Information for Property Owners 

253-584-3633

Thank you for considering our company for property management.  If you would like to meet with our Property Manager, please call and we will set up an appointment to meet you at the property.  During this visit, the Property Manager will address the questions that you have and give you suggestions and tips for the property for the rental market, if needed.

Our company has been managing properties since 1960.  We specialize in the management of single-family homes, duplexes, smaller apartment complexes, and Homeowner’s Associations.  We have managed hundreds of properties and we have developed practices and procedures that we feel are important to a successful relationship with both Owners and Tenants.

If you decide that you would like our company to manage your home, we will ask you to sign a contract for one year which authorizes us to market and lease your home, collect and distribute money from your account, act as your agent in all areas relating to the management of the property.

At the time you sign your contract, we have an information sheet you will complete and it will give us the guidelines for marketing your home.  You will let us know what will be left at the home, whether or not you will allow pets and other information pertinent to the property.  We will also advise you about the effects these guidelines might have in regard to our ability to rent the property.  For example, some Owners do not want to leave a refrigerator or prefer not to have pets.  These two situations create longer vacancies for rental property homeowners.  You can always notify us of changes you would like to make so nothing is “set in concrete.”  What works one time the property is available, may not work at another time.

After the contract has been signed, we will begin marketing the property.  We advertise in the local newspaper, place information about the property on our website, promote it on our marketing sheet, put a sign on the home, and give the information to the military housing offices as well as other businesses that we distribute on a weekly basis.  There are other marketing options available to owner which the Property Manager can provide.

When prospective Tenants contact us, we will “pre-qualify” them for income, ability to rent when the property is available, discuss the directives we have for the property to be sure that they meet those guidelines and then make an appointment to show them the property.

If they decide to rent the property, they will complete an application, and pay the screening fee and an “earnest money” deposit for the property.  The information is faxed to the screening company. It takes 24 to 48 hours to have the results in our office.  We often have the preliminary information back in three to four hours so we can tell if it is an application we are going to pursue.  If the preliminary information is unfavorable, we reject the application and pursue another applicant.  Just in case the application is not approved, the property remains on the market for other prospective Tenant inquiries. 

Property Management Services:

Market and Lease the property

Act as your Agent to negotiate with the Tenant

Coordinate repairs and maintenance

Prepare all documents for the lease and any extensions or renewals

Communicate and negotiate with the Tenant and the Owner

 Collect and distribute monies to and from your account

 Provide regular accounting statements showing monies collected and distributed

Provide a 1099 on or before January 31st showing gross income received

Notify Owner of extensive repair and maintenance requests

Notify Owner of information relevant to the property and the tenancy

Provide information and/or advice that could be helpful to the Owner during the management period
Follow the guidelines of the Landlord-Tenant Act, Human Rights Law, local, state, and federal laws and regulations in regard to rental properties and any other entities that affect the management of property, provided the information is available to us.

Related duties as they apply to the Owner and the property

Serve notices, as required, to the Tenant

                             Owner information and property preparation:

Provide proof of Ownership at the time the contract is signed (property tax
statement, copy of mortgage statement, or some document) showing that you are the legal Owner.

Sign all documents and provide information as required.  An example is the Lead Based Paint statement.  Depending on the property and its age, there are various disclosures that the Owner must make to the Tenant.

Provide Northwest Properties with Contract, W-9 IRS form, and contact information of additional parties we can call in the event of an emergency and we are not able to reach you.

Provide insurance binder naming Northwest Properties as “additional insured” and to provide annual renewal confirmations of insurance.

Provide address, phone numbers, e-mail, and other information to your new residence so that we know where to call and/or mail statements and information.

Disclose to Northwest Properties any information that would be important for us to know or for the Tenant to know about the property.

Provide four sets of keys to the property

Provide the $300 reserve for the property prior to leaving the area

Provide monies as required to maintain the account and pay vendors and contractors.

Provide a property that is secure and all safety requirements are met (deadlocks, smoke detectors, windows that will open and lock when closed, fire extinguisher, carbon monoxide detectors in homes with gas or fuel oil heat, paint that is not peeling or can be easily removed, or other items as may be required by local and federal law and our company requirements).

Maintain utilities during the time the property is vacant

Leave the property in a condition “ready to rent” or arrange for and provide monies to pay for work to be done by contractors to prepare the property for rent after you vacate the property

                                                                          OUR FEES:

FEES COLLECTED FROM TENANT:
Tenants have fees and expenses that they are required to pay according to the lease contract to the Agent and those fees are collected into the Owner's account.  Owner grants Agent the authority to distribute those fees to the Agent as described in the following section:

• Late fees - 75% to Agent / 25% to the Owner
• Additional rent  Rent paid by Tenant for additional residents in violation of the lease).  10% of additional rental monies collected.
• NSF check fees - 100% to the Agent
• Re-inspection fees - (Fee paid to the Contractor when Tenant misses inspection).
• Utility service restoration - 100% paid to Agent or contractor for time spent at property
• Forfeited earnest money fee - 50%

FEES COLLECTED FROM OWNER:

• Monthly Management Fee -10% of Gross Rental Amount ($50 minimum)
• Forfeited Rent, Collection Receipts -10%
• Annual 1099 Preparation Fee - $5.00
• Leasing Fee paid at inception of each new tenancy - 25% of gross rent
• Advertising - Actual cost for special advertising
• Cancellation Fee -One-Month’s Rent
• Vacant Property that is not listed for rent or for sale - $50 monthly

We also charge a fee if we are required to perform duties to oversee and organize contractors in a major remodeling project on a property.  This does not include what we consider routine services.  For example: painting your home, carpeting installed, or a bathroom repair.  

Explanation of terms:

Gross Monthly Rent - Amount equal to the scheduled gross rent regardless of any credits or deductions allowed by the Owner.

Marketing Fee - Fee charged when property has been successfully leased after a marketing and vacancy period. 

Advertising Fee - If the Owner desires special advertising for the property other that what is normally provided by the Brokerage, Owner will pay actual cost.

Cancellation Fee - Fee charged if contract is cancelled during contract period

Vacant Property that is not listed for rent or for sale - Occasionally an Owner does not want to re-rent the home or list it for sale but would like us to continue to “keep an eye” on the home.  There is a monthly fee for that and we will only do it for a limited time. 

Multi-Unit Properties - For Owners of apartments (9 units+) there is a different fee schedule that the Property Manager will discuss when you meet to discuss our services.

STAFF DUTIES:

We have designed our Management Department to be convenient to Owners and Tenants.  We have organized our staff so that they perform the specific and varied duties appropriate for the management of properties.  All staff members work together as a team to accomplish the daily needs of Owners and Tenants.

Once a property is under contract, most of the questions that arise are specific to rental inquiries, bookkeeping, leasing, maintenance, and marketing.  We found that in many companies, if you want information you can only talk to a specific Property Manager and if that person is not available, you have to wait until they are.

Our staff members perform specific duties while working together as a team so when an Owner, Tenant, Contractor, or Prospective Tenant contacts our company, there should always be someone there to assist the person. Our Property Management Team is as follows:

• Property Manager      
• Maintenance Coordinator
• Bookkeeper       
• Secretary
• Property Inspector      
• Leasing Agents

Our goal is to be able to respond to inquiries as they are received.  Occasionally it is necessary to speak to a specific person but ordinarily any staff person can provide information to Owners and Tenants when they contact us.

Our Property Management office is open Monday through Friday.  We have an emergency contact system for evenings, holidays, and evenings if a Tenant has an emergency when we are closed.

Our Leasing Agents show properties show properties by appointment.

Our website has been a great resource to our Property Management Department.  We are able to market our properties locally as well as nationally and have enjoyed great success in that area.  We also have provided an easy communication system for our Tenants.  They can communicate with us by e-mail, they can complete a maintenance request online through our website, and over time we will be adding more forms for them to use.  The primary goal of the website is to market our properties and we are very pleased with the number of inquiries we receive as a result of the listings posted on our site.

We are proud of our Property Management Department and appreciate the opportunity to meet with you to determine if we are the right Brokerage for you.  We have tried to design our Department so that we can meet the needs of both the Owners and the Tenants.

We recognize that beyond all of our responsibilities to the Owners of the properties we manage, the reason it all works on a daily basis is by having satisfied Tenants who will remain at the properties they rent for as long as possible providing a steady income source for the Owner of the property.  We try to approach solutions to the daily questions and problems that arise by keeping in mind what we would expect if we owned the property ourselves. 

If you would like an appointment with our Property Manager, call our office 253-584-3633 and we will arrange an appointment to meet you at the property. If you are considering selling your home, let the Property Manger know and we can have one of our Sales Associates provide you with the appropriate information if you chose to sell the property.

Owning and retaining, as much real estate as you can afford is still the greatest investment you can make and we encourage everyone to keep any real estate that they own.  However, we realize that it is not always possible.  Some people just are not comfortable owning rental property so we can help you with either of your real estate needs.

There will be ongoing situations and expenses, depending on the time of the year the property is vacant: you can hit a “down market” and have a longer-term vacancy than you have had in the past, you could have a Tenant who does not pay the rent and you have to have them evicted and encounter larger than normal expenses to prepare the property for a new Tenant, the older the property gets there will be larger expenses for replacement of appliances, furnace and hot water heaters, fencing and decks, and the roof.  But that is the reason the IRS gives you a depreciation tax break, so you can save the money for those expenses. 

Although being a Landlord is not everyone’s “cup of tea,” as the Management Brokerage we handle all the day-to-day problems and detail for you. The knowledge, detail and responsibility for a rental property owner is most common reason, more people do not have rentals.  They are not sure they know all the correct procedures and laws related to rentals and they just don’t want to be bothered by the constant interaction with the Tenants.  While we can’t protect you from every problem as an Owner, we can relieve you of the day-to-day frustrations that prevent many people from receiving the benefits of owning investment properties.

If you are comfortable with the idea of becoming a Landlord there are many financial benefits.  Your property continues to appreciate over the years and is an income source to use toward the existing mortgage and expenses.  Your will enjoy some tax benefits which is always helpful.  We have many properties that have managed for 10, 15, and 20 plus years.  These properties have doubled and tripled in value.  The rental income has also increased substantially.  Owning rental properties is still one of the best long-term solutions for retirement income. 

We look forward to meeting you and answering your questions and discussing our services.

Bill and Pat Price
Broker/Owners

Northwest Properties Agency, Inc.
Sales and Property Management Services

Thinking of Selling?

One of our sales agents can provide you with information on the value of your home and related information on costs of selling and marketing ideas.

Our agents can:
• Prepare a good-faith estimate of your home
• Conduct a preliminary qualification of prospective buyers
• Assist in arranging affordable financing
• Make a comparative study of your home
• Offer application assistance to qualified buyers
• Contact you regularly to report the selling progress of your home
• Review your competitive selling position every 30 days
• Information on Home Protection Plan to make the home competitive with new homes
• Photograph your home for marketing and promotional use
• Submit a photo of your home for Internet listing

If you are unsure, we can list the home for sale or for rent, whichever comes first.  Ask us for details about this program.

To arrange an appointment for us to preview your home or if you have questions, you can contact us at the phone number below or send us an e-mail inquiry to propertymanager@nwp2.com
Northwest Properties Agency, Inc.

9527 Bridgeport Way SW
Tacoma, WA • 98499
www.nwp2.com
Office: 253-584-3633 ●  Fax: 253-581-5898

We have a more detailed version of this information for a Property Owner that can be mailed or e-mailed to you.  Call 253-584-3633 to request a free copy, or e-mail your request to propertymanager@nwp2.com. 

Please provide a complete mailing address.