If you’re moving, moving into another house, or, for some other reason, want to rent out a home in Issaquah, then you’re probably wondering whether or not you should hire a professional manager. If you’re an individual with a single home to rent out, rather than an investment property, the answer does depend on who you rent to, your advertising skills, and where you will be staying.
Where Are You Staying?
If you’re renting out a house and you’re living halfway across the country then you need a property management company. Unfortunately, if you don’t have any way of going up to physically collect the rent, ensure that the tenants are respecting your property, or handle repairs, then you need someone to be able to do it in order to comply with Washington law. If you are not 100% sure, just check the RCW Title 59. If you’re living right next door, this isn’t quite as much of an issue.
Are You Good at Marketing? If you’re hoping to just stick a sign in the yard and hope that you can rent the house out then you might be sadly mistaken. If you aren’t prepared to spend time and money marketing your house, then you might not rent it out for a long time. An Issaquah property management company can handle the marketing, and usually get your house tenants well before the average 30-60 days for home marketed listings.
Are You Familiar with Local Laws?
Did you know that under Bellevue law, you are required to have a residential rental permit before you can rent your home to tenants? This is true even if you are planning to rent a few rooms of your home while you live in the home. You also have to comply with local fire and safety inspection regulations, which you will have to obtain before you rent your home out. If you are already aware of all of this information then you won’t have to worry about it but otherwise you might want to consider a property manager who is familiar with local law.
Do You have Free Time?
Renting out property is time consuming even if you aren’t doing it professionally, so if you do not have free time, then you may want to consider a property management company. Some of the items that might take up your time include paperwork, reminding the tenant that rent is due, meeting with tenants, handling repairs and maintenance, taking calls from the tenant for emergencies, collecting rent, depositing money, doing the accounting, and so on. If you have the free time to do all of that then you might not need a professional property manager, but keep in mind that your accounting does have to be as professional as possible for tax reasons.
Want to know more about having a professional property management company manage your home for you? Contact us today for a quote, or to discuss your options.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.