Current Owner FAQ
You can easily reset your password on the OWA (Owner Web Access) page. To access go to our website at www.wpmnorthwest.com. Click on “Login” in the upper right hand corner and then “Owner.” You will then be directed to the login screen for the OWA. In the bottom grey box click on “Forgot Password” and you will be prompted to reset your password.
We make every effort possible to distribute owner proceeds payments by the 15th of each month. Net proceeds, less reserve, are directly deposited into our client’s accounts through an electronic ACH transfer. Monthly statements are available on your Owner Portal. If any invoices have been paid during the reporting period, the invoices will be viewable when accessing your monthly statement via the Owner Portal. If your tenant’s rent payment is late, it may delay your owner proceeds payment. Your Property Manager will keep you informed if this occurs.
This will be defined in the terms of the property management agreement.
The State of Washington sets the standards for Trust Accounts in the Landlord Tenant Laws. Our firm manages two trust accounts for our owners:
Owners Operating Trust – This is in place to be a cushion in the event that rent receipt is delayed or unexpected costs arise. Having these funds available allow timely payment of bills avoiding additional fees for the owner. The amount of the Operating Trust Account is determined by the property and agreed upon between the Owner and Property Manager as defined in the management contract. We do require a balance to be maintained in your property’s Trust Account in an effort to ensure there are enough funds available to properly manage your property.
Security Deposit Trust Account – A separate account in which the management company holds tenant refundable security deposits. The state of Washington mandates that this money is held separately from operating funds and is used at the time of move out.
All resident security deposits for Full Management accounts are held in a separate Trust account and handled in strict accordance with the WA Landlord Tenant Laws. Because this is a separate account, our Full Management owner will not see the deposit accounting in statements or on the Owner Web Access. Security deposits for Lease Only accounts are distributed to the homeowner at the time of move-in and must be maintained in a separate trust account by the homeowner in Washington state.
All residential rental property in Washington is governed by the WA Landlord Tenant Law.
Our marketing fee, or in other words “leasing” or “tenant placement” fee, is equal to one month’s rent. This includes all advertising, and all other items included in our leasing service. *Note that additional costs may apply for Premier Properties, please call to inquire.
Management fees are deducted from your monthly rent proceeds.
If rent is not paid on time, your Property Manager will alert you to a potential delay in your owner proceeds for that month. Once rent is deemed late, tenants are required to pay via certified funds, and applicable late fees will be enforced per the lease agreement. If a tenant fails to pay rent completely, their account will be considered delinquent and your Property Manager will discuss your options with you as to how to proceed, including service of notices, collections, legal actions, and eviction proceedings.
Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The best way to receive an accurate market value estimate is to speak with one of our Property Managers who can perform a detailed market analysis for you. Please keep in mind that we can be more accurate with an analysis if we are able to view your home in person, rather than performing the analysis “on paper.”
We perform a thorough move-out inspection of the property. During the inspection, we identify items that should be charged to the former resident. We also will make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with digital pictures and a detailed room-by-room checklist. We strictly follow the guidelines established by Washington Landlord Tenant Law to resolve the tenant’s security deposit and oversee any repairs, cleaning, or unpaid balances as necessary. This service is included for Full Management accounts. There is an additional fee for Lease Only Accounts.
Prospective Owner FAQ
Residential management fees are 10% or $100 minimum, whichever is greater in management fees per month and 1 month’s rent to lease out your property. If you have multiple properties, please contact a property manager for more details.
We market globally to multiple websites and are members of the Northwest Multiple Listing Service (MLS). Through the MLS we market your property to all licensed real estate agents whom are members allowing both sales and leasing agents access to show their clients your listing.
Give us a call! You will be connected to one of our professional property managers who will go over our services, answer your questions, visit your property, complete a market analysis and make any recommendations that your property may need.
This can vary. Usually we like to market a home 6 weeks before vacancy to avoid potential vacancy time. Some owners prefer to wait until they are out of the home to list as showings will occur once the home has been listed for lease.
Absolutely. Being in the business we can give you advice of what potential renters may or may not like. For example, we don’t want you to go and paint the property in a color that may turn away potential renters and then have to re-paint because all the feedback is that they couldn’t live with the color. For the most part, we key in on making sure that the property is clean and all the systems and fixtures are in good working order prior to listing.
As your property managers we will be your advocate to enforce the terms of the lease. If a tenant stops paying, with your approval we will start the necessary legal proceedings to enforce the terms of the lease. If necessary, we will see through the eviction process on your behalf as part of your management contract. As the owner, there is always risk in being a landlord, the financial responsibility to enforce the terms of the lease will fall upon the landlord but we will be your representative working on your behalf.
As part of our services, we will do a market analysis of your property. We will look at historical rents and days vacant of comparable properties. We will also look at current rental listings to see what you would be competing against.
In general, people looking for a home want clean, new and fresh. You are competing against other properties on the market. If your competition is updated and priced a little higher, most likely the renter will lean toward that home. Typically, the way you represent your home is how the tenant will treat it. You also need to consider that if the vacancy is prolonged as a result of testing the higher price that will cost you more in the long run. Considering the mortgage, taxes and insurance are still due whether or not the home is occupied. For specific questions on what you are considering updating, it is best to contact a property manager and they can show you comparable listings and what they rented for. The greater Seattle area also happens to be quite high in household pet ownership per capita, so to increase your potential tenant pool and demand for your home, we encourage you to consider renting to pet owners.
Placing a residential tenant can vary depending on the time of the year, inventory levels, pricing, etc. On average, WPM/LGA rented our homes 35% faster than our competition with 5% higher rents and an overall market share of 23%.
WPM/LGA is by far and away the #1 firm in King County market share on the Northwest MLS. We have a dedicated team of leasing agents, an amazing accounting department, and an experienced team of managers with a history of outstanding results in our industry. Our network of resources is unmatched, and we have the market statistics to prove that on average, rental property owners retain more income with WPM/LGA relative to our MLS competition.
Here at WPM/LGA we stand behind our product, you get what you pay for. We have an entire team that provides a full service property management package, everything from the initial interaction between the owner and property manager through to the final move out of the tenants. Everything in between to include; all correspondence from the tenant, a complete accounting department handles the paying out of invoices on behalf of the owner as well as paying property taxes, mortgage, etc., coordinating any repairs/maintenance needed on the property as well as a complete final inspection of the property when the tenant vacates and settling of the deposit. And so much more…please contact one of our property managers to get a more thorough description of what we can do for you.
The most common answer we hear from owners that have tried managing a home on their own was that they had no idea how much work it really was. Owning an investment property needs to be looked at like a business. We see owners that have a hard time taking the emotion out of the process. For example, there may be sentimental value attached to a mural on the wall which should be painted over. In other cases, it’s good to have a buffer or “messenger” to communicate difficult decisions to a tenant. It can be a number of things. We at WPM/LGA are here to be your advocate and to provide you with a third party perspective as well as handle all of the tasks involved in managing an investment property, including those middle of the night calls when an emergency arises. Also, there are numerous laws to follow and timelines to abide by per Landlord Tenant laws. We are well versed in these practices and follow them as outlined per the law.
RRIO (Rental Registration & Inspection Ordinance) was established by the Seattle City Council after an extensive public involvement process. RRIO helps ensure that all rental housing in Seattle is safe and meets basic housing maintenance requirements. As of 2014, all rental property owners in Seattle are required to register their properties with the City. Inspectors will make sure all registered properties comply with minimum housing and safety standards at least once every 10 years. At WPM/LGA, we are able to handle the registration process on your behalf as well as coordinate the inspections and repairs as required by RRIO.
Yes. Depending on the city, there are additional restrictions, steps to follow and licenses to obtain. For example, the city of Seattle has stricter laws regarding evictions and month-to-month tenancy notice periods.
Section 8 is a protected class throughout the state of Washington. An applicant cannot be denied solely due to Section 8 voucher status.We have a number of Section 8 tenants in our portfolio that we work with. Those owners appreciate that their rental payments are received on time every month as the funding comes directly from the Section 8 program.
A number of the complaints we have fielded on our Yelp page are from tenants who are unhappy about their full security deposits not being refunded at move out. They feel that the funds were wrongfully retained to make repairs, and then write a review on Yelp about it. Unfortunately, in those reviews you don’t get both sides of the story. We do not charge to repair items that are not damaged. We hold ourselves to a high standard of service by asking for feedback from our clients on a regular basis. View Testimonials
This can vary depending on a number of items: Age of systems on the property, property types, natural surroundings of property, etc. In our contract, we go over a list of property maintenance items that your investment might need over the course of a year (i.e. gutters, roof cleaning, furnace service, landscaping, etc.). We can go over these items with you to help you budget maintenance expenses. As an investor, there are always potential items that can come up at any time (pipe break, flood, insects/pests, appliance failure, etc.). Those are always unexpected and seem to happen at the worst time, but by going over a maintenance plan with your property manager, this can better prepare you for potential overall expenses.