Help finding a tenant in Shorline (Seattle), WA

[Peter Shaw]

I just bought a SFH in Shorline, WA. I need help finding a tenant. Do you have suggestions for property management company who can help me find a tenant? Who pays the property management company to find a tenant? I got one quote where the company wants 1 month of rent. Is it reasonable (sounds too high to me)? Any suggestions?

[Peter Nelson]

Hi Peter.  Congratulations on your new acquisition.  Real estate is a great wealth builder, and you have taken a big step in that direction. 

I own and run a Seattle PM company.  There are 2 kinds of PM; 1) full service where the company deals with the tenants, collects rents, enforces the lease, deals with maintenance issues, etc., and; 2) leasing only where the company finds a tenant, signs a lease, and hands over the lease for you to manage.  Whether you are or can be a good landlord really depends on your commitment as well as your people skills.

We charge a full month's rent for leasing only, and 1/2 month's rent when we are doing full service property management.

Property management is not for the light-hearted.  Hence the need for commitment.  And there may be some expensive lessons along the way.  Hence the need for people skills -- the ability to 'read' people as well as deal with difficult situations tactfully.  If you are "all in" it can be rewarding.  I have also seen many would-be investors get out of the game quickly after suffering losses.  Whether you can do it is a question only you can answer.  When I got into landlording in the mid-80s it was an entirely different game.

You are doing the right thing -- distilling the collective wisdom of others.  Best wishes.