Hi BP Fam! I'm looking for an awesome property manager in the Seattle, WA area that is on the smaller scale for my two properties. I like to avoid having too many different points of contact. I prefer to email or phone my PM and be able to speak with him/her and not a receptionist or a differ. PM I have no knowledge of. It comes down to preference. :)
As background, my current Seattle PM is AMAZING....however when I signed the PM Agreement 3 years ago, I was a novice and didn't have a good idea of average PM rates in the Seattle area so I didn't negotiate terms. I'm paying 8.5% of the monthly rate for starters and a hefty lease renewal fee for stable tenants I have had for the last 3 years.
By comparison, my San Francisco Bay Area PM only charges me 7% per month for a rental in South San Francisco, CA. Any recommendations would be much appreciated! I looked on Yelp and primarily saw larger-scale PM businesses.
Thanks in advance!
Hey, we have a pretty killer property manager: Enrique Jevons. He was on the BP podcast and manages 100+ units for us in the Puget Sound. The rate is 8% of collected rents (no lease-up or re-lease fees, no maintenance markup). We are also expanding to the Bay Area later this year! I'll send you a PM.
P.S. Great profile photo.
@Gideon Sylvan -Sorry for the delay, but I was busy during the holiday. Anyhow, thank you so much for the reply! I always compare requests for PM referrals to CPA referrals -- not very many BPers are willing to give out this cherished info. for fear of their PM or CPA getting too busy (and raising fees!).
I'll reply to your private message. I was looking for a PM who charges in the 7% range, as my current Seattle PM charges 8.5%. However, the other terms you mention are much, much better than my current terms. I would be open to at least chatting with Enrique. Thanks again!
If you are satisfied with everything except pricing, perhaps you should ask to renegotiate terms, pointing out stable tenancy, low management overhead, and showing competing bids from other PMs at a lower rate.
@Brian Hughes -Yes! Thank you for the excellent tip! We did try this after calling around and learning about other PMs' lower rates. Our current PM works for a brokerage and was unable to improve his rates much.
@Gideon Sylvan hi. Can I also have the contact info. I have a rental in shoreline that I want managed. Thank you.
@Sergey Lomakin Just sent you a connection request and a message!