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Are you looking for property management?
Working with a hiring manager is the only way a landlord can make investing in real estate truly passive. A property manager also has the experience, vetted professional network, and economies of scale to save you money!
As a property owner, there are a few ways you can estimate your operating budget.
- 50% Rule: Save 50% of your monthly rent collection income for maintenance, taxes, insurance, etc. That’s $500 saved if your monthly rental unit income is $1,000.
- 1% Rule: Save1% of your investment property’s value at the time of acquisition. So, a one million dollar home would require $10,000 in savings.
- Square Footage Formula: Save $1 for every square foot of your property. So, that’s $3,000 per year for a 30,000 square foot rental.
- 5x Rule: Save 1.5 times monthly rent for the year. So, rent that’s $1,000 per month means saving $1,500 for the year.
- CapEx: Big-ticket items like HVACs, roofs, etc., are known as capital expenditures (CapEx). They’re easy to save for because you know their useful lifetime in advance and how much they cost to replace in advance.
Keep in mind that a property management service like Mynd can save you money using economies of scale, which is when you use the large size of your projects to negotiate for lower costs of materials and labor.
Yes, for six to 12% of collected monthly rent OR sometimes a flat fee of $99 to $199, you can hand over 100% of property management activity to a residential property management company. And the cost of a property management company can also be deducted from your taxes!
Mynd believes we’re the best Washington property management service and that we’ve got the chops to prove it!
- Ask for references.
- Consult the Department of Consumer Affairs
- Have in-depth talks with our residential property managers.
- Check out our online reviews from multiple sources.
- Request our internal client satisfaction scores.
You should also ask us specific questions about the property management services offered.
- How would we prevent early lease terminations?
- What’s a 1031 exchange, and how can we help you perform one?
- What would we do if a storm made the basement flood?
- What are our tips and tricks to get renters to renew their lease?
- What’s 100% bonus depreciation, and how can you benefit from it?
- How can we speed up your rental home turnover?
- How do you prevent common lease violations?
- How can your real estate investment business qualify for the 20% qualified business income deduction?
- Bookkeepers: Your property manager will document the in and out of cash-flows, manage funds in reserve, and help with tax deductions.
- Project Managers: Your property manager will delegate maintenance and repair tasks. You’ll benefit from your property manager’s large network of trusted professionals, which is important because you’re legally responsible for any damage any employee or contractor does to the tenant or their property.
- Emergency Contact: Your property manager answers the phone if the HVAC stops working in the middle of a heatwave.
- Legal Counsel: Your property manager keeps up with all local, state, and federal laws to limit your exposure to risk and financial penalties while protecting the interests of all involved parties.
- Tenant Liaisons: Your property manager screens, places, retains, and evicts tenants.
A property management agreement is important because it protects the rights of the property investor and the property management company. With an agreement, you know exactly what every management fee and leasing fee is for and what to do if someone violates any of the agreements’ terms.
The average length of a property management agreement is one year, although some companies have month-to-month plans.
Absolutely! Just look at what Mynd’s most affordable property management package gets you in Washington.
- 24/7 Emergency Support
- Finding potential tenants
- Potential tenant screening
- Dedicated portfolio manager
- Digital lease application and lease signing
- Legal advice
- Following fair housing laws
- Electronic security deposit and rent collection
- Financial reporting
- Legal and compliance
- Online portal
- Qualified Tenant placement
- Prospective tenant screening
- Handling repairs, property inspection, and every maintenance request
- And more
A property management company does many things. Here are a just a handful of responsibilities:
- Encourage renters to renew their lease.
- Fall maintenance
- Write great rental property listings
- Help you run a rental property remotely
- Increase rental property cash flow
- Facilitate self-showings
- Writing a lease agreement (without commonly made mistakes)
- Prevent Early Lease Termination
- Reduce Legal Liabilities