What exactly happens when you hire VerraTerra to manage your Seattle area property?
You’ve just closed on your first rental property. You’re excited, but also nervous. You’ve never been a landlord before and you’re (wisely!) considering hiring a property management company. You probably have a lot of questions.
- What exactly does it mean to hire a property manager?
- What does the property manager do?
- What do I need to do as the landlord?
- How much will it cost to hire a property manager in the Seattle area?
We know it can be nerve-wracking to figure everything out as a first time landlord. You have questions but don’t even know what questions you should be asking. We want to give you an idea of what happens when you decide to work with us as your fixed fee property manager.
We’ll first gather important details about the property. We can usually get the information we need from the listing or other public records. Next, we schedule time to meet you at your rental property. We’ll do a preliminary inspection and complete a market analysis to determine what rent will be reasonable given the current market.
Determining Rental Rate
Based on our research, we’ll make recommendations about rental rates. Our goal is to help you get the highest rental rate the current rental market will support. Our experience shows pricing the rental correctly means you’ll rent it more quickly and maximize your profit.
Marketing Your Rental Home
Once any necessary and recommended repairs have been completed, we’ll schedule a professional photographer to take photos of your rental property. We’ll start marketing your property to prospective tenants. We will show the property to potential tenants on your behalf.
Screening Potential Tenants
At VerraTerra we know finding the right tenant is the key to a profitable landlord/tenant relationship. We carefully screen each applicant. Our screening includes credit and background checks. We verify income and rental history. When we find a qualified applicant, we’ll contact you with our recommendation. If you agree, we’ll approve the application.
Completing The Lease
Once the applicant has been approved, we put together a lease agreement and get it signed. We collect all move in money and complete a move in inspection with the tenant. Every move in includes a written inspection with photos. We carefully document condition of the house. Having move-in documentation means we have visual proof of the condition of the house. This helps simplify any future move-out inspections and helps prevent disputes.
Tenant Placement Cost
VerraTerra charges a fixed fee Leasing/Tenant placement fee of $1500. There are no up front fees. You pay only when we have a qualified and approved tenant. The only exception to this is that if we start marketing and you decide to cancel, there is a $500 cancellation fee.
Ongoing Property Management
Unlike other agencies which charge a percentage of the rents, VerraTerra only charges a fixed management fee of $100 per month. Our goal is to help make your landlord experience as profitable and stress fee as possible.
An Experienced Local Property Manager
Are you ready to make your first Seattle area landlord experience the best it can be? Get in touch with one of our experienced property managers and start building wealth!