Frequently asked questions (FAQ) 常问的问题
1. What property management services are you providing?
Here are a list of services we provide.
- Discuss with owner about their requirements, such as rent rate, lease terms and pets restrictions or no pet.
- Initial walk through the rental property, so that we could provide an estimate of the rent rate, feedback on improvement or repair works that may be need to be done prior to renting the property.
- Prepare the rental property for listing. Such as coordinate with house cleaning, remove unwanted items, repairs work, replace furnace filter, replace non working light bulbs, test CO2 and smoke detectors batteries etc
- Advertising, take pictures of the property, provide the lease terms and requirements
- Schedule viewing with pontenial tenants
- Screening tenants and background check, verifiy tenant income and rental history, provide credit report to owner.
- Signing the lease agreement with tenant and setup resident portal, so they can pay rent and deposit online.
- Collect rent and deposit fund to owner account
- Response to tenant calls and requests (via resident portal)
- Provide Owner portal for owners to access the up-to-date information about their rentals.
- Provide owner, the 1099-MISC form beginning of the year (before 1/31)
- Assist owner to pay property tax, insurance and HOA dues if neededThis is a bulleted list.
2. What make Eastside asset management different than other property management companies?
We have a small team, so we can keep the cost low. We have a network of contractors and partners who could provide faster and lower cost service. We also perform small repairs with no charge (only repairs does not required contactor license).
-
3. What is your advertising process and where do you post the ads?
We have a agency account with Zillow.com, we post most of our ads there, Zillow.com automatically post the ads to Hotpads and Truila as well. We can also post the ads in NWMLS as well, but it may require agent commission pay by landlords ($500 or more).
-
4. If we don’t like your service, how to terminate the property management agreement?
If you decide not to use our service, you can give us a 30 days written notice to terminate the property management agreement.
-
5. What is your tenant screening process?
Each applicant (over 18) must submit his/her own application via our portal, we have a set the requirements, such as income and credit score requirements. In addition, we contact their pervious landlord (not current landlord) if available for reference check. We also cross reference check the application info with county records, so we know if there are any fraud. In addition, we ask the applicant to show their ID or passport before submit the application. We have seen the application info does not match their IDs.
-
6. Who keep the tenant security deposit and where is the deposit?
Generally, Eastside Asset Management keep the tenant security deposit to our trust bank account. It is unlikely that landlord would keep the deposit as it is required by law to keep the deposit in a trust account.
-
7. Who pay the utilities, HOA due, insurance and property tax?
Tenant pay all the utilities except the service that is provided by HOA. HOA due, home insurance and property tax are landlord responsibility. Eastside asset management provide free service to assist landlord to paid these expenses.
-
8. Who maintain the yards and how do you define yard maintenance?
Tenant usually be the one responsible to maintain the yards, however, some HOA required high standard about the yards appearance, so landlord may choose to hire landscaper to maintain the yards and either charge addition to or included the fee with the rent. Generally, yard maintenance includes water the lawns, mow, weed beds, remove yard wastes such as leaves/branches, and otherwise maintain in good condition the lawn; and shall when necessary remove snow from any abutting sidewalks.
-
9. Who is responsible for appliance repairs?
At Eastside asset management, our policy is landlord maintain all appliances unless otherwise request by landlords. In addition, by law, all attached appliances (dishwasher, range, over the range microwave) are maintain by landlord, only detached appliance, such as refrigerator, wash and dryer could by maintain by tenants. In addition, water heater and furnace are maintain by landlords.
-
10. What do I need to file tax return for rent income, what are W9 and 1099-MISC form?
Eastside asset management shall provide 1099-MISC form/forms to landlords no later than 1/31 each year. 1099-MISC is an IRS form that show the gross rent income (before deduct the expenses) for each property that we managed. We required landlord to provide us a W9 form which has the SSN/EIN/ITIN that is required by the 1099-MISC form. Please consult with your accountant/CPA for further questions.
-
11. Pets vs. service animal?
Generally we cannot turn down an application because of service animal (cat or dogs etc), not even pet deposit is permitted. However, with the recent new laws, we can ask tenant to provide the servie animal license (Washington state) and proof of service animal certification. So tenant can no longer treat house pets as service animal.
-
12. What if tenant stop paying rent or break the lease, what do you do?
We shall follow the Washington state "Landlord and Tenant laws" to proceed with the notice, fine and evictions. We have worked with a few well know law firms such as MDK, Cutting law office and All county eviction for that that purpose.
-
13. Who deposit rent to my bank account and how?
Basically, landlord have no direct contact with tenants, so tenant pay rent to Eastside asset management, then we will deposit the rent minus the management fee and expenses before deposit to landlord bank account. We only deposit fund via ETF (Electronic transfer fund).
-
14. Do I get a monthly report showing income and expenses?
Each landlord would have access to their owner portal once signed up, which can provide up-to date info, so it is not necessary to received monthly statement or report.
-
15. Who handle the repairs and who decide which contractor to hire?
When the estimate repair cost is over $300, we shall ask multiple contactors to give us a quote and we shall let landlord to decide who to hire. But in most cases, landlords would let us choose the contractor for them.
-
16. Do I have any say of choose a tenant?
Yes, each time we find a tenant who meet all the requirements (income, credit, reference etc), we will contact landlord for approval. However, we cannot turn down an application outside the FAIR housing guidance
-
17. What kind of home insurance should I get? Do I need earthquake insurance?
When you purchase a rental or convert your primary home to a rental, you should get the landlord policy which is different than home insurance. Landlord policy does cover rent lose and other liability that not covered by home insurance. Some landlords also purchase earthquake policy as well, but they are usually a separate policy.
-
18. Does Eastside asset management is licensed and insurance?
Yes, we are license and insurance. You can search our company info via Secretary of state. We have Errors and Omission insurance with HISCOX.
-
19. When a tree or fence fallen, is owner or tenant responsibility to remove or repair it.
Since yard maintenance is part of the lease agreement, many landlords assume it is tenant responsibility to remove a fallen tree or repair the fence. However, in most cases, if the cause of the fallen tree or fence is caused by nature (act of god), it is landlord responsible to remove or repair it.
-
20. Who responsible for cleaning the gutter and how often?
Our lease agreement list the gutter cleaning is tenant responsibility, however, tenant may request landlord to clean the gutter once a year if needed.
-
21. If sprinkler system is equipped, who pay for the winterization and backflow testing?
It is tenant responsibility to pay for winterizes the sprinkler system, but landlord shall pay for the backflow testing.
-
22. Who is responsible to replace the furnace and refrigerator filter?
Landlord shall provide a new furnace and/or refrigerator filter when the tenant first move in, then tenant shall replace them on their own after that.
-
23. Who suppose the replace the light bulbs and who pay for it?
Landlord shall provide spare light bulbs prior to tenant move in, it is tenant responsibility to replace the light bulbs.
-
24. Does landlord required to provide windows cover and screen?
In most cases, yes, even there are no laws to govern that, but tenant is expecting each windows has some kind of covering for privacy (either blinds or curtain) and screen for any windows that can be opened.
-
25. Do I need to register my property as rental to city/County?
Yes, if your property is located within the boundary of City of Seatlte, then you must register your property as a rental. Here is the link for more info RRIO.
-
26. Do I have to register my rental as an business and endorsed by the city?
In most cases no, but since 2009, city of Kirkland required landlord to have a business license endorsement. So landlord will need to registed a business via Secretary of state. Then apply the business license endorsement via State web stie.
27. What is a property reserve?
A property reserve is a fund that we keep on hand to address unexpected expenses that may arise during the management of a property. These expenses may include emergency repairs, maintenance, utility bills, and other unforeseen costs. The reserve is held in a separate account from the rental income and is managed by the property management company. The easiest way to look at a reserve is essentially like a deposit.
