Wednesday, August 23, 2017

What are the requirements to become a Washington State property manager?

Are there any requirements to becoming a Washington state property manager?

The answer to this question is yes.

An individual or company that wants to become established as a property management company in Washington state must have a real estate brokerage license because, in Washington State a property management company  is also considered to be a real estate brokerage especially if they want to perform the functions, or services, of a property management company in the state including things like administrative,  financial, physical maintenance, renting, leasing, compensation or other normal functions that are expected of a property manager.

Are There Requirements to Become a Real Estate Broker in Washington?

As with other states like California; Washington state does have specific requirements that individuals must meet if they want to become a licensed real estate broker.

These requirements include the following:

  • Individuals must be at least 18 years old
  • Graduated high school, passed the GED or equivalent test
  • Completed at least 90 hours of real estate education as specified by The Real Estate Commission. All courses must be completed within 2 years of applying for the broker's exam in the state of Washington.
  • Last of all but most important, real estate brokers in the state of Washington must pass the real estate broker's exam.

Why Being a Licensed Real Estate Broker in Washington Is Important

Becoming a licensed Real Estate Broker in Washington is important because it will give clients and or tenants confidence in knowing that their best interests are being professionally represented regardless if they plan on renting or have a company professionally manage their rental properties for them.

What About Property Management Company Employees?

Individuals employed by managing brokers in Washington State are not required to have a real estate broker's license especially if they are not optioning, exchanging, purchasing, renting, promoting or engaging in any other normal function of a property manager.

What Can You Expect From a Washington State Property Manager?

Hiring a Washington State property management company to professionally manage your portfolio of rental properties is one of the best things that you can do if you own one or more rental properties because not only will a property manager save you the time, money and hassle of managing a rental property yourself, we will also do the following:
  • Tenant Selection – We will select and place only the most qualified tenants to live in your rental properties.
  • Customer Service – Instead of calling you when they have questions comments or concerns regarding their rental property, renters will call us. This will save you time on the phone and the hassle of dealing with renters yourself.
  • Maintenance – Another way we become an asset to you is maintenance. You can count on us to properly maintain your rental property including dealing with issues before they become huge problems. This will save you tens of thousands of dollars in maintenance costs in the long run.
  • Rent Collection – By far the most important way that we help you is rent collection. You can count on us to collect the rent on time from your tenants every month and deposit the rent into your account. This will also eliminate the hassle for you of collecting rent yourself and having to deal with excuses from renters like “the check is in the mail”.
  • Financial Management – Besides sending you monthly deposits for positive cash flow each month you can also count on us to establish a separate trust account for managing your “owner” money, handling repair billing, producing monthly financial reports and so much more!
Get Property Management Here
For professional Washington State, property management contact Jevons Property Management or Pellego Property Management today by calling us at (509) 895-7777 or connect with us online.

Friday, August 18, 2017

5 tips to picking a great roommate

Searching for information on how to pick a great roommate? If so, you've come to the right place!  


Choosing a roommate is one of the most difficult things that anyone can do because you’re going to be living in a home, apartment, condo or townhome with someone else and you want to feel safe, secure, and confident with having that other person in your personal space.


Thankfully, this process will be easier than you imagined especially if you follow these simple tips.


Tip #1 - Look Beyond Friendships


Although your first instinct may be to ask a friend if they would be interested in living with you, this should be the last thing that you do because, living with a friend may ultimately lead to ruining the relationship that you have with them especially if you find out your friends deep, dark secrets, or bad habits that only come out in a living situation.


To avoid ruining friendships, one of the first things that you should do to find a great roommate is to turn to the internet for help. You can start with placing ads for roommates on websites like Craigslist or use social media websites like Facebook to see if there's anyone who may not be in your immediate circle of friends who would be interested in living with you.


The key to success when you start reaching out to people, inquiring if they would be interested in living with you in a roommate situation, is to interview them and ask a potential roommate questions regarding their habits, likes, dislikes, lifestyle, and their sexual habits just so that you can feel confident coming home every night and living in the same space with them.


Tip #2 - Outline Expectations


Once you find someone who would potentially be a great roommate, the next thing to do before finalizing your decision to choose them as a roommate is to outline expectations. This means that you should tell your potential roommate the things that you will and will not accept from them.


Some of the things you may not accept include:


  • If your home only has one bathroom, you will not accept them leaving the toilet seat up.
  • You don’t like dirty dishes left in the sink.
  • You will not accept a dirty house.


Some of the things you may accept include:


  • They may come home in the early morning hours when you have to go to work the next day.
  • They may have a relationship and their boyfriend or girlfriend may sleep over from time to time.

Tip #3 - Don’t Be Afraid to Talk Money


Like any partnership, you can't be afraid to talk money, especially if you want your roommate to contribute financially to paying half of the rent and bills on a monthly basis.


When sitting down to talk with your roommate about money, you should ask them about their job, find out how long they've been employed and confirm with them that they earn enough income on a monthly basis to cover their fair share of the bills and expenses that will come from living in a roommate situation with you.


If you plan on having services like satellite television or Internet, and your roommate does not want to use those services, it should be made very clear that those services are just for you so you don't get a bill in the near future with additional charges for movies ordered on Pay-per-view, or data that you didn't use.


#4 - Find Out If You Have Shared Interests


Living with a roommate can be great but, the truth is that it could be even better if you both have shared interests.


Shared interest makes it easier for two people to connect on the same level and talk about things that interest them even though they both may come from different backgrounds for walks of life.


Find out If you have a shared interest in sports, recreation, music, movies, television shows, travel or work.


Once you find out that you have shared interests with your potential roommate it will be easier to communicate with them than it would be to talk with a stranger and the good thing is that there will always be someone else that you can hang out with and do something that interests you.


#5 - Do You Have Similar Temperaments?


Last of all, but most importantly, after finding someone who you think may be a great candidate to live with you as a roommate, one of the most important things that you should do is to talk with them about their temperament.


This means that you should ask them specific questions about their socializing habits and what they consider to be exciting because your idea of excitement could be a night at home with a good book and a tall cup of coffee while their idea of excitement could be having friends over at the house for a party.


Analyzing temperaments is critical when choosing a roommate because everything may look great “on the surface” but if their temperament is completely different than yours this could lead to trouble pretty quickly and ruin the relationship with your roommate.


Search for Rental Properties Here


To search for rental properties in Yakima Washington, or the surrounding area, contact Jevons Property Management today by calling us at (509) 895-7777 or connect with us online at www.jevonsproperties.com. To search for rental properties in King County or Pierce County, connect with us online at www.pellegopropertymanagement.com



Monday, August 14, 2017

What Do Banks Look for In a Rental Property Investor?

By Enrique Jevons

How can I borrow money to buy a rental property? I am not a lender, but I have purchased a lot of rental properties over the years and currently, and I currently have over 100 in Washington State. So, here are my thoughts:

Many people over the last two years have invested in rental properties for the first time.

Some investors have tapped into the equity in their primary homes, 401K, retirement income, or other sources of funds like an HELOC to get started while many others have had to go to the bank for financing.

If you’re just getting started with investing in rental properties and will have to go to the bank for financing, this article will provide you with insight into what the banks look for in a rental property investor.

Down Payment

During the process of buying a primary residence, you may have received the advice from a lender or mortgage broker to put down at least 20%.

The same is true when buying a rental property, down payment does matter, but it’s even more important and most lenders we'll expect you to put down a down payment as high as 25%.

Paperwork

When buying a rental property, you should also make sure that your financial paperwork is ready to show a lender. This should include at least two months-worth of statements from your bank, investment accounts, retirement accounts, and pay stubs.

Besides your regular financial paperwork, you should also come prepared with your social security card, driver’s license, and if you recently declared bankruptcy or you got divorced you should also have your bankruptcy discharge form and or separation papers.

Write Everything Down

Are you anticipating getting a gift from a family member or friend? If so, be prepared to document this gift because you don’t want the lender to regard the gift as a debt.

Credit Score

Your credit score when buying your first rental property is also important, most lenders will expect you to have a credit score that's not lower than 740 because any credit score that’s lower than 740 means that you most likely will have to pay higher interest rate.

Don’t Choose A BIG Bank

Although working with a big bank may be ideal for some investors, the reality is when you're getting started it's often times better to go to a smaller bank.  Why? Smaller, neighborhood banks often have more flexibility than bigger Banks, they also are in many cases more knowledgeable about the local market and they will have a greater interest in investing money locally because they know that it will make a difference in the area.

Private Money

If by chance you've been turned down by a bank, you may want to consider a private money lender.

The private money lender is an individual or lending institution that will typically lend money for a higher interest rate.

Although this source of financing isn’t always ideal, if the property is a good investment, it may make sense to go with a private money lender especially if there's a good possibility of cash flow and appreciation over time.

Learn More

To learn more about what lenders will look for when you’re applying for a loan for your first rental property, or to speak with us about our property management services, call Jevons Property Management today (509) 895-7777 or connect with us online at www.jevonsproperties.com



Tuesday, August 1, 2017

5 Ways to Cool Down a Room Without Using Air Conditioning
By Enrique Jevons, Property Manager
It’s August 2017 and with some of the hottest days of the year set to come just about everyone is searching for ways to cool down their room, or homes without using air conditioners.
Not everyone can use air conditioners all the time for health reasons and most people would prefer to save money on energy costs during the summer months. Thankfully, using an air conditioner isn’t always necessary and you can cool your living space down simply by following these tips.
Tip #1 – Place Box Fans in Windows at Night to Bring in Cool Air to Your Home
In today’s world, most people will still continue to use their air conditioners during summer nights even if temperatures get down to the 60’s and 70’s outside because they don’t let the heat that’s accumulated in their homes out at night so the home stays warm even with the use of air conditioning.
If your home has windows in each room you should purchase box fans from a store like Walmart and place those fans in each window at night to suck in the cool night air.
Depending on your area you should leave the box fans in your windows all night long to bring in that cool air then removes them from your windows in the morning, close the windows and turn on ceiling fans or oscillating fans to keep that cool air trapped in your home during the day.
Tip #2 – Invest in Eclipse or Blackout Style Curtains for Your Windows
These curtains are important because they are made of thick material and will block out any heat or sunlight from entering your home if they are closed during the day.
Eclipse curtains also work well for keeping homes insulated during the winter and this makes them one of the best investments you can make for your home regardless if you’re renting or you own your home.
Tip #3 – Limit Cooking in The Oven on Hot Days
Unfortunately, we all can't limit our cooking but we can change the times when we cook on days that it’s very hot outside.
For example, instead of cooking dinner at 5:00 pm when you come home from work you could invest in a crockpot and let your crockpot do all of the cooking during the day so you can have a ready to go meal for your family when you come home.
If you enjoy baking you should avoid baking during the heat of the day and plan on baking later in the evening when it's cooled down outside or on weekends.
It’s also an excellent idea to invest in a nice barbecue so you can cook outside on hot days and avoid heating up the inside of your home.
Tip #3 - Invest in Energy Efficient Light Bulbs
During the summer months, it makes sense to cool your home any way you can and another great way to do this is to purchase energy efficient light bulbs.
This is a smart move to make because not only will these bulbs lower your monthly energy cost, they will also keep your home cooler during the summer months because they emit less heat than a traditional incandescent light bulb.
Can’t find energy efficient bulbs locally? Consider purchasing them online using sites like jet.com and you will be able to save money.

Tip #4 – Unplug Electronic Devices When You’re Not Using Them
Did you know that your electronic devices create heat? Even when you’re not using them?
If you don’t plan on using your tablet, laptop, DVD player, TV or PC during the day you should make sure that those devices are unplugged since this will keep them from heating up your home and also help you to lower your energy costs as well.
Tip #5 – Create A Cool Bed to Sleep In
Last of all, but most important, one of the top things you should do to get your home ready for those warm summer nights is to create a cool bed to sleep in.
This should be done by removing blankets and comforters that you may still have on your bed from the winter months. They should be replaced with summer bedding which includes cotton sheets and maybe one thin blanket.
After changing your bedding, you can also take it a step further by investing in pillows or a new mattress that’s designed to keep you cool when sleeping.
Thankfully, there are a wide variety of brands that produce mattresses and pillows that are made with materials like Bamboo which have been proven to cool down the body and contribute to a better night’s sleep.
Get Property Management Here

Are you interested viewing the latest rental properties or speaking with us about our property management services? Contact Jevons Property Management by calling us at (509) 895-7777 or connect with us online through our website.