
What if the worst case scenario happens and a tenant needs to be evicted?
While uncommon, evicting a tenant is a serious matter and should only be done as a last resort. In Washington state, there are specific laws that landlords must follow when evicting a tenant.
In general, a landlord must have a valid reason for evicting a tenant, such as non-payment of rent or violation of the terms of the lease agreement. The landlord must also follow the proper legal process, which may include serving the tenant with a notice to vacate and, if necessary, filing a lawsuit to have the tenant forcibly removed.
It's important for landlords to be familiar with the eviction laws in Washington state and their local municipality to follow the proper procedures when evicting a tenant. Failing to do so can result in legal problems and financial losses. At McNally Property Management, we understand the process and have relationships with those with the correct legal expertise to navigate the eviction process should the need arise.
Do your rental contracts keep up with evolving legislation?
It is important for landlords to keep their rental contracts up to date and in compliance with evolving legislation, as failure to do so can result in legal problems and financial losses. McNally Property Management assists landlords in this regard by providing rental contracts that are current and in compliance with the laws of Washington state and local areas.
Our rental contracts include all of the terms and conditions of the tenancy, such as the duration of the tenancy, the rent amount and due date, the security deposit, and any rules or restrictions that apply to the property. Our rental contracts are continually updated to the goal to be compliant with any applicable state or local laws, such as laws related to security deposits, evictions, or landlord-tenant rights and responsibilities.
By working with McNally Property Management, landlords may be able to rely on the expertise and experience of the property management team to ensure that their rental contracts are up to date and in compliance with the law. This can help landlords avoid legal problems and protect their interests as landlords.
Also see our Services page for more about the range of services we offer, and visit our Rent Your Home page for testimonials and some example properties we've managed.
Please contact our office with any other questions you may have!
Each person and property is unique, so please let us help you find the property that will best fit your needs! Please contact us at (253) 858-7368 or info@mcnallymanagement.com